Stocks were narrowly mixed in early Wednesday trading as earnings continued to drive stocks and Brexit started overseas. The Nasdaq composite led thanks to gains from biotechs and internet retailers.
The Nasdaq composite held a 0.2% gain, the S&P 500 was about flat and the Dow Jones industrial average dipped 0.2%. The small cap Russell 2000 was down 0.2%. Volume was tracking slightly higher on the NYSE and Nasdaq in the stock market today vs. the same time Tuesday.
Biotechs and retailers led, while steel and utilities lagged. Wal-Mart (WMT) and Merck (MRK), each up about 1%, were the top gainers on the Dow. But Home Depot (HD) and Travelers Cos. (TRV) were each down more than 0.5%.
Internet retailers showed strength as Amazon (AMZN) and Alibaba Group (BABA) rose 1% each. Both stocks are in buy range from their respective entries.
The biotech late Tuesday said clinical trials for a drug combo of tezacaftor and Kalydeco to treat cystic fibrosis showed positive results. It plans to seek marketing approval from the FDA and the European Medicines Agency.
Dave & Buster's (PLAY) fell 4% in heavy turnover, dropping the stock back to 60.02 and into buy range from a 58.35 flat-base entry. After the close Tuesday, the restaurant and arcade chain reported Q4 results that topped views on the top and bottom lines. But the midpoint of its full-year revenue outlook was slightly below the Street's consensus estimates.
The deep discount retailer late Tuesday reported better-than-expected Q4 per-share earnings and sales, extending double-digit gains on both for a 13th straight quarter.
Its full-year EPS outlook and the midpoint of its revenue guidance range were higher than consensus.
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