Dow Jones, Stock Market, Apple Stock Hit By China News| Investor’s Business Daily

The major indexes were squarely lower in today’s stock market action with the Dow Jones industrial average falling more than 150 points. Late Monday, President Trump signaled his willingness to expand the China trade war, including a 10% tariff on Apple iPhones, sparking a retreat in Apple stock. Meanwhile, Tesla stock fell after sales in China fell sharply. (For updates on this story and other market coverage, visit the Stock Market Today.)


The Dow Jones industrials and the S&P 500 index retreated 0.7% and 0.3%, respectively. The tech-heavy Nasdaq composite declined 0.3% in morning action after falling as much as 1% at the stock market open. Last week, the Nasdaq composite breached its late-October lows with a 1.7% decline, sending the market trend back into a correction. With the sustained weakness in the stock market, investors should be focusing on stocks with strong relative strength lines. A potential Follow Through Day could happen as early as today.

Apple Stock Lags Dow Jones Industrials

Dow Jones stock Apple (AAPL) stock declined nearly 1% in the wake of President Trump’s suggestion to place a 10% tariff on iPhones and laptops made in China.

The iPhone maker hit a new recent low Monday before reversing higher to snap a four-day losing streak. But shares are under pressure once again. For November, Apple stock is down more than 21% amid analyst price-target cuts in the aftermath of Apple’s disappointing guidance on Nov. 1. Meanwhile, the stock’s relative strength line has plunged, as the stock drastically underperforms the broader stock market.

Stock Market Earnings: On Tap

After the stock market close Tuesday, software leader (CRM) will report its quarterly results. Analysts expect the maker of cloud-based customer relationship management software to earn 50 cents per share on revenue of $3.37 billion. The stock fell almost 1% Tuesday and is trading well below its 50- and 200-day moving average lines. A new potential base is forming.

China News Hits Tesla Stock

Tesla (TSLA) stock downshifted more than 1.5% after a report out of China said that the electric automaker’s sales in China fell 70% in October. The sharp decline in sales highlights the negative impact of U.S.-China trade tensions on the company.

Tesla stock is forming a new cup with handle base that shows a 366.85 buy point. A previous breakout above a 357.68 buy point failed last week when it fell more than 7% below the entry.

IBD 50 Stocks: Canada Goose Dives

Among the leading growth stocks, Canada Goose (GOOS) swooned 4% after the company announced a secondary offering of 10 million shares. The stock is back below a double bottom’s 65.92 buy point in heavy volume.


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Originally posted 2019-09-19 23:26:30.


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