X After two days of strong gains, the stock market took a more reserved approach early Wednesday as it advanced with modest gains. The S&P 500 and Dow Jones industrial average moved up 0.1% each, while the Nasdaq inched slightly lower. More details about President Trump's tax-cut plan are expected this afternoon.
On the downside, Proctor & Gamble (PG) and Boeing (BA) paced the decliners with losses of 1.9% and 1.2%, respectively. P&G missed its top-line estimates in its Q3 release, causing the stock to fall even further below its 50-day line.
Boeing reported mixed Q1 results early Wednesday that saw revenue missing its target. Shares of the airplane maker are extended from a 160.17 flat-base entry, but are forming a new flat base with a potential 185.81 entry.
Disk drive maker Seagate Technologies (STX) plunged over 14%, triggering a sell signal, after missing revenue estimates early Wednesday. The stock broke out of a cup with handle with a 49.57 entry on Monday. Competitor Western Digital (WDC) dropped 2.9%, but remains about 3% above an 81.77 flat-base entry.
U.S. Steel's (X) surprise Q1 loss late Tuesday caused its shares to plummet more than 25%, creating a brief ripple effect throughout the industry. Fellow steelmakers Nucor (NUE) and Steel Dynamics (STLD) fell in unison in early trading, but recovered to move slightly higher.
Macom dropped 6.7%, triggering the 8%-loss-cutting sell signal from a 52.32 cup-with-handle entry. Shares had been down as much as 14% before paring losses. Evercore and PRA Health Sciences dropped 4% each. Evercore pierced the 50-day on heavy volume, while PRA Health was testing its 50-day line. Mercury fell 2%, but had recovered from the worst of its losses.
On the upside, financial names Financial Engines (FNGN) and Leaderboard name Essent Group (ESNT) moved up more than 2% in quiet volume. The latter is in buy range from a 38.20 flat-base entry.
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