The major market indexes looked to kickoff the fourth quarter on a positive note early Monday, reaching new record highs, despite a mass shooting at a country music festival in Las Vegas. The tech-heavy Nasdaq rose a nearly 0.4% to a fresh new high.
XAutoplay: On | Off Meanwhile, the S&P 500 inched up 0.2%, while Dow Jones industrial average moved up 0.3%. Both set new record highs.
On the economic front, the ISM manufacturing index hit 60.8 in September, beating the 58.0 consensus estimate. Meanwhile, PMI manufacturing came in at 53.1 vs. the 53.0 estimate.
Among the Dow Jones Industrial components, Walt Disney (DIS) set the pace Monday, moving up about 1%. The stock is still almost 15% off its 2017 high, and trading under its 50- and 200-day moving average lines.
On the downside, energy giant Chevron (CVX) dropped 0.6% amid falling crude oil prices. The price of crude oil backed more than 2%, with U.S. benchmark West Texas Intermediate holding above $50 per barrel.
Casino stocks were down in the stock market today after Sunday night’s Las Vegas shooting, with shares of MGM Resorts (MGM) falling the most, down almost 3%. The stock had been consolidating at its 50-day line after a brief breakout above a 34.63 cup-shaped base entry several weeks ago. Its China-unit also announced it would delay the opening of its newest casino in Macau. Las Vegas Sands (LVS) reversed early losses to trade just above its break-even mark. The casino operator was drawing a handle onto its cup base, making the buy point 65.01.
Among analyst actions, Alibaba (BABA) saw its price target cut from 220 to 210 at Raymond James, but shares still advanced 1% higher. The stock is continuing to recover from last week’s tech-driven selloff after finding support near its 10-week line. Shares are still under a 177.10 ascending-base entry.
Mobile payment provider Square (SQ) reached a new high Monday, rising 2%. The stock is on the cusp of being extended from a 28.07 cup-shaped base entry.
Electric automaker Tesla (TSLA) fell further under its 50-day line, dropping over 1%. The stock saw its recent breakout when shares fell more than 7% below a 370.10 cup-with-handle entry. The company is expected to report its Q3 auto deliveries early this week.
Within the IBD 50, Ichor Holdings (ICHR) rose another 5%, as shares continue their advance after a recent breakout above a 25.41 buy point. The IPO Leader boasts year-over-year earnings growth of 107% in the most recent quarter.
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