Stock Market News: Dow Jones Pares Losses After Trump Cites Progress In China Trade Talks

Early gains faded for the stock market Friday as major stock indexes reminded investors that the stock market is still in a correction. In stock market news, Apple (AAPL) was by far the worst performing FAANG stock, down 7%, while Starbucks (SBUX) was a big gainer in the Nasdaq 100, up 9%.


In stock market news today, the Dow Jones rose 0.8% intraday, cheered by strong earnings from Chevron (CVX), but the enthusiasm was short-lived. The Dow dipped 0.6% in late trading but up from session lows after President Trump signaled progress in trade talks with China. The S&P 500 fell 0.7% and the Nasdaq composite was down 1.1%. Volume on the Nasdaq was tracking higher than Thursday. NYSE volume was lower.

Indexes were in rally mode early after Bloomberg reported that a trade deal with China was looking better, but the White House quickly squashed the report. The October jobs report, meanwhile, was better than expected, but inflation hawks worried about a 3.1% rise in wages, the fastest growth since 2009. The 10-year Treasury yield jumped 6 basis points to 3.21%.

Among the day’s movers, Starbucks steamed higher on a solid Q3 earnings report. Shares gapped up powerfully, good for a breakout from a long consolidation. Wall Street was encouraged by another quarter of double-digit earnings and sales growth. But what got the most attention was a 4% rise in U.S. same-store sales. That was much better than expected.

Shares of Apple were down sharply after the company reported earnings late Thursday. Earnings and sales topped expectations, but holiday sales guidance was soft. The company also said it would no longer disclose unit sales of iPhones, iPads and Mac computers.

HMS Holdings (HMSY) gapped out of a flat base on strong earnings. Shares jumped 18% to 34.72. It’s still in buy range from a 33.95 entry.

VeriSign (VRSN) also gapped up sharply after the company got the OK to raise prices over the last four years of its government contract.

Inside the IBD 50, Leaderboard name Ulta Beauty (ULTA) outperformed with a gain of more than 2%. The retailer has held up relatively well amid broad-based weakness in growth stocks. It’s working on a flat base with a 290.40 entry.


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Originally posted 2019-09-19 23:24:17.


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