![]() Stocks grabbed quick gains at Tuesday's open, as global action reflected some resilience after trade war fears spurred broad losses on Monday. XLennar (LEN) led an early rally among homebuilders and Netflix rose on new analyst coverage. General Electric (GE) topped the S&P 500, and several IBD 50 stocks showed strong early action. Meanwhile, Intel (INTC) deepened its recent losses. The Nasdaq Composite led, up 0.2% as MercadoLibre (MELI), Take-Two Interactive (TTWO) and Activision-Blizzard (ATVI) hauled the the Nasdaq 100 higher. The Dow industrials and S&P 500 quickly narrowed their early gains to less than 0.1%. Intel weighed on the Dow. Akamai Technologies (AKAM) and Incyte (INCY) posted the heaviest losses among S&P 500 stocks. The dollar was mixed, bonds inched higher with the 10-year yield down 1 basis point to 2.87%. Oil prices leaned higher, with West Texas Intermediate trading above $68 per barrel and Brent crude above $75. Top Indexes Mixed For JuneMonday's session showed markets beginning to grapple with the bite of the Trump administration's street-fight method of restructuring international trade. The session sent some troublesome indicators for the market, but the major indexes remain only mildly mixed for June. The Dow is now down 0.7% in June and testing its 200-day line of support for the third time since April. Notably, Monday marked the Dow's first close below that line since 2016. If the index cannot regain its 200-day line, the consolidation could be set to move into deeper, more extended territory. The S&P 500 is still on positive ground for the month, up 0.4%. It is just below its 50-day line, still well above the 200-day level, and 5.4% below its high set in January. The Nasdaq is also positive, up 1.2% in June. It was down 3.5% since chalking up a new high on Wednesday. The index is still holding above its 50-day moving average. Global: China Down, Japan Flat, Europe RisesMarkets in Asia tapped the brakes after their heavy sell-off on Monday. China's markets closed with nominal losses on Tuesday. Hong Kong's Hang Seng index slumped 0.3%. The Shanghai Composite stepped back another 0.3%. In Japan, Tokyo's Nikkei 225 managed a flat finish, after recovering from an early 1% dive. Europe's markets held their early gains in afternoon trade. London's FTSE 100 advanced 0.7%, Frankfurt's DAX rose 0.2%, and the CAC-40 in Paris battled to a 0.4% gain. Intel Dives; Netflix, GE, Lennar LeadGeneral Electric was a big early leader, up 6.9% after adding its healthcare division and its stake in oilfield services giant Baker Hughes (BHGE) to its accelerating divestment scheme. The company lost its place on the Dow industrials list last week. Baker Hughes shares rose 0.8%. Homebuilder Lennar spiked nearly 8% after reporting a better-than-expected 78% earnings surge and a 67% rise in revenue for its fiscal second quarter. Deliveries leapt 57% and new orders rumbled ahead 62%, while the company's backlog expanded 92%, to 19,622 homes. Lennar shares dropped 3.9% in heavy trade Monday. The stock is down 32% from a January high. Other homebuilders also rose, with Pulte Homes (PHM) up 1.7%, D.R. Horton (DHI) jumping 3.3% and KB Home (KBH) notching a 3% rise ahead of its fiscal second-quarter report, due late Thursday. Netflix clocked an early 2% gain, rising after Imperial Capital initiated coverage on the stock with an outperform rating and a 503 price target. The IBD Leaderboard stock dropped 6.5% in heavy trade on Monday. The stock broke some short-term levels of technical support, but remains extended from a breakout in May. Chip leader Intel dropped 1.4%, the deepest early loss among Dow industrials. Benchmark initiated coverage on the stock with a hold rating, as the company continues to deal with fallout from last week's sudden ouster of Chief Executive Brian Krzanich. Akamai Technologies dropped 3.4% after trimming its earnings and revenue guidance for the second quarter. Earnings guidance remained within the range of expectations, but the lowered mid-point of the updated revenue guidance was below the consensus target. Akamai dropped 3% in heavy trade Monday, stopping short of triggering an automatic sell rule below a cup-with-handle buy point at 77.69. IBD Stocks: ZTO Express ReboundsAmong IBD 50 stocks, China's ZTO Express (ZTO) rebounded 1.8% in opening trade. The stock ended 0.6% lower Monday, trimming its early loss aggressively after finding support at its 10-week moving average. The move stopped short of a retest of an 18.18 buy point in a cup base. China's Momo (MOMO) led early declines among IBD 50 stocks. Momo dropped 5.1% after the company announced it would offer $650 million in debt. Shares fell 5% in modest trade Monday, leaving the stock 11% off its June 11 high, and still extended after a breakout in May. Housing Price Growth Slows In AprilTuesday's economic calendar is fairly light. S&P Case Shiller's April Housing price index slowed to a 0.2% increase in April. That was down March's 0.5% growth, undercutting expectations for another 0.5% gain. The Conference Board reports June consumer confidence at 10 a.m. ET. Atlanta Federal Reserve Bank President Raphael Bostic speaks at 1 p.m. Dallas Federal Reserve President Robert Kaplan speaks at 1:45 p.m. ET. YOU MIGHT ALSO LIKE: The Big Picture: Trump Bull Gets Bloody Nose; Eye This Sell Signal Is Trump About To Blink In China Trade War? Bears Take Control, Slap Down All But Two IBD 50 Stocks IBD Stock Of The Day: This China Internet Gives Back All Its Gains Read More Stocks Bounce: Netflix, Homebuilders Rally; Intel Dives : https://ift.tt/2KbU0nV
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