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Stock Market Today: Stocks Tread Water, But This Top Memory-Chip Maker Sparks Chip Rally | Stock News & Stock Market Analysis

The major market averages were quietly mixed following the Senate’s passing of the tax-reform bill. Next, the bill will head back to House for a final vote before going to President Trump’s desk.

X The Dow Jones industrial average and the S&P 500 hovered in positive territory, up 0.2% and 0.1%, respectively, while the tech-heavy Nasdaq lagged with a 0.2% decline. 

Among the Dow Jones industrial components, JPMorgan (JPM) advanced nearly 1%, topping the day’s gainers. Shares are near a new high and about 13% above a 95.32 flat-base buy point.

On the downside, tech giant Microsoft (MSFT) fell almost 1% and is just below an 86.30 flat-base entry after a breakout on Friday.

Among companies reporting earnings, Micron Technology (MU) topped the Street’s fiscal-Q1 targets, while boosting its views for the current quarter. The memory-chip maker surged over 6% in early trade, but pared gains to about 4%. The stock is building the right side of a potential new base, and is in a buy range after rebounding from the 10-week line.

Micron’s bullish earnings release sparked a rally throughout the leading chip-gear makers in the stock market today. Applied Materials (AMAT) advanced over 1%, but remains under its 50-day line. The stock is looking to form the right side of a new base after a 21% correction.

IBD 50 member Winnebago Industries (WGO) handily beat its earnings forecasts early Wednesday, but shares fell 4% in early trade. The RV maker is well above a 37.30 cup-with-handle entry. Rival Thor Industries (THO) declined 1.5%% and is within striking distance of a 156.96 three-weeks-tight add-on entry.

On the downside, new issue Stitch Fix (SFIX) plunged 10% despite beating estimates and boosting its guidance for the current quarter in its first earnings release since debuting on Nov. 17.

Inside the IBD 50, Essent Group (ESNT) jumped 3% after RBC Capital initiated coverage with an outperform rating and a 54 price target — a 20% premium to Tuesday’s closing price. Shares are extended from a 41.54 flat-base buy point.

On the downside, Red Hat (RHT) declined 6% after reporting better-than-expected earnings results late Tuesday. The stock was testing its 50-day line for a second time in December, but was below that level in morning trade.


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