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Mixed, Volatile Session for Markets on Wednesday

Markets had an interesting, mixed, volatile session on Wednesday.

 

By Harry Boxer

 

The day started out on a positive note for both indices, but the S&P 500 (NYSEARCA:SPY) reversed immediately, and spent the rest of the day going from bad to worse as healthcare weakness seems to be making an impact. The Nasdaq 100 opened at 7705.32, pulled back, bounced, made a slide down to 7666.00, nearly 40 points, rallied back up, bounced again and pulled back several times before the noon hour. It then rallied, consolidated for a couple hours, rolled over, hitting a low of 7659.85 midafternoon, wedged its way upward, came down, and made a nice W as it rallied back up, then pulled back slightly, only to bounce into the close, closing positive on the day.

Net on the day, the Dow (NYSEARCA:DIA)was down 3.12 at 26,449.54. The S&P 500 was down 6.61 at 2900.45. The Nasdaq 100 was up 25.99 to 7680.72.

New York had a total volume of 3.4 billion shares traded. The Nasdaq (NYSEARCA:QQQ) traded 2.3 billion shares.

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TheTechTrader.com board was mixed on Wednesday, but a lot of the stocks we follow did well. Amazon.com, Inc. (AMZN) was up 1.78 to 1864.82, Alphabet Inc. (GOOG) up 9.21 to 1236.34, Apple Inc. (AAPL) up 3.88 to 203.13, Microsoft Corporation (MSFT) 1.00 to 121.77, and Intel Corporation (INTC) 1.85 to 58.56.

Other stocks to the upside included Nutanix, Inc. (NTNX) up 1.03 to 42.10, Canopy Growth Corporation (CGC) up 1.15 to 42.83, Niu Technologies (NIU), on a product price increase, 1.00 to 11.50, Morgan Stanley (MS) 1.24 to 48.26, Lyft, Inc. (LYFT) 3.26 to 59.51, Tufin Software Technologies LTD. (TUFN) 1.25 to 22.50, and Canada Goose Holdings Inc. (GOOS) 2.48 to 52.73.

The transport sector did well on Wednesday. United Continental Holdings, Inc. (UAL) moved up 4.07 to 89.24, Marten Transport, Ltd. (MRTN), on earnings, snapped back 1.70 to 19.97, and CSX Corporation (CSX) advanced 3.05 to 78.94.

Small fractional gainers included VIVUS, Inc. (VVUS) was up 29 cents to 3.69, Qudian Inc. (QD) up 36 cents to 6.10, the Rubicon Project, Inc. (RUBI) 20 cents to 6.21, Sibanye Gold Limited (SBGL) 29 cents to 4.13, and ASE Technology Holding Co., Ltd. (ASX) 29 cents to 8.48.

IPO BRAINSWAY LTD. (BWAY), a company dealing with depression, did not fail as well on Wednesday. It closed up just 9 cents to 11.09, on 1.3 million shares.

Point-plus losers included Netflix, Inc. (NFLX) down 4.72 to 354.74, Tesla, Inc. (TSLA) down 2.13 to 271.23, and Intuitive Surgical, Inc. (ISRG) caved big time, down 36.43 to 525.00.

Other stocks to the downside, Teladoc, Inc. (TDOC) up 2.68 to 49.87, DocuSign, Inc. (DOCU) up 2.03 to 53.18, Etsy, Inc. (ETSY) 2.03 to 64.25, and Nektar Therapeutics (NKTR) 2.19 to 31.19.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 7.97 to 48.30.

Checking TheTechTrader.com percent-gain leaderboard, Helius Medical Technologies, Inc. (HSDT) bounced 27 cents, or 10%, to 2.91. 21Vianet Group, Inc. (VNET) eked out 71 cents, or 10%, to 7.98.

Uxin Limited (UXIN) ran 1.00, or 51%, to 2.95, on 42 million shares. Puxin Limited (NEW) popped 1.18, or 11%, to 12.10, nearly a million shares. 3Pea International, Inc. (TPNL) took off up 1.18, or 15%, to 8.83, on 1.5 million shares.

QUALCOMM Incorporated (QCOM) gained another 8.63, or 12%, to 79.08, on 148 million shares.

New IPO Turning Point Therapeutics, Inc. (TPTX) opened at 18, ran a straight line up to 25.84 before noon, bounced gradually higher, and minutes before the close it reached a high of 29.50, and then pulled back into the close, closing up 10.90, or 61%, to 28.90, on 3.1 million shares.

Palomar Holdings Inc. (PLMR), also a new IPO, opened at 15, made a sharp run to 19.60 by midmorning, pulled back, bounced around and consolidated all afternoon, pulled back slightly and popped into the close, up 3.99, o4 27%, to 18.99, on 4.3 million shares.

The Direxion Daily S&P Biotech Bear 3X ETF (LABD) jumped 2.75, or 14%, to 21.94, on 9.2 million shares.

Among other gainers, Tufin Software Technologies LTD. (TUFN) was up 1.25 to 22.50, Hollysys Automation Technologies Ltd. (HOLI) up 1.52 to 20.43, Kansas City Southern (KSU) 4.82 to 122.81, Textron Inc. (TXT) 2.09 to 54.23, and Banco Macro S.A. (BMA) 2.33 to 50.83.

Let’s see what happens tomorrow.