Intel stock powered the Dow Jones to another day of outperformance Tuesday, but growth stocks took it on the chin for the second straight session. Meanwhile, beaten-down chip names Micron Technology (MU), Applied Materials (AMAT), Lam Research (LRCX) and Qualcomm (QCOM) outperformed in the Nasdaq 100.
Tuesday’s session was shaping up to be a mirror image of Monday’s, which saw the Dow outperform, with techs and small caps hit hard.
The Dow Jones industrial average was up 0.5% after scoring an all-time high earlier in the session. The S&P 500 edged up 0.1% and the Nasdaq composite fell 0.3%. The Russell 2000 small-cap index fell 0.8% after losing 1.4% Monday. The small-cap index is now firmly entrenched below the 50-day moving average. Volume on the NYSE and Nasdaq was tracking slightly higher than at the same time on Monday.
Besides Intel (INTC), other top gainers in the Dow included Caterpillar (CAT), Leaderboard name Boeing (BA) and Walgreens Boots Alliance (WBA). Shares of Intel jumped nearly 4%, adding to recent gains. Shares of Intel stock rose 3% Friday after the company said it was making progress in its production of next-generation chips and its efforts to alleviate the current shortage of PC chips.
In stock market results today, Paychex (PAYX) reversed higher off its 50-day moving average. Before the open, the company reported an 18% rise in quarterly profit, with sales up 9% to $862.8 million. Besides strong price performance, the HR outsourcing firm also boasts an annualized dividend yield of 3%.
Meanwhile, the IBD 50 endured another barrage of selling as 18 components fell 2% or more. Trade Desk (TTD), down 12% so far this week, fell an additional 8%. The weekly chart shows another potential test of the 10-week moving average. The Innovator IBD 50 ETF (FFTY), which has a five-star rating from Morningstar, was down 1.7% after falling 1% Monday.
YOU MIGHT ALSO LIKE: