Trading in the Nasdaq Composite late in the morning panicked similar buying behavior as benchmark stock markets weakened after a record worst GOP report and lowered their session lows. Nasdaq Composite COMP,
was higher than 0.1% at 10,560 after touching the low point at 10,412.09 before. The Nasdaq Arms Index, a volume-weighted bandwidth, fell to 0.395, with many on Wall Street seeing a drop below 0.500, indicating a buying panic. The arms index is calculated by dividing the ratio of the number of advance shares to the decrease in value by the ratio of the volume of advance shares to the decrease in volume. As the stock market rises, weapons often fall below 1
have surpassed their indices in the last few weeks. Technical index trading also comes as investors wait for a hectic week of corporate profits. Dozens of major companies, including parent company Google Alphabet Inc., will publish the results on Thursday. GOOG,
Apple Inc. AAPL,
Facebook Inc. [s :FB] and Amazon.com Inc. AMZN,
Meanwhile, the DIA Jones Industrial Average DJIA,
was a decrease of 316 points, or 1.2%, to 26,233, while the S&P 500 SPX index,
was outside 0.7% at 3.235. According to Dow Jones Market, for the first time since April 24, Dow flirted with a nearly 50-day moving average of 26,039.97. Inventories on Thursday opened lower after first reading for the second quarter of GDP fell to 32.9% at an annualized rate, the Department of Commerce said it was slightly better than the 34.6% annual decline in the MarketWatch survey, but still the worst in history. Unemployment benefit claims rose slightly last week to 1.43 million from a revised 1.42 million up, while ongoing claims also rose to 17 million in the week ending July 18.