Stocks dipped at the open Monday in quiet trade, tracking flat to lower overseas action, and as the dollar flashed signs of strength.
The Nasdaq and the S&P 500 trimmed 0.2% each. The Dow Jones industrial average kept to a 0.1% loss. Volume dipped 30% on the NYSE and was 11% lower on the Nasdaq compared with the same time Friday.
The stock market today felt some pressure from General Electric (GE), which dipped 1% in heavy trade, weighing on the Dow. Dick's Sporting Goods (DKS) gapped down to an 8% loss after a disappointing Q4 report, the worst loss among midcap S&P 400 stocks.
U.S. Silica Holdings (SLCA) trimmed its gain to a fraction after jumping 4% at the open. The provider of sand-based products, primarily to gas and oil producers, has gained in 10 of the past 11 sessions. Monday's rise put the IBD 50 stock up 61% following a strong rebound from support at its 10-week moving average, and just below its high mark from Friday.
On the downside, IBD 50 stock Tupperware (TUP) sealed up a 3% slip in strong trade. The stock had been holding steady since mid-February, hovering near a 77.94 buy point from a three-weeks-tight pattern.
Michael Kors (KORS) slumped 3% in heavy action. The Hong Kong-based fashion designer has seen some heavy volume in a pullback to test 10-week support. Monday's move put it 14% blow its Feb. 19 high and just below its 50-day moving average.
Investors may want to stay tuned after the close, when new issue CVR Refining (CVRR) and parent CVR Energy (CVI), as well as retailer Urban Outfitters (URBN) are scheduled to report Q4 results.
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