S&P 500, Nasdaq Hit Record Highs; FANGs Bare Their Teeth

X The stock market was on track to extend its winning streak to six consecutive days as the two major indexes — the Nasdaq and S&P 500 — notched all-time highs. The tech-heavy Nasdaq led the way, moving 0.6% higher, while the Dow Jones industrial average and S&P 500 rose about 0.3% each. Volume edged higher across both exchanges early Thursday vs. the same time Wednesday.

Among the Dow industrials, Caterpillar (CAT) paced the advancers with a 1.4% rise. Travelers (TRV) and Unitedhealth (UNH) followed up with gains of 1.1% each.

While the blue-chip index's action was mostly positive, Dupont (DD) and Chevron (CVX) brought up the rear with declines of 0.6% and 0.5%, respectively.

FANG stocks were performing well in the stock market today as the strong rally in technology stocks continued. Facebook (FB) rose 0.8%, while Amazon (AMZN), Netflix (NFLX), and Google-parent Alphabet (GOOGL) all set record highs early Thursday.

Among other leading stocks, graphics chip maker Nvidia (NVDA) fell 1%. The stock has found resistance around the 140 price level in recent trading sessions. Payment provider Square (SQ) jumped 2.7%, extending a winning streak to six days.

Ulta Beauty (ULTA) recovered back above its 50-day line, rising 3.2%, after falling 3.5% Wednesday. The beauty retailer will report its Q1 results Thursday after the close.

Best Buy (BBY) was the top performer in the S&P 500, jumping more than 18%, after the retailer exceeded the Street's forecasts on quarterly earning and sales estimates. Best Buy broke out of a cup with handle with a 49.45 entry April 19. Retailer Burlington Stores (BURL) soared more than 5% after reporting mixed Q1 results early Thursday.

On the downside, investors sent shares of Hormel Foods (HRL) 5.2% lower after the company disappointed in its Q2 earnings release.

Action in the IBD 50 was mostly positive in midday trading. On the upside, Stamps.com (STMP) continued its winning streak as the stock broke above a 136.10 cup-base entry. Volume was tracking more than 100% above average. Paycom Software (PAYC) moved up 1.2% and is now more than 30% above a 51.07 cup-with-handle buy point.

On the downside, China stocks YY (YY) and Momo (MOMO) fell 1.8% and 4.9% apiece. YY is trading just under a 56.31 cup-with-handle buy point, while Momo has fallen more than 15% this week.

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