Stock Market News: Boeing Leads Blue Chips As Dow Jones Pares Losses

The Dow Jones, S&P 500 and Nasdaq composite opened firmly in negative territory Thursday, weighed down by weakness in airline and retail stocks. But indexes pared losses in afternoon trading. In stock market news, Macy’s (M) stock crashed 19% after the department store operator reported disappointing holiday sales and slashed its earnings and sales outlooks. Meanwhile, a weak profit outlook from American Airlines (AAL) weighed on the airline group.


The Nasdaq dropped 1.1% early but shaved its loss to 0.3%. The Dow and S&P 500 showed similar losses. Volume on the NYSE and Nasdaq was tracking lower than Wednesday’s levels. (For updates on this story and other market coverage, visit the Stock Market Today page.)

The stock market turned higher for a bit Thursday, but then turned lower after Fed Chairman Jerome Powell spoke about the Fed’s balance sheet in front of the Economic Club of Washington, D.C.

Airlines Veer Lower

The weak outlook from American Airlines comes ahead of earnings reports next week from Delta Air Lines (DAL) and United Airlines (UAL). Delta on Wednesday held up the best, falling just 1%, but losses in American and United were around 4% to 5%.

In other stock market news, Boeing (BA) outperformed in the Dow Jones, helped by positive comments from Morgan Stanley. Shares were up 2%. Boeing is back above its 50-day moving average as it tries to break out over a trend line, found by connecting the stock’s recent highs.

Stock Market News: Target Rallies Off Lows

Target (TGT) reported strong holiday sales numbers, with same-store sales up 5.7%, but negative sentiment in the sector still brought sellers into the stock. Shares were down nearly 4%.

Bed Bath & Beyond (BBBY) was a bright spot in retail as shares soared 14%. A strong earnings outlook for 2019 was the catalyst.

In other stock market news, QuinStreet (QNST) broke out of a base, rising 5% to 18.21. The buy point was 17.85. The stock was featured in Wednesday’s IBD Stock Of The Day feature.

Stock Market News: 2 Biotechs On The Move

Inside the MarketSmith Growth 250, biotech leader Vertex Pharmaceuticals (VRTX) was poised for its fifth straight gain. Shares were up 1% to 184.23 as the stock approached a 187.86 double-bottom entry.

Also in the biotech space, Regeneron (REGN) popped nearly 2% to 407 after getting some resistance at the 400 level in recent days.


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Originally posted 2019-09-19 23:30:31.


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