XLoading the player…Autoplay: On | OffFutures for the Dow Jones industrial average, S&P 500 index and Nasdaq 100 were little changed vs. fair value late Wednesday after a tepid reaction to President Trump’s tax plan during the regular session. But the market has been particularly strong over the past several days.
The Dow industrials, S&P 500 and Nasdaq composite turned slim intraday gains into whisper-thin losses. But that followed strong gains over the prior five sessions . Treasury Secretary Steven Mnuchin talked up tax cuts last Thursday, with Trump announcing the next day that a “massive tax cut” plan would be released this week. Then stocks jumped on positive reaction to the French election.
Over the last five sessions, 32 of IBD’s 197 industry groups have risen 5% or more. Those big winners include machinery, specialty steel, mining, banks, transportation, chip equipment and solar groups, among others. The broad-based strength is encouraging.
There also have been a slew of breakouts. Microsoft (MSFT) and Home Depot (HD), both Dow components, have moved into buy zones in the last week. So have Google parent Alphabet (GOOGL), Netflix (NFLX) and Lockheed Martin (LMT).
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Microsoft, Alphabet and Amazon.com (AMZN) are among a slew of big earnings reports on tap Thursday night. Amazon is just below its own buy point after forming a short consolidation above a prior move.
China’s Shanghai composite fell 1.2% intraday, hitting its lowest level in months. Japan’s Nikkei dipped after rising for the last several sessions.
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