Expectations of another strong Prime Day buoyed Amazon stock near midday Monday, but the S&P 500 and Nasdaq composite showed mild losses.
XNear midday Monday, the Nasdaq composite and S&P 500 were lower by around 0.2%. The Dow Jones was mostly flat, helped by strength in shares of JPMorgan (JPM) and Cisco Systems (CSCO).
Meanwhile, a strong showing for Bank of America (BAC) fueled a rally in financial stocks. But oil and gas stocks underperformed as oil prices plunged.
U.S. crude oil futures were down more than 3.5% to around $68.50 a barrel. Treasury Secretary Steven Mnuchin said some oil buyers could get waivers to continue buying oil from Iran. The comments came after the U.S. asked allies to stop importing oil from Iran.
Amazon Stock Rises
In stock market results today, Amazon.com (AMZN) scored another new high ahead of the start of the company's Prime Day. Fellow FAANG name Netflix (NFLX) was mostly unchanged ahead of its earnings report after the close.
Financials also outperformed, helped by decent earnings from Bank of America (BAC) before the open. Shares popped 2%, lifting SPDR Financial (XLF) to a gain of 1%.
In the biotech space, Vertex Pharmaceuticals (VRTX) added 0.3% to 181. It was featured in Friday's New Highs column after it cleared a 178.35 buy point of a cup-shaped base.
Five Below (FIVE) was a top gainer in the IBD 50, rising just over 1% to 102.73. Five Below is a Leaderboard name. It's working on a flat base with a 104.09 buy point.
Earlier today, industrywide June retail sales data were mostly in line with expectations, but May sales were revised sharply higher.
Another Leaderboard name, ZTO Express (ZTO), soared 5.5% to 21.74. It's just below a 21.80 flat-base entry.
On the downside, shares of Tesla (TSLA) sank 3% after a controversial tweet by CEO Elon Musk related to the rescue of 12 boys from a Thailand cave.
J.B. Hunt Transport Services (JBHT) reversed lower after a strong start. The trucking firm gapped above its 50-day moving average on strong earnings. The company reported its second straight quarter of accelerating earnings growth. Sales growth accelerated for the fourth straight quarter, rising 24% to $2.14 billion, but rising costs spooked investors.
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