Turn-Around Tuesday for Markets Yesterday
It was turn-around Tuesday for Wall Street and a much needed turn-around.
Even though it was a mixed, volatile session, talks that there may be some negotiations between the U.S. and China that could benefit both countries, the market began its journey to the upside. The day started out with gaps up, they pulled back, rallied, reaching 2838.02 S&P 500(NYSEARCA:SPY), and 7402.84 Nasdaq 100. They bounced around midmorning, consolidated, rose 3 waves up to new session highs at 2848.36 S&P 500 and 7438.35 Nasdaq 100, rolled over, came down slightly, rallied back up to highs for the day at 2852.54 S&P 500 and 7449.02 Nasdaq 100. With an hour to go, they had a slide down again, then took off, formed wedges, and rolled over into the close, closing positive on the day.
Net on the day, the Dow (NYSEARCA:DIA) was up 207.06 at 25,532.05. The S&P 500 was up 22.54 at 2834.41. The Nasdaq 100 was up 77.75 at 7401.88.
Advance-declines were 3 to 1 positive on the New York Stock Exchange, and 2 1/2 to 1 positive on the Nasdaq(NYSEARCA:QQQ). Up/down volume was just under 2 to 1 positive on New York, total volume 3.1 billion shares traded. The Nasdaq traded 2.4 billion shares and had a 3 to 2 negative volume ratio.
TheTechTrader.com board was mostly all green on Tuesday. Amazon.com, Inc. (AMZN) was up 17.44 to 1840.12, Apple Inc. (AAPL) up 2.94 to 188.66, Netflix, Inc. (NFLX) gained just 35 cents to 345.61, Microsoft Corporation (MSFT) 1.38 to 124.73.
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Tesla, Inc. (TSLA) jumped 5.30 to 232.31, NVIDIA Corporation (NVDA) ran 3.59 to 162.04, and Intuitive Surgical, Inc. (ISRG) 8.60 487.35.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) bounced 2.25 to 42.37.
Other stocks to the upside included Tandem Diabetes Care, Inc. (TNDM) up 3.74 to 65.90, Square, Inc. (SQ) up 1.72 to 64.11, Etsy, Inc. (ETSY) up 1.59 to 58.82, Roku, Inc. (ROKU) 3.38 to 82.83, and ShockWave Medical, Inc. (SWAV) 3.19 to 60.58.
In addition, there were many other point-plus gainers. GDS Holdings Limited (GDS) was up 1.65 to 34.82, Pinterest, Inc. (PINS) up 2.36 to 28.99, STMicroelectronics (STM) 1.21 to 16.92, Zscaler, Inc. (ZS) 3.96 to 72.05, Avalara, Inc. (AVLR) 1.66 to 69.40, and AbbVie Inc. (ABBV) 1.57 to 78.44, along with many other gainers on Tuesday.
Marijuana stocks had a fantastic day, to say the least. Canopy Growth Corporation (CGC) popped 1.54 to 45.30, Cronos Group Inc. (CRON) banged out 1.00 to 15.25, Pyxus International, Inc. (PYX) eked out 1.63 to 18.10, and Tilray, Inc. (TLRY) climbed 2.27 to 48.74.
Recent IPO Uber Technologies, Inc. (UBER) closed up 2.86 to 39.96.
To the downside, point-plus losers included Alphabet Inc. (GOOG) down 11.59 to 1120.40, Myovant Sciences Ltd. (MYOV) down 4.39 to 12.83, and Jumia Technologies AG (JMIA) down 1.00 to 25.60.
Checking TheTechTrader.com percent-gain leaderboard, there were a lot of stocks that did well on Tuesday. SAExploration Holdings, Inc. (SAEX) popped 54 cents, or 15%, to 3.99, on 6.7 million shares. Athersys, Inc. (ATHX) gained 22 cents, or 14%, to 1.80, on 2.7 million shares. Frontline Ltd. (FRO) advanced 87 cents, or 11%, to 8.47, on 1.2 million shares. Chimerix, Inc. (CMRX) ran 37 cents, or 11%, to 3.66, on 1.6 million shares.
Pieris Pharmaceuticals, Inc. (PIRS) closed up 35 cents, or 10%, to 3.90, on 1.1 million shares. Big 5 Sporting Goods Corporation (BGFV) thrust 50 cents, or 22%, to 2.77, on 1.8 million shares.
Maxar Technologies Inc. (MAXR) bounced 1.24, or 17%, to 8.51, on 6.6 million shares. Novavax, Inc. (NVAX) stair-stepped 1.37, or 24%, to 7.13, on 6.1 million shares.
Recent IPO Beyond Meat, Inc. (BYND) 10.18, or 15%, to 79.68, on 7 million shares. AeroVironment, Inc. (AVAV) popped 6.14, or 10%, to 69.61. MeiraGTx Holdings (MGTX) jumped 3.72, or 21%, to 21.50.
Among other gainers, CyberArk Software Ltd. (CYBR) was up 1.76 to 123.00 and Twilio Inc. (TWLO) up 5.69 to 131.08.
Let’s see what happens tomorrow.