Markets

Tech Stocks Lead; FANG's Facebook, Apple Still In Buy Range

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The major market indexes were mixed early Monday. While the S&P 500 and Dow Jones industrial average fell more than 0.1% apiece, the tech-heavy Nasdaq - driven higher by Facebook ( FB ) and Apple ( AAPL ) - looked to further capitalize on Friday's earnings strength in the stock market today , rising 0.2%.

[ibd-display-video id=2461767 width=50 float=left autostart=true] Among the Dow Jones Industrial components, Apple advanced about 2% to a new high, looking to extend a win streak to three trading sessions. Shares of the iPhone maker added to Friday's strong breakout gains above a 160.97 cup-with-handle entry, but are still in buy range. The company will report its current-quarter results late Thursday.

On the downside, Merck ( MRK ) plunged almost 5% after the pharmaceutical company withdrew its European Keytruda application. The lung-cancer drug has been approved for use in the United States. Shares hit a new 52-week low - about 17% off their highs.

Meanwhile, financial components JPMorgan ( JPM ) and Goldman Sachs ( GS ) fell about 0.3% each. JPMorgan remains extended from a 95.32 flat-base entry. Goldman is still etching a handle onto its saucer-shaped base that shows a potential entry of 247.18.

U.S. shares of Nintendo (NTDOY) surged more than 8% higher early Monday after the Nintendo Switch maker reported better-than-expected earnings and sales results. The Japan-based firm also raised its Switch sales forecast from 10 million to 14 million units amid strong demand. Shares are now up about 17% from a cup-with-handle's 43.39 entry.

FANG stock Facebook advanced 1.2% ahead of this week's Q3 earnings release . The social media giant will report earnings on Nov. 1 after the market close. Shares are within buy range from a 175.59 flat-base entry that the stock reclaimed Friday in heavy volume.

Fellow FANG stocks Amazon.com (AMZN) reversed from early losses to rise 0.7%. Shares are still in buy range from a 1083.41 buy point after Friday's earnings-powered breakout.

China-based e-commerce giant Alibaba (BABA) moved up 2.1% in early trade, further cushioning itself back above its 50-day line and regaining its 177.10 ascending-base entry . The firm will report its current quarters results ahead of the open Thursday.

Within the IBD 50 , China-based YY (YY) led the way, rising nearly 4%, as it looked to snap a four-day losing streak. During that time, the stock has given up a substantial gain from an 83.10 buy point.

On the downside, Leaderboard member Thor Industries (THO) skidded 1.4%. The RV maker is trading just off a 52-week high , and well-above its 110.01 cup-with-handle entry.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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