The Nasdaq composite outperformed in afternoon trading Tuesday, helped by a rally in semiconductor stocks. In other stock market news today, Netflix (NFLX) stock was in rally mode ahead of its earnings report after the close, helped by an upgrade from Deutsche Bank.
Netflix was a top gainer in the Nasdaq 100, along with Western Digital (WDC) and Advanced Micro Devices (AMD). Western Digital was up nearly 5%, helped by a Deutsche Bank upgrade to buy. Advanced Micro rallied 2.5% after the company unveiled its new Ryzen processor and said the processor will be in the new Sony PlayStation starting in Q3 2020.
In afternoon trading, the Nasdaq composite was up 0.4%, helped by a 1.5% gain in the Philadelphia Semiconductor index. The Dow Jones industrials and S&P 500 edged higher by 0.1% to 0.2%.
Johnson & Johnson (JNJ) boosted the Dow Jones thanks to a strong earnings report, but enthusiasm over UnitedHealth‘s (UNH) earnings was short-lived. Shares slumped 5% after rising 3.4% at the open.
In other stock market news, Autohome (ATHM) added 1.5% to 108.31. It’s in position for a breakout try over a 111.70 handle buy point. Autohome was featured in Monday’s IBD 50 Stocks To Watch column. In related news, the Shanghai Composite soared 2.4% overnight.
Meanwhile, MarketSmith Growth 250 name Paylocity (PCTY) jumped nearly 4% to 92.73. The software leader is still in buy range from the 91.71 entry.
Group peer Workday (WDAY) picked up nearly 3% to 198.09. It’s been trading tightly just below the 200 level as it works on a flat base with a 200.10 buy point.
Inside the IBD 50, Veeva Systems (VEEV) was a top gainer, up 2%, but Innovator IBD 50 ETF (FFTY) performed mostly in line with the S&P 500, up 0.2%.
The 10-year Treasury yield was up 3 basis points to 2.59%. Separately, U.S. crude oil futures picked up 0.4% to $63.67 a barrel.
Have a wonderful day and I hope this helps.
