Dow Jones Undercuts Stock Market Correction Lows As Apple Keeps Falling

The major stock indexes fell in volatile stock market action. The Dow Jones industrial average and S&P 500 index undercut their October stock market correction lows intraday. The tech-heavy Nasdaq composite, which tried to stay positive, also was trading lower. Apple (AAPL) continued to sell off early Monday, with Apple stock a member of the Dow Jones, S&P 500 index and Nasdaq composite. Tesla (TSLA) bucked the trend, remaining slightly positive. (For updates on this story and other market coverage, visit the Stock Market Today.)


The Dow Jones industrials and the S&P 500 index lost 1.1% and 0.9%, respectively. The tech-heavy Nasdaq composite lost 0.4%. With the strong downside pressure on the stock market, investors should be focusing on stocks that are holding up the best amid the volatile action.

Apple Stock Sells Off To Lag The Dow Jones Industrials

Apple stock hit another low with a 1.6% fall Monday. At its 163.33 low price, shares fell as much as 3.1% before paring losses.

Early Monday, a court in China granted Qualcomm (QCOM) an injunction against Apple. The ruling bans the import and sale of nearly all iPhone models in China. The iPhone maker extended a losing streak to four trading sessions. Shares are about 30% off their 52-week high.

Stock Market Earnings: Costco On Tap Later This Week

Retailer Costco (COST) will report earnings after the stock market close Thursday. Costco’s earnings come on the heels of the disappointing quarterly results of top-rated Lululemon (LULU) and Ulta Beauty (ULTA).

Costco stock is shaping a bullish flat base with a 246.26 buy point. The stock’s relative strength line is at a new high, another bullish signal. Shares fell 1.3% Monday.

Lululemon broke down through its long-term 200-day moving average line Friday.

Ulta Beauty stock triggered the defensive 7%-8% loss-cutting sell signal Friday when it crumbled more than 7% below a flat base’s 290.40 buy point. The stock dropped another 3% Monday.

Tesla Stock Tries To Buck Stock Market Sell-Off

Tesla stock moved up 0.1%, as it tries to rebound from Friday’s bearish downside reversal day. The stock is still below a cup with handle’s 366.85 buy point. The stock’s relative strength line is at a new high, a bullish signal.

Over the weekend, a “60 Minutes” interview aired with CEO Elon Musk commenting about the SEC. Last Friday, analyst firm Jefferies upgraded the electric-auto maker from hold to buy, while raising the price target from 360 to 450. At its 379.49 peak price, shares gained as much as 4.5%. But the breakout collapsed amid the Nasdaq sell-off.

IBD 50 Stocks: Tivity Health Plunges

Among the leading growth stocks, Tivity Health (TVTY) plunged 33% after the company agreed to acquire Nutrisystem (NTRI) for $1.4 billion in cash and stock.


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Originally posted 2019-09-19 23:27:38.


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