Right now, the FANG stocks are getting hit. The question is whether there will be follow through. But other sink holes in the market are developing. The Transports got smashed on Thursday and it was only three weeks ago they gave the Dow a Dow theory confirmation when both went to new highs. On Thursday and again Friday the Dow itself hit new all-time highs. You see the trannies going the other way so this is becoming the classic non-confirmation.
Gains in Amazon.com and Google parent Alphabet propelled the Nasdaq Composite to a record high, but the S&P 500 and the Dow Jones Industrial Average were little changed as weak economic data weighed.
U.S. stocks were set for a slightly lower open after three straight days of gains, as the corporate earnings season was poised to kick into high gear with a slew of reports this week.
U.S. stocks edged up on Monday as expectations the Federal Reserve will push any interest rate increases further into the year offset concerns over faltering economic growth spurred by a surprisingly weak jobs report on Friday.
Qualcomm Inc. boosted its dividend by 40% and set up a $5 billion share buyback plan, rewarding investors after rising demand for smartphones that run on its technology spurred sales growth.
