Stock Market, Dow Jones Slide On Plunging Oil Prices

The major indexes traded lower in today’s stock market, which is a shortened trading session. Trading on Wall Street will conclude at 1 p.m. ET. The Dow Jones industrial average fell 100 points in morning trade. Crude oil prices plunged over 6% to hit a new 2018 low. (For updates on this story and other market coverage, visit the Stock Market Today.)


The Dow Jones industrials and the S&P 500 index fell 0.3% apiece. The tech-heavy Nasdaq composite dipped less than 0.1%, after falling as much as 0.7% at the stock market open. On Tuesday, the Nasdaq composite breached its late October lows with a 1.7% decline. With the sustained weakness in the stock market, investors should be focusing on stocks with strong relative strength lines.

Dow Jones Energy Stocks Lag As Oil Prices Fall

Crude oil prices declined over 6% to around $51 a barrel early Friday, pressuring oil stocks. OPEC is expected to begin cutting output at next month’s meeting. As a result, energy stocks were the biggest laggard on the Dow Jones industrial average.

Dow Jones energy stocks Chevron (CVX) and Exxon Mobil (XOM) declined about 3% apiece in morning trade. Both oil giants are trading below their long-term 200-day moving average line.

Stock Market Earnings: Salesforce, Yeti On Tap Next Week

Corporate earnings took a breather Friday. But next week, there are a number of key earnings releases among stock leaders, like software leader (CRM). The stock is trading over 20% off its 52-week high amid a correction that topped out around 30%. Earnings are due out Nov. 27 after the stock market close.

Veeva Systems (VEEV) will report Nov. 28 after the market close. Analysts expect the medical software maker to earn 38 cents per share on revenue of $216 million. The stock is finding support near its 200-day moving average line amid a steep sell-off.

Meanwhile, IPO stock and recent breakout Yeti (YETI) will report on Nov. 29 before the stock market open. Shares broke out on Nov. 19 above an IPO base’s 18.10 buy point. The stock fell 0.4% and is in the 5% buy range.

IBD 50 Stocks: Canada Goose Regains Entry

Among the leading growth stocks, top retail stock Canada Goose (GOOS) looked to reclaim a 65.92 buy point in a double-bottom base. Shares advanced over 2% in early trade. Meanwhile, the stock’s relative strength line is near new highs, as the stock outperforms the broader stock market.

On the downside, Starbucks (SBUX) extended a losing streak to four trading sessions with a 1.6% fall. Shares cleared a 62.04 buy point on Nov. 2.


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Originally posted 2019-09-19 23:26:08.


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