Stock Market Has a Down Day on Thursday
The stock market indices had a very strange session, gapping down, then dropping sharply, and by midmorning they turned around and rallied all day to take back multiple losses, but they still ended the day on a negative note.
Net on the day, the Dow (NYSEARCA:DIA) was down 63.28 at 19,891.00, 30 points off the high and 120 points off the low. The S&P 500 (NYSEARCA:SPY) was down 4.88 at 2270.44. The Nasdaq 100 was down 8.78 at 5041.43.
Advance-declines were 17 to 11 negative on the New York Stock Exchange, and 2 to 1 negative on the Nasdaq(NYSEARCA:QQQ). Up/down volume was nearly 2 to 1 negative on New York, total volume of 3.3 billion shares traded. The Nasdaq traded 1.7 billion shares and had a 5 to 3 negative volume ratio.
TheTechTrader.com board was mixed. Priceline.com (PCLN) was up 2.48 to 1538.59, and Amazon.com, Inc. (AMZN) up 14.62 to 813.64, and Aphabet Inc. (GOOG) was down 1.55 to 806.36, Apple Inc. (AAPL) down 50 cents to 119.25, and Netflix, Inc. (NFLX) down 1.32 to 129.19.
Baidu, Inc. (BIDU) dropped 1.75 to 177.57, but Facebook, Inc. (FB) popped 53 cents to 126.62.
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Tesla Motors, Inc. (TSLA) fell just 14 cents to 229.59.
Other stocks to the upside included Clovis Oncology Inc (CLVS), up 4.16 to 53.49, Aerie Pharmaceuticals, Inc. (AERI) up 2.80 to 41.60, and NeuroDerm Ltd. (NDRM) 2.05 to 22.95.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 1.88 to 39.78, reaching a high of 40.57.
On the downside, NVIDIA Corporation (NVDA) gave back 1.72 to 103.44, Intel Corporation (INTC) dropped 24 cents to 36.81, and United States Steel Corp. (X) lost 2.38 to 32.82.
The VanEck Vectors Semiconductor ETF (SMH) closed down 1.22 to 72.14.
Checking TheTechTrader.com percent-gain leaderboard, Adesto Technologies Corporation (IOTS) gained 85 cents, or 42.5%, to 2.85, on 2 million shares traded, jumping as high as 3.55.
Cellect Biotechnology Ltd. (APOP) jumped 2.79, or 84%, to 6.11, on 7.5 million shares traded, exploding as high as 8.78.
Straight Path Communications Inc. (STRP), on favorable court ruling, ran 9.72, or 31%, to 41.13, on 2 million shares traded, reaching 51.50. Applied Optoelectronics, Inc. (AAOI), on strong earnings, exploded 7.14, or 31%, to 29.86, on 4.4 million shares traded. AXIM Biotechnologies, Inc. (AXIM) thrust 4.00, or 27%, to 19.00. The Advisory Board Company (ABCO) bounced 5.85, or 16%, to 42.00, on 2.6 million shares traded.
Stepping back and reviewing the hourly chart patterns, the indices gapped down at the opening, went lower, got hammered early on, but came way back to close off the lows but was still down on the day.
Let’s see what happens tomorrow.