Nasdaq Indexes' Drop Belies Bullish Market Internals

Bullish Nasdaq breadth data suggests the weakness seen in the Nasdaq Composite and the tech-heavy Nasdaq 100 Monday is concentrated in the largest stocks. Most Nasdaq stocks are higher, with the number of advancing stocks outpacing decliners by a 1,560 to 1,166 margin. The volume of advancing stocks makes up 53.4% of total volume, and the number of stocks hitting new 52-week highs is dominating new lows by a 164-to-23 margin. Meanwhile, the Nasdaq Composite is down 0.3% and the Nasdaq 100 is shedding 0.4%, while the S&P 500 is gaining 0.1%. Among the largest-capitalization Nasdaq companies, shares of Apple Inc. fell 0.2%, Google parent Alphabet Inc. gave up 1.4%, Microsoft Corp. shed 0.9%, Amazon.com Inc. lost 1.0% and Facebook Inc. slid 1.0%.