Small Caps Lead Quiet Session; Nasdaq, S&P 500 Mostly Flat; Adobe Jumps
Small caps were the strongest performers Friday as the Russell 2000 ended with a gain of 0.5%. The Nasdaq composite, S&P 500 and Dow Jones closed out the week mostly flat. United Technologies (UTX) and Boeing (BA) outperformed in the Dow, while Adobe Systems (ADBE), Align Technology (ALGN) and Micron Technology (MU) were stout gainers in the Nasdaq 100.
The Nasdaq fell as much as 0.4% Friday, weighed down by reports that President Trump is ready to move forward with $ 200 billion in tariffs on Chinese imports. For the week, the Nasdaq rose 1.4%; the S&P 500 added 1.2%; and the Dow rose 0.9%.
Preliminary data showed volume on the NYSE and Nasdaq coming in lower than Thursday’s levels, more so on the Nasdaq.
In stock market results today, component Adobe Systems was a top gainer, rising more than 2% to a new high. It’s still in buy range after reclaiming a 263.93 flat-base entry. Adobe delivered another strong earnings report late Thursday and is a member of the IBD 50.
Small Caps Lead The Way
Restaurant chain Dave & Buster’s (PLAY) was another earnings winner. Shares surged to a 52-week high, rising nearly 8% to 62.05. Friday’s strong move qualified as a breakout from a three-weeks-tight pattern. The buy point was 58.96.
Elsewhere, Regenxbio (RGNX) cleared a cup-with-handle base, soaring 10% to 81.20. The bullish move resulted in the stock being added to IBD’s Swing Trader premium product.
Software Stocks Rise Again
The stock market yielded another cup-with-handle breakout Friday. Software stock Ceridian (CDAY) jumped 11.5% to 41.45. It closed well within the 5% buy zone from the 39.45 entry. Ceridian was featured in Thursday’s IBD Stock Of The Day column.
RealPage (RP), an industry group peer of Ceridian, was another top gainer in the IBD 50, up nearly 2%. It’s still within the 5% buy zone after a breakout from a flat base with a 62.05 entry.
Align Technology also outperformed with a gain of nearly 3%. It’s still in buy range from the 385.10 buy point after a low-volume breakout. It was featured in today’s Sector Leaders column.
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