The Dow Jones today held up pretty well in afternoon trading despite weak showings from Caterpillar (CAT) and Home Depot (HD). Technology stocks like Microsoft (MSFT) and Cisco Systems (CSCO) outperformed.
Microsoft stock looked poised for its fourth straight gain after a low-volume breakout over a 108 handle buy point.
The stock market traded quietly Tuesday. The Dow Jones today, S&P 500 and Nasdaq composite edged higher with about one hour remaining in the session. Volume on the NYSE and Nasdaq was tracking slightly lower than Monday’s levels.
Fed Chairman Jerome Powell started the first day of semiannual testimony on Capitol Hill regarding monetary policy. Powell noted a “generally favorable” U.S. economic outlook, but he also noted risks in Europe and China.
Dow Jones Today
Caterpillar slumped back to its 200-day moving average, falling 2%. UBS downgraded shares to sell from buy.
Home Depot also shed 2% in the Dow Jones today after the company reported earnings and gave a lukewarm sales outlook for the rest of the year.
Growth Stocks On The Move
Among top-rated growth stocks, Etsy (ETSY) gapped up powerfully on strong earnings. Shares were up more than 17% to 69.43.
But Wall Street didn’t like results from fast-growing firms like Medpace (MEDP) and RealPage (RP). Both stocks fell sharply. A 22% drop for shares of Medpace hurt the performance of Innovator IBD 50 ETF (FFTY). It was down 1.5% in afternoon trading.
Palo Alto Networks is only 2% off its high in a big, cup-shaped base. According to Zacks, quarterly profit is expected to rise 42% to a $1.22 a share, with sales up 26% to $682.98 million.
Data analytics software firm Alteryx (AYX) outperformed ahead of its earnings report Wednesday after the close. Citi cited the possibility of bullish sales guidance from the software firm. Shares of Alteryx jumped 4% to a new high, but it’s well extended from a 67.50 buy point.
YOU ALSO MIGHT LIKE: