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Stock Indexes Lower; President Trump Iran And Other Stock Market News May 8, 2018

The stock market was modestly lower early Tuesday, as investors awaited President Trump’s Iran decision later in the day. The White House’s decision is scheduled to be announced at 2 p.m. ET.

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Leaderboard member and top Chinese stock Autohome (ATHM) declined about 4%, while Alibaba (BABA) stock was approaching a potential buy point in the stock market today.

All three major indexes — the Nasdaq, S&P 500 and Dow Jones industrial average — fell about 0.2%. The S&P 500 and Dow will need to make another attempt to reclaim their 50-day moving average lines after Monday’s stunted attempt.

Among companies reporting earnings, Autohome reported better-than-expected earnings results, but fell almost 4% in early trade. The stock remains above its 50-day line after several successful tests of that level.

Chinese e-commerce giant JD.com (JD) traded 3% lower after reporting mixed earnings results. Shares are about 25% off their 52-week high and below their 200-day line.

Meanwhile, rival Alibaba was mostly unchanged and is still approaching a potential buy point. The stock sits about 3% away from the 201.60 entry. The stock’s eight-day win streak that has brought the stock back above the 50-day line.

Zillow (Z) slipped nearly 3% after providing weak sales guidance. Shares are shaping the right side of a potential cup-shaped base.

Inside The IBD 50

Among leading growth stocks, LGI Homes (LGIH) became quickly extended from a cup with handle’s 75.62 buy point with Tuesday’s over-7% surge. The company reported strong earning results. Shares broke out Monday and ended the session in buy range.

Grubhub (GRUB) edged higher, as the stock tries to move above resistance at the 50-day line. Shares declined over 8% last Tuesday after earnings came out, but have been in rally mode ever since. The stock is building the right side of a new base.

Graphics-chip maker Nvidia (NVDA) inched lower and remains in the 5% buy range from a double bottom’s 239.35 entry, according to MarketSmith’s chart analysis.

Crude Prices Fall

The price of crude oil slipped about 1% to $70 a barrel early Tuesday ahead of President Trump’s Iran decision. Oil prices and energy stocks have rallied in anticipation of Trump’s decision. Marathon Oil (MRO) declined almost 1%, and is on the cusp of the buy range from a cup with handle’s 18.76 buy point after Friday’s breakout.

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