Amazon.com (AMZN) led the Nasdaq 100, up quite 3% as founder Jeff Bezos officially stepped down from the chief executive post after a 27-year run. Andy Jassy takes over as Amazon president and CEO, while Bezos will assume the role of executive chair.
The gain gave Amazon stock a starting bell breakout past a cup-with-handle buy point at 3,524.96.
Also on the Nasdaq, IBD Leaderboard listing Nvidia (NVDA) traded along side a pack of advancing chip stocks, up 1.5% following a price-target hike from KeyBanc. The VanEck Vectors Semiconductor ETF (SMH) moved up 0.3% in early trade.
The S&P 500 deepened its opening loss to 0.4%. The Dow Jones Industrial Average fell 0.7%, with 3M (MMM) and chemicals maker Dow (DOW) falling furthest among blue chips.
China-based names dragged at rock bottom of the Nasdaq 100, with Pinduoduo (PDD), Baidu (BIDU) and JD.com (JD) at rock bottom of the list. China’s cybersecurity regulator on Friday launched a review of Didi (DIDI) and two other China tech stocks. On Monday, the regulator instructed app stores to require down Didi’s ride-hailing app. additionally , authorities released new guidelines governing tightening scrutiny on companies listing in markets outside of China.
American Depositary Shares of Didi dropped 22% early Tuesday. the corporate went public on U.S. markets on Wednesday.
Weibo (WB) was the one standout among China-based issues. Shares rallied 11% as a suggestion to require the Alibaba-backed company private valued the microblogging site at nearly $20 billion.
The Organization of Petroleum Exporting Countries and partners led by Russia on Monday made the weird move of postponing indefinitely further discussions of production strategy, as talks stalled after three days of negotiations. U.S. benchmark oil punched briefly to $76.98 a barrel, its highest level since November 2014.
Nasdaq, S&P 500 And Dow Jones Today
The Nasdaq has rallied 12.7% off a mid-May low, putting its year-to-date gain at 13.6%. The S&P 500, by comparison, has climbed 7.3% since mid-May. The S&P 500 still leads the Nasdaq on a year-to-date basis, up 15.9% since Dec. 31.
Both the Nasdaq and therefore the S&P 500 both closed Friday sitting at record highs, in what was a bullish week for the market. Their little drag race in June led to an upshift within the market mood.
But it’s worth keeping a careful eye on the Dow Jones today. The blue chip gauge has popped a modest 4.6% over the last fortnight . That lags the Nasdaq’s 5.2% two-week advance, but slightly outpaces the S&P 500’s 4.5% gain over an equivalent period.
And it left the Dow’s chart at a stimulating juncture. The index is back above support at its 50-day line, and below a possible buy point during a double-bottom base. The SPDR Dow Jones Industrial Average ETF Trust (DIA), down 0.1% early Tuesday, ended Friday 2% below its 348.75 buy point.