Stocks End Mixed; 3 Chip-Equipment Firms With Bullish Charts – Investor’s Business Daily

The major stock indexes ended mixed Thursday with selling focused in the Nasdaq composite, but losses were tame. Preliminary data showed volume on both exchanges coming in lower than Wednesday’s levels.

Friday’s turnover is likely to jump as weekly and monthly stock and index options expire.

XAutoplay: On | OffThe Nasdaq lost 0.5% even as chip-equipment stocks outperformed; the S&P 500 eased 0.1% and the Dow Jones industrial average held up well, rising 0.2%. The 30-component Dow industrials scored another record closing high, helped by strength in United Technologies (UTX), Pfizer (PFE) and Merck (MRK).

Consumer prices came in a bit hotter than expected in August, rising 0.4% vs. expectations for a 0.3% gain. The core rate, which excludes food and energy prices, rose 0.2%, in line with expectations. Wall Street will have more economic data to ponder on Friday with the release of August retail sales data, the Empire State manufacturing index and the latest reading on consumer confidence from the University of Michigan.

Last week, the IBD/TIPP Economic Optimism Index reached a six-month high of 53.4, its 12th straight optimistic reading.

Oracle (ORCL) did well in Thursday’s after-hours session after reporting earnings. Shares rose 2% to 53.81 after ending the regular session unchanged. Among the highlights, total cloud revenue jumped 51% to $1.5 billion.

In the stock market today, Tesla (TSLA) continued to attract buyers after CEO Elon Musk said the unveiling of a semi-truck offering will be out in October. Tesla cleared a cup-with-handle base with a 370.10 buy point, rising 3% to 377.64 in average turnover.

Other breakouts included Leaderboard name Square (SQ), which has been a solid performers since its IPO in November 2015 at 9. Shares rose 4% to 28.64. It’s still in buy range from a 28.07 buy point. Square is a high-PE stock but deservedly so with annual earnings expected to surge 500% this year and 79% in 2018.

IBD’S TAKE: Focusing on newer companies with an innovative product that’s driving growth is a good way to achieve big profits in the stock market. To learn more about why “new” is so important, check out this lesson in IBD University.

In the semiconductor space, Applied Materials (AMAT) was a top gainer in the IBD 50, rising 2% to 47.05. The chip-equipment firm is working on a later-stage base with a 47.69 buy point. Group peer Brooks Automation (BRKS) is also setting up in base with a 30.33 buy point. Shares rose 3% to 28.59. Same with Ultra Clean Holdings (UCTT) which is just below a 26.30 buy point. Shares jumped 5.5% to 25.95.


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