Stocks Mixed; Tesla Skids, But This Recent IPO Advances On Upgrade – Investor's Business Daily

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The stock market was mixed Tuesday, amid the market’s shortened trading session. The stock market will close at 1 p.m. ET and stay closed for the July Fourth holiday on Wednesday. Top stock Tesla (TSLA) skidded lower and is testing its long-term 200-day moving average line. (For updates on this story and other market coverage, visit the Stock Market Today.)

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The S&P 500 and the Dow Jones industrial average moved up 0.2% and 0.3%, respectively. Meanwhile, the tech-heavy Nasdaq was unchanged.

Among the Dow stocks, Exxon Mobil (XOM) moved up about 1%, as it approaches a cup with handle’s 83.89 buy point.

On the downside, Nike (NKE) declined for a second straight day, as it gave back a portion of Friday’s over-11% advance. Shares fell more than 1%, but remain extended from a flat base’s 70.35 buy point, according to MarketSmith chart analysis.

Tesla fell over 3% Tuesday after a report speculated that the company could fall behind on the production of its other models in its push to meet its Model 3 production targets. On Monday, Tesla rose as much as 6% after CEO Elon Musk said the company produced 5,000 Model 3 sedans last week, reaching its production goal. By the close, the stock had reversed to fall over 2%. Shares are adding a handle to a lengthy consolidation, showing a 373.83 buy point.

Roku (ROKU) jumped over 5% after being upgraded from perform to outperform at Oppenheimer. The recent IPO is forming the right side of a deep structure.

Among the FANG stocks, Facebook (FB) dropped almost 2% after the SEC and other federal agencies widened their probe into the social media company’s role in sharing data with Cambridge Analytica. The stock is in the 5% buy range from a cup with handle’s 188.42 buy point.

Inside The IBD 50

Among the top growth stocks, Diamondback Energy (FANG) rose over 1%, as the stock approaches a cup-shaped base’s 138.24 buy point. The stock’s relative strength line is nearing a new high. It should hit a new high on the breakout day or shortly thereafter.

On the downside, graphics-chip maker Nvidia (NVDA) dipped 0.5%, as it tries to find support at its previous buy point of 239.35. Shares are about 3% under the 50-day moving average line.

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