Nasdaq Drops Below 11,000 as MercadoLibre Earnings Disappoint; Ulta Looks Beautiful

For a long time now, the Nasdaq Composite (NASDAQINDEX: ^IXIC) has been the ascendant stock market benchmark, dramatically outperforming its peers. Yet as we've seen on a few occasions more recently, the Nasdaq on Monday lost ground even as other measures of market performance climbed dramatically. By the end of the session, the Nasdaq Composite had fallen below 11,000, and the Nasdaq-100 Index had posted a roughly 0.5% decline.

One culprit that the Nasdaq is fighting against is an extremely high bar for many fast-growing companies listed on the stock exchange to overcome. That's what snared Latin American e-commerce company MercadoLibre (NASDAQ: MELI) on Monday. But Ulta Beauty (NASDAQ: ULTA) managed to press higher as positive signs of economic activity in the U.S. raised hopes for more widespread reopening measures across the nation.

Shares of MercadoLibre dropped almost 6% Monday following the online retailer's second-quarter financial results. Even though growth remained strong, investors seemed unsatisfied.

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Source Fool.com