U.S. stock indexes showed stalling-like action in afternoon trading Wednesday, but Starbucks gapped up as it tried to retake its 200-day line and Apple battled near a short-term support level.
The Nasdaq, S&P 500 and the Dow Jones industrial average lost 0.1% each. Volume in the stock market today was once again running below average and down vs. the previous session.
The low volume this week could be tied to two news items expected Friday. The second take on second-quarter GDP will be released before Friday's open. (The Street is expecting a downward revision from the first take's 1.2% growth to 1.1% for the second take. The range of estimates runs from 0.8% to 1.5%, according to Econoday)
The Federal Reserve is expected to deliver Friday's other piece of potentially big news. Fed chief Janet Yellen is scheduled to speak at the economic summit in Jackson Hole, Wyo.
Starbucks hasn't closed above its 200-day line in more than four months. The stock has been consolidating since late October.
Apple (AAPL), the second big name, is battling to retake its short-term, 10-day line. The 10-day line is an area that swing traders and other short-term investors focus on. Apple had been running above its 10-day line since a late July gap up, but on Monday began struggling to stay above the line.
Apple is down fractionally.
Blue chips were mostly down, and top-rated stocks were taking some hard hits. Two fairly recent initial public offering were among the victims.
China-based online consumer loans provider Yirendai (YRD) skidded 13% in huge volume, dropping for a fourth consecutive session. The December IPO had been rocketing in recent weeks.
Tech stock Acacia Communications (ACIA) lost nearly 4% in heavy volume. The stock debuted on the Nasdaq in May.
