Major stock indexes ended mixed and mostly unchanged Tuesday, a decent performance considering the S&P 500 was down 0.6% at one point after more details emerged about Donald Trump Jr.'s emails related to Russia and his father's election.
General Electric (GE) and Boeing (BA) outperformed in the Dow, with gains of around 1%. Nasdaq 100 outperformers included data storage firms Western Digital (WDC) and Micron (MU) with gains of 3% to 4%.
The Nasdaq composite picked up 0.3%, the Dow rose less than 0.1% and the S&P 500 eased 0.1%. Preliminary data showed volume on the NYSE and Nasdaq coming in slightly higher than Monday's levels.
Oil and gas-related industry groups outperformed as oil prices rose. August West Texas Intermediate crude oil settled at $45.04 a barrel, up 1.4%, after the EIA lowered its U.S. output forecast
In the stock market today, Leaderboard name Trade Desk (TTD) continued to make a case for support at the 50-day moving average, rising 2%. Volume rose from Monday's level but remained below average.
Square (SQ) popped 6% to 25.44 in heavy volume, clearing flat base with a 25.07 buy point. Competitor PayPal (PYPL) tried to clear a flat base Monday with a 55.24 buy point, but volume never came into the stock. It closed just above the entry Tuesday.
The news hasn't been all that great in retail lately, but Ollie's Bargain Outlet (OLLI) continues to hold its own. Shares rose 3% to 42.30 as the stock works on a flat base with a 44.17 buy point.
On the downside, former leader Ulta Beauty (ULTA) had a tough day, falling nearly 5%. It breached longer-term support at the 200-day moving average after giving up the 50-day line last month.
Federal Reserve chief Janet Yellen will be speaking on Capitol Hill on Wednesday and Thursday, updating politicians on current monetary policy and the outlook for inflation, among other things.
Bond yields have moved sharply higher in recent weeks. After hitting a low of around 2.10% in mid-June. the 10-year Treasury yield is currently around 2.36%.
Inside the IBD 50, semiconductor stocks outperformed including Macom (MTSI), Applied Materials (AMAT) and Lam Research (LRCX). Gains ranged from 2% to 3%.
After a base breakout in May, shares of Macom have been volatile as it holds above the 10-week moving average.
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