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Stocks End Tightly Mixed; These 4 Drugmakers Prop Nasdaq, S&P 500

Stocks stuck very close to home on Thursday as mixed economic data and earnings reports frayed any attempts to build momentum.

Better-than-expected weekly jobless claims and June consumer confidence numbers were positive, but a sharp drop in manufacturing growth reported by the Philadelphia Fed before the open helped stoke investor concerns. Investor response to earnings reports cut sharply in both directions, although mostly in soft trade, throughout the session.

The result gave the Nasdaq a technical win: another new high and its 10th straight gain. But the increase was less than 0.1%, and in weak trade — no mean feat with Check Point Software (CHKP), TripAdvisor (TRIP) and Qualcomm (QCOM) all turning in broad losses, and Apple (AAPL), Netflix (NFLX) and Google-parent Alphabet (GOOGL) ending with minor losses on the day.

Drugmakers Mylan (MYL) and Regeneron Pharmaceuticals (REGN) led the Nasdaq 100. Mylan jumped 3% on positive Phase 3 trial results reported late Wednesday. IBD 50 stock Regeneron also swung up 3% in weak trade as it works through a new consolidation.

The S&P 500 slipped a fraction, backing away from a new high notched intraday. Drugmakers were key leaders also, with Perrigo (PRGO) and Mallinckrodt (MNK) each posting 4% gains, although trade was weak.

The Dow Jones industrial average closed down 0.1%, despite the valiant efforts of Nike (NKE), which bucked up more than 2% for the day. The stock has fallen below its 59.10 buy point, but the breakout at that entry remains in play.

Home Depot (HD) fell 4%, ratcheting up the drag on the Dow. The catalyst appeared to be an agreement by Sears Holdings (SHLD) to sell its respected Kenmore-brand home appliances via Amazon.com (AMZN). The news sent Sears shares to a nearly 11% gain. Amazon sketched out a 0.2% advance.

Macom Technology Solutions (MTSI) led the IBD 50, up more than 3% in above-average trade. That was sufficient to take out a new high, although shares were already extended after an early July rebound from the 10-week moving average. The chipmaker plans to report its fiscal third-quarter results on Aug. 1.

On the down side, Floor & Decor (FND) tumbled 6% in fast trade, falling back below its 10-week moving average. The company priced a 10.7 million-share follow-on offering at 40, just below Wednesday's closing price. The stock remains 83% above its April IPO price.

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