The stock market rallied well off its intraday lows Tuesday, as the tech-heavy Nasdaq staged an upside-reversal day. FANG stock Facebook (FB) reversed from early losses in the stock market today after announcing its entry into a new industry. Meanwhile, Apple (AAPL) stock rose more than 2% ahead of its fiscal Q2 results which beat forecasts after the close.
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The Nasdaq paced the major indexes with a 0.9% advance. The S&P 500 was up 0.3%, while the Dow Jones industrial average lagged with a 0.3% fall. Turnover was tracking slightly higher on the NYSE and Nasdaq exchanges vs. the same time Monday, according to preliminary data.
Among the Dow stocks, the day's laggards featured drugmakers Pfizer (PFE) and Merck (MRK). Pfizer declined 3.3% after its mixed Q1 results. The stock fell through its 50-and 200-day moving averages in heavy volume. Meanwhile, Merck fell 1.5% amid its lighter-than-expected Q1 sales results.
Top chip stock Intel (INTC) moved up 3.3% and continues to be one of the top-performing semi stocks amid a weakening sector. Despite two straight days of heavy losses Friday and Monday, the stock remains above its 50-day line.
After the market close, Apple will report its anxiously awaited fiscal Q2 results. The iPhone maker is expected to earn $2.69 per share on revenue of $61.1 billion. Shares have been volatile in recent weeks amid concerns about the company's iPhone sales. Apple stock rose 2.3%, as it shapes a flat base with a 183.60 buy point.
FANG stocks were rallying amid the Nasdaq's turn into positive territory. Amazon.com (AMZN) moved up 1%, while Facebook (FB) turned an early loss into a 1.1% gain. The social media company announced a new dating layer to its mobile app. Shares of Match Group (MTCH) — owner of the Tinder mobile app — cratered 22% and pierced their 50-day line in huge turnover.
Leaderboard stock Netflix (NFLX) rose 0.3%. Shares are holding above their 50-day moving average line.
Inside The IBD 50
Among leading growth stocks, Grubhub (GRUB) faltered 8.4% Tuesday. The food-delivery service announced earnings and sales that topped analysts' estimates but came up short on its "daily average grubs," or average number of orders per day.
On the upside, SVB Financial (SIVB) rose more than 2% and hit a new high. On Friday, the superregional bank shot up almost 19% to gap out above a 271.89 cup-base entry.
Other top performers include Abiomed (ABMD) and PagSeguro Digital (PAGS), which each advanced more than 3%.
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