Stocks opened narrowly mixed Monday as the market prepared for what could be a volatile news week under new U.S. President Donald Trump.
The Nasdaq climbed 0.1% while the S&P 500 and the Dow Jones industrial average dipped 0.1%.
Tech leaders Amazon.com (AMZN) and Facebook (FB) start the week just below buy points, with Amazon and Facebook adding possible handles to valid cup bases. Adobe Systems (ADBE) climbed past the 110.19 buy point of a flat base at the open.
Among IBD 50 stocks, United Continental Holdings (UAL) and Eagle Materials (EXP) are nearing possible buy points.
The Senate is expected to resume consideration of Trump nominee, U.S. Rep. Mike Pompeo, R-Kan., to head the CIA. The Senate Foreign Relations Committee is scheduled to vote today on former Exxon-Mobil (XOM) Chief Executive Rex Tillerson's nomination to the post of Secretary of State.
The President also has reportedly taken steps to begin renegotiating several trade relationships, scheduling a meeting Friday with British Prime Minister Theresa May, and setting up meetings with leaders from Canada and Mexico. On Sunday, the new president said he intended to follow through on plans to renegotiate the North American Free Trade Agreement, or NAFTA.
In Motion: Halliburton, Cynosure, Petmed Express
A big earnings week for the aerospace, big tech and homebuilding industries began at a slow roll Monday, as Halliburton (HAL) dipped 4% on a mixed fourth-quarter report. Earnings fell 87%, better than expected, revenue dropped a deeper than expected 20%.
The company reported U.S. operations turned positive during the quarter and management reported the company "gained significant market share through the downturn." Halliburton shares on Friday ended up 104% from a January 2016 low, after breaking above a cup base in October.
Petmed Express (PETS) slumped 2% after reporting mixed quarterly results. Shares slipped below their 10-week moving average late last week, trading just below a Jan. 6 high.
Cosmetic laser maker Cynosure (CYNO) flashed up 11% after Bloomberg reported the company was exploring strategic alternatives, including a possible sale. Cynosure shares have been in a deepening consolidation since July.
After the close on the stock market today, Yahoo (YHOO), Silicon Motion Technology (SIMO) and Zion Bancorp (ZION) are scheduled to report quarterly results.
Oil, Dollar Slip, Gold Gains; Europe's Markets Lower
No significant economic news is expected on Monday, but commodities were busy. West Texas Intermediate dropped 1.7% but stayed above $52 per barrel. Gold popped nearly 1%, to near $1,214 an ounce. The dollar headed lower for a third straight session and bonds crept higher, trimming the 10-year yield 1 basis point to 2.46%.
On the international front, markets across Europe traded lower in their afternoon session, with the FTSE 100 in London down 0.6%, and Frankfurt's DAX and the CAC 40 in Paris each toting losses of 0.5%.
China's major indexes posted modest gains Monday, heading toward the country's weeklong Spring Festival holiday which begins Friday. In Japan, Tokyo's Nikkei 225 dived 1.3% as the yen surged on safe haven trade.
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