Stock Market Correction Deepens; Dow Jones Sell-Off

The major stock indexes sold off in today’s stock market action. The Dow Jones industrial average declined by more than 350 points, as the stock market correction continued. The U.S. economy grew at a 3.5% annual rate in the third quarter, better than the 3.3% estimate. Tech stock leaders (AMZN) and Alphabet (GOOGL) reported disappointing earnings results. (For updates on this story and other market coverage, visit the Stock Market Today.)


The Dow Jones industrials declined 1.4%, while the S&P 500 dropped 1.9%. The tech-heavy Nasdaq sold off 2.9%, just enough to undercut Wednesday’s low and kill the current rally attempt.

Stock Market Earnings: Amazon, Alphabet

Among companies reporting earnings, Leaderboard stock plunged 8% after falling short on revenue in the third quarter. The e-commerce giant also saw slower-than-expected growth in its Amazon Web Services unit with sales of $6.68 billion vs. the $6.7 billion estimate. Amazon stock is breaking down through its long-term 200-day moving average line.

Fellow FANG stock Alphabet also missed its Q3 revenue estimates after the stock market close Thursday. Shares fell 4% and are about 20% off their 52-week high.

Dow Jones Stock Intel Advances

After the stock market close Thursday, Dow Jones stock Intel (INTC) beat the Street’s top- and bottom-lines estimates, sparking a 3% gain. Shares remain below their 50-day line and about 20% off the 52-week high.

Top retail stocks Boot Barn (BOOT) and Deckers Outdoor (DECK) were sharply mixed after their earnings results late Thursday. Boot Barn fell 8% after giving cautious holiday-quarter earnings guidance.

Deckers Outdoor moved up 3% and is trying to regain the 50-day line. Bullishly, the stock is holding up relatively well amid the market’s volatility, as indicated by a strengthening relative strength line. The retail stock is building the right side of a new base formation.

IBD 50 Stocks: Retailers Buck Sell-Off

Leading growth stocks were hit hard Friday morning amid the stock market sell-off. On the upside, retailers Tractor Supply (TSCO) and American Eagle Outfitters (AEO) were trying to weather the market storm.

Thursday’s IBD 50 Stock to Watch, Tractor Supply, followed up Thursday’s near-6% earnings-related advance with a 1% gain Friday morning. The stock’s RS line is at a new high, signifying strong market outperformance. Shares are trying to maintain support near their 50-day moving average line.

American Eagle rose 0.4%, as the retailer looks to cling to its 200-day line. Shares are about 24% off their 52-week high.

On the downside, NetApp (NTAP) crumbled over 5%, as it looked to give up its 200-day moving average line.


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Originally posted 2019-09-19 23:23:37.


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