Dow futures edged lower Wednesday morning, along with S&P 500 futures and Nasdaq futures. European Union regulators imposed a $5 billion fine vs. Google parent Alphabet (GOOGL) over its Android operating system. Alphabet, for now, is in a buy zone after hitting a new high Tuesday.
XMeanwhile, the EU announced a fine of 4.34 billion euros ($5.06 billion) vs. Google. EU regulators say Google used its Android OS market dominance to favor its search service and mobile apps. That nearly doubles the EU's $2.7 billion penalty last year over Google shopping search results.
European regulators gave the U.S. tech giant 90 days to stop "illegal practices" of requiring handset makers to push Google services.
Google stock was down 0.45% to 1,207.62 before the open in Wednesday's stock market trading, still above a 1,201.59 buy point. But premarket trading volume was light.
Nasdaq At High; Top Stocks Near Buys
On Tuesday, the Nasdaq composite hit a new high, rebounding from early losses as Netflix (NFLX) stock slashed losses while Amazon.com (AMZN), Facebook (FB) rallied to new highs along with Google. Meanwhile, Apple (AAPL), Proofpoint (PFPT), Five Below (FIVE) and American Express (AXP) are top stocks that have moved within 2% of entry points.
Five Below stock boasts a best-possible Composite Rating of 99. Apple stock and American Express enjoy a strong 91 Composite Rating while Proofpoint is a 92. Apple and American Express are Dow Jones stocks. Alphabet stock has a 98 CR.
Top Stock Breakouts Scarce
Even though the Nasdaq is at a new high, the S&P 500 index at a five-month best and Dow Jones up in eight of the last nine sessions, breakouts by top stocks have been scarce. That makes it hard for investors to take advantage of the confirmed stock market uptrend.
On Tuesday, RingCentral (RNG) and Mindbody (MB) cleared buy points in Tuesday's stock market trading. But RingCentral stock rose in light volume while Mindbody closed only slightly above its entry.
Google Stock
Google parent Alphabet's stock rose 1.4% to 1,213.08 on Tuesday, moving above a high-handle buy point of 1,201.59 after sinking to 1,182 soon after the open.
Volume was 16% above normal, which just so-so. You like to see a top stock moving into buy range on volume that's at least 40%-50% higher than average.
On the plus side, Google's relative strength line, which tracks a stock's performance vs. the S&P 500 index, is hitting a new high, confirming the share price action.
Google stock actually closed in buy range last Friday, but the tiny (0.3%) price move on below-average volume made that especially suspect.
Apple Stock
The iPhone maker nudged up 0.3% to 191.45 on Tuesday, slightly lagging the S&P 500 index and other major averages . But Apple stock found support at its 50-day/10-week line and moved to within 1.5% of its 194.30 flat-base entry. Apple stock's RS line has been lagging slightly in recent weeks but is still close to highs.
Apple rose 0.2% in the premarket.
American Express Stock
The credit-card giant climbed 0.5% to 101.15 on Tuesday. American Express is just below a 103.34 flat-base buy point. AmEx reclaimed its 50-day line last week.
American Express earnings are due Wednesday after the close. Shares rose 0.3% in the premarket.
Proofpoint Stock
Part of the hot cybersecurity group, Proofpoint stock rose 1.65% to 127.28, just below a 128.39 double-bottom entry. The RS line is not at a new high, but it's already at a short-term peak from the middle of the pattern's "W."
Five Below Stock
The teen- and tween-centric discount retailer has been consolidating for several weeks after blasting higher in early June amid blowout earnings. Five Below stock now has a 104.09 entry. Shares rose to 103.90 intraday before reversing for a 1.15% loss to 102.24.
Dow Futures Today
Dow futures fell a fraction vs. fair value. S&P 500 futures were down 0.1%. Nasdaq 100 futures sank 0.2%.
As Nasdaq futures and Netflix stock showed late Monday/early Tuesday, extended trading doesn't always translate into action in the next regular stock market session.
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