The stock market opened mixed early Monday as Wall Street’s attention shifted to the midterm elections.
Friday was the fourth day of a rally attempt for the major stock indexes. Stock market bulls are hoping for another big percentage gain in higher volume soon as a signal to wade back into the stock market. Leaderboard stock Amazon.com (AMZN) fell 1.5% early on news it will offer free shipping for all customers through the holidays.
Meanwhile, fresh sanctions took effect on Iran today, but the Trump administration has given several key customers exemptions from buying Iranian crude. U.S. crude oil futures edged higher to around $63.29 a barrel.
Stock Market Opens Mixed
The Dow Jones industrial average and S&P 500 were up around 0.3% just after the opening bell, but the Nasdaq composite lagged, falling 0.2%. The stock market didn’t seem to focus much on new IBD polling data that showed Democrats with an edge regarding control of Congress.
The stock market was volatile again Friday amid conflicting reports on China trade talks. Still, it was a good week for the Dow Jones, S&P 500 and Nasdaq composite. All three ended with weekly gains of more than 2%.
Will The Stock Market Confirm A New Uptrend?
Four days into a rally attempt, the stock market remains in a correction. That means new stock buys should generally be avoided until the market tide starts flowing positive again. Confirmation of new uptrend could come as early as this week.
Stocks In The News
Elsewhere, Under Armour (UAA) extended gains after the stock soared nearly 32% last week on strong earnings. Early Monday, Piper Jaffray upgraded shares to overweight from neutral and raised its price target to 32 from 20, according to Benzinga. Shares closed Monday at 23.70
Starbucks (SBUX) shares were mostly flat despite an upgrade from Mizuhu to buy from neutral. Mizuhu raised its price target to 75 from 56. Shares were trading around 64.30 early Monday.
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