Dow Jones Today: Johnson & Johnson Stock Slammed

Major stock indexes held sharp losses in afternoon trading Friday after industrial production and retail sales data out of China came in weaker than expected. In the Dow Jones today, Johnson & Johnson (JNJ) plunged 10% after Reuters reported the company knew asbestos in its baby powder for decades (for updates on this story and other market coverage, visit the Stock Market Today).




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The Dow Jones industrial average was down 2.2%, weighed down by 3% to 4% drops for Cisco Systems (CSCO) and Walgreens Boot Alliance (WBA). The Nasdaq composite and S&P 500 each lost around 2%. Volume on the NYSE and Nasdaq was tracking close to Thursday’s levels.

Laggards in the Nasdaq 100 included Costco Wholesale (COST) and Adobe (ADBE). Shares of Costco were down 8.5% on an earnings miss. Adobe, meanwhile, shed nearly 7% after the cloud software giant issued a tepid earnings outlook for 2019.

Starbucks (SBUX) also led declines among stocks in the Nasdaq 100 after the company lowered its long-term earnings growth target to 10% from 12%. Shares were down 2.6% after falling 5% intraday.

Dow Jones Today

Five of the day’s worst-10 performing industry groups in the stock market today hailed from the medical sector. Health care stocks in the Dow Jones showed losses of 2% or more, including UnitedHealth (UNH), Merck (MRK) and Pfizer (PFE).

IBD 50 Stocks On The Move

Inside the IBD 50, CareTrust REIT (CTRE) looked poised for its sixth straight weekly gain. The real estate investment trust has made good progress after a breakout over the 18.69 buy point.

But top-performing growth stocks in the IBD 50 lagged, with Canada Goose (GOOS), Medpace Holdings (MEDP), ServiceNow (NOW) and CyberArk Software (CYBR) among the worst performers. Innovator IBD 50 ETF (FFTY) performed mostly in line with the major stock indexes, down around 1.9%.

Outside of the IBD 50, Leaderboard stock Ciena (CIEN) withstood the selling after soaring more than 8% Thursday on bullish earnings. Shares eased 0.4%.

The U.S. stock market shrugged off news that China will temporarily reduce tariffs on U.S. autos.

In U.S. economic news, retail sales increased 0.2% in November, slightly better than expected. Excluding autos, sales rose 0.2%, in line with expectations.

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