Stock Market Down As Boeing, Comcast Rise; Facebook Looms

The stock market today rolled out to losses despite post-earnings gains by Boeing (BA) and Texas Instruments (TXN).


The Nasdaq Composite fell furthest on Wednesday, down 0.9%, with Nvidia (NVDA), Netflix (NFLX) and Baidu (BIDU) posting some of the Nasdaq 100’s deepest early declines.

The S&P 500 slid 0.6% and the Dow Jones industrial average carved a 0.5% decline. Walmart (WMT) rose 1.2% to lead the Dow, as Boeing pared back its early gain to less than 1%. More than two thirds of the Dow stocks traded lower. General Electric (GE) fell hardest, down 3.6%.

Apple (AAPL) inched up 0.4%, while three of four FANG stock tech leaders fell hard. (AMZN) dropped 2%. That put the leader down nearly 7% for the week, but still above the low point in the stock’s six-week consolidation. Netflix (NFLX) trimmed its early loss to 1.7%. Its shares are down more than 10% for the week, and below their 50-day moving average.

Boeing Rises, Facebook Slips, Chip Stocks In Motion

Facebook (FB) dipped 1.2% as investors looked to the social media giant’s Q1 report after the close. Consensus views project a 31% rise in EPS, with revenue up 43% to $11.452 billion, according to Zacks Investment Research. It is the company’s first quarterly report since the Cambridge Analytica data privacy scandal broke last month. Facebook shares had been recovering from a March low, but are now down 5% for the week after meeting resistance at their 50-day moving average.

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Boeing reported first-quarter revenue and earnings significantly above expectations. Management also raised its full-year earnings guidance to well above consensus targets. The stock is attempting to retake its 10-week moving average, in the ninth week of a consolidation.

Chip stocks were highly active on early earnings news. Texas Instruments narrowed its early gain to 2.7%. Teradyne (TER) dumped 14% in early trading.

Comcast (CMCSA) climbed 3% following its first-quarter results. The company also formally offered $31 billion in its long-running battle with Walt Disney (DIS) and 21st Century Fox (FOX) to take over U.K.-based broadcaster Sky. Disney shares rose 1.1% in early trade. Fox advanced 1.3%.

U.S. benchmark crude oil sloughed off early losses and rose 0.4%, bobbing between $67 and $68 per barrel. Oil prices may see some effect from the Energy Information Administration’s weekly oil stockpiles report, due out at 10:30 a.m. ET. Data released Tuesday by the American Petroleum Institute signaled a surprise 2.64 million barrel rise in weekly inventories, vs. expectations for a 1.1-million barrel decline.


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Originally posted 2019-09-19 23:13:24.


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