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XAutoplay: On | OffThe major market averages erased early gains on the stock market today, with the Nasdaq composite turning lower.
The Nasdaq fell 0.4%, while the S&P 500 and Dow Jones industrial average advanced less than 0.1%. The Supreme Court lifted a ban on some of President Trump’s travel ban order on foreigners from six majority-Muslim nations, but it’s unclear if that move had any impact.
Before the open weak durable goods orders for May had little impact. Durable goods orders fell 1.1% in May vs. an expected 0.4% decline.
Among the Dow industrials, financial components Goldman Sachs (GS) and American Express (AXP) led the way with rises of 0.7% and 0.4%, respectively. Apple (AAPL) moved up more than 1% intraday but traded down 0.3% in late morning action. The iPhone maker was attempting to recapture its 50-day line.
Within the S&P 500, Micron Technology (MU) jumped 1.2%, while Freeport McMoRan (FCX) rose 0.1%, well off session highs. Martin Marietta Materials (MLM) advanced 1.5% while graphics-chip maker Nvidia (NVDA) reversed to trade down 2.9%.
Among analyst actions in the stock market today, IBD 50 stocks Regeneron Pharmaceutical (REGN) and Grubhub (GRUB) found themselves downgraded early Monday. The red-hot biotech traded down 0.9% after being moved to market perform from outperform at Sanford Bernstein. Shares of the food deliverer fell nearly 7% after Morgan Stanley downgraded the firm to equal weight amid increased competition from UberEats. Grubhub is now well below a 46.93 buy point.
Meanwhile, retailers Coach (COH) and Costco (COST) were upgraded. Coach was upgraded to buy from neutral at Buckingham Research, while Costco was moved to outperform from market perform at Raymond James. Shares of Coach rose 1.2%, while Costco advanced 1.65% and is trying to end a deep slide.
FANG stocks were in motion early Monday, leading the early advance but also the late morning retreat. Facebook (FB) fell 0.6% after hitting a record high intraday. Netflix (NFLX) sank 0.7%, while Amazon (AMZN) and Google-parent Alphabet (GOOGL) lost 0.7% and 1.1%, respectively.
Within the IBD 50, chip stocks Macom Technology Solution (MTSI) and Ichor Holdings (ICHR) jumped 1.8% and 1.5%, respectively, well off session highs. Macom is extended, and Ichor is rising from a sharp pullback to the 10-week average. China education stock TAL Education (TAL) followed up with a 2.3% rise. It is rising from support again at the 50-day line.