Nasdaq Bleeds More Red; Bond Yields Rise, Lifting Financials – Investor's Business Daily

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Sellers were in the Nasdaq again Tuesday after Monday’s downside reversal. Semiconductor stocks lagged, while financials benefited from a big jump in the 10-year Treasury yield to 2.20%, up 6 basis points.

Two popular financial exchange traded funds are working on cup-with handle patterns: Direxion Financial Bull 3x Shares (FAS) added 1.8% to 48.28. It’s just below a 49.60 buy point. Financial Select Sector SPDR (XLF) rose 1% to 24.25. It’s just below a 24.69 buy point.

The Nasdaq composite was near its session low, down 0.8%. The S&P 500 gave back 0.3% and the Dow Jones industrial average eased 0.1%. Volume on the NYSE was tracking slightly higher than Monday’s level. Nasdaq volume was lower.

In the stock market today, Alphabet (GOOGL) slumped nearly 2% on news the European Union fined its Google unit $2.7 billion, saying the company skewed search results to benefit its own shopping search service. Alphabet has been showing erratic price action as it holds just above the 50-day moving average.

Darden Restaurants (DRI) gapped up more than 3% after reporting another strong quarter. Darden gapped out of a base in late March with support at the 10-week moving average post-breakout.

Western Digital (WDC) pared a 3% intraday loss to just 0.6%. The company gave decent earnings guidance late Monday, but kept its sales guidance the same. It also joined forces with private equity firm KKR and made a new bid for Toshiba’s chip unit.

Inside the IBD 50, Autohome (ATHM) outperformed with a 2% gain. It’s showing solid price action, trading tightly near highs, after a breakout from a base in May.

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