The major market indexes were mixed, heading into afternoon trade Tuesday. The Dow Jones industrial average led the way, rising around 0.2% – buoyed by strength in retailer Wal-Mart Stores ( WMT ).
[ibd-display-video id=2345484 width=50 float=left autostart=true]Meanwhile, the S&P 500 moved up 0.2%. The tech-heavy Nasdaq was at its break-even mark. All three indexes made record highs. Volume was tracking significantly higher across both exchanges vs. the same time Monday.
Among the Dow Jones Industrial components, Wal-Mart remained in its 5% buy range from an 82.09 flat-base entry in afternoon trade Tuesday. The discount retailer jumped over 5% after announcing a $20 billion buyback, while standing behind its fiscal-year 2018 guidance. The Bentonville, Arkansas-based company also said it would look to further cut costs as competition with e-commerce behemoth Amazon.com ( AMZN ) intensifies.
Amazon shares traded 0.6% lower.
On the downside, Intel ( INTC ) declined over 1%. The stock is still in buy range from a 38.55 flat-base entry after a breakout on Oct. 2. The 5% buy zone tops out at 40.48,
Airline stocks flew higher in the stock market today . American Airlines ( AAL ) and United Airlines ( UAL ) forecast better-than-expected Q3 unit revenue and margins early Tuesday, sparking advances of 4.8% and 5.5%, respectively. American is building the right side of a cup-shaped entry with a 54.58 entry. United remains stuck under long-term 200-day line.
Meanwhile, Delta Air Lines (DAL) will report its Q3 results on Wednesday before the market open. The airline carrier is forging a cup base with a 55.85 buy point. Analysts expect the airline’s third-quarter earnings to decline to $1.54 per share on revenue of $11.4 billion.
FANG stocks were under pressure in afternoon trade Tuesday with Netflix (NFLX) setting the pace to the downside, falling 1%. Shares are still in buy range after last week’s breakout above a 190.05 cup-with-handle buy point. Facebook (FB) declined 0.6% as it continues to work on a flat base with a 175.59 entry.
Leading growth stock Nvidia [ticker symb= NVDA] leapt higher after the graphics-chip maker unveiled new self-driving taxi hardware, and a partnership to launch an autonomous delivery truck fleet in 2018. Shares – which had been up as much 4% earlier Tuesday – were up almost 2%. Shares notched a fresh record high, and were up about 8% from a 174.66 flat-base entry.
Fellow leading chip stocks Applied Materials (AMAT) and Broadcom (AVGO) were on the decline. Applied reversed from new highs, falling 1.1%, but is still about 9% above a 47.69 cup-with-handle buy point. Broadcom was turned away from its 50-day line, dropping nearly 1%. Shares continue to etch a flat base that shows a 259.46 potential buy point. A potential flaw is the stock’s lagging relative strength line that indicates significant underperformance of the general market.
Within the IBD 50 , Leaderboard member Grubhub (GRUB) moved up 1.8%. The food delivery service has been stuck under its 50-day line since Oct. 5.
On the downside, China-based Sina (SINA) extended a losing streak to five trading sessions, declining another 3% in heavy trading Tuesday. Shares are rapidly approaching their 50-day line. Still, the stock is up 13% from a 97.90 cup-base entry despite its recent fall.
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Wal-Mart Sees 40% Online Sales Jump, Sets $20 Billion Buyback
Dow Jones Industrial Average And Dow Stocks: News And Analysis
American, United Airlines Jump On Strong Q3 Unit Revenue; Delta On Tap
S&P 500 Q3 Earnings Growth Likely Slowed, But These Sectors Strong: Investing Action Plan
Retail And E-Commerce News And Stocks To Watch
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