Stock Action Turns Ugly; This Blue Chip Beats But Still Sinks | Stock News & Stock Market Analysis

U.S. stock indexes painted an ugly picture midday Wednesday, as losses shaped up across the board.

The Nasdaq sawed off 1%, while the S&P 500 lost 0.8%. The Dow Jones industrial average — which has outperformed the other indexes since midmonth — fell 0.6%.

XAutoplay: On | OffMeanwhile, the small-cap Russell 2000 spun 0.9% lower.

Volume in the stock market today was running higher vs. the same time Tuesday.

Blue chips in the Dow were mostly down. Boeing (BA), Goldman Sachs (GS) and IBM (IBM) each retreated about 1%.

Boeing reported quarterly results, topping the Street’s estimate on earnings and raising guidance. However, Boeing suffered a $329 million charge for its KC-46 aerial refueling tanker program. After-tax margin rolled in at 6.8%, down from the year-ago margin of 9.3%.

In the IBD 50, a list of some of the best stocks by fundamentals and technicals, only two stocks rose.

Grubhub (GRUB) gapped up 7%. The midcap company reported a 22% increase in quarterly earnings, topping the Street’s consensus estimate by about 17%. The other gainer was PayPal (PYPL), which rose 0.4% in heavy volume.

On the losing side, China-based TAL Education (TAL) dropped 6% in heavy volume. The selling came one day before the company releases unaudited fiscal Q2 results. TAL Education will release results before the market opens Thursday. The Q2 fiscal quarter ended in August.

Among IBD’s 197 industry groups, medical, retail and transportation stocks were hurting.


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Originally posted 2017-10-25 17:16:10.


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