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Stock Market News: Dow Jones Slumps On Apple Warning, Weak ISM Data

The stock market was sharply lower near midday Thursday on a double dose of bad news. In stock market news today, Apple (AAPL) stock weighed on the Nasdaq after the company slashed its sales guidance late Wednesday. Meanwhile, a weak reading from the Institute for Supply Management U.S. manufacturing index fueled more fears that the U.S. economy could hit a soft patch in 2019. (For updates on this story and other market coverage, visit the Stock Market Today page.)




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The Dow Jones industrial average fell 1.6%. Volume rose on both major exchanges.

Stock Market News

In the stock market today, Celgene (CELG) stock also made headlines after Bristol-Myers Squibb (BMY) agreed to acquire it for around $74 billion. Shares of Celgene vaulted 25%, while Bristol-Myers slumped 11% on fears the company might have paid too high a premium. The iShares Nasdaq Biotechnology (IBB) exchange traded fund was up 2.4%.

Citing weak demand in China, Apple slashed its quarterly sales guidance by around $7 billion. Shares slumped 8% on the news. Apple is now 38% off its high.

Semiconductor stocks were among the worst performers Thursday, hurt by the Apple news. All three chip-related groups in IBD’s database showed losses of around 5%. After five straight gains, the Philadelphia semiconductor index slumped 4%.

In other stock market news, airline stocks hit a lot of turbulence after Delta Air Lines (DAL) cut its Q4 sales guidance. Shares of Delta slumped 8%. American Airlines (AAL) and Spirit Airlines (SAVE) also lost about 8% each.

Inside the IBD 50, biotech Innoviva (INVA) continues to act well after reclaiming its 50-day moving average. Kirkland Lake Gold (KL) scored another new high as it builds a new home above the 25 level. A breakout over a 23.96 entry continues to work nicely.

Inside the MarketSmith Growth 250, real estate investment trusts dominated the upside in stock market news today. Medical Properties Trust (MPW), National Retail Properties (NNN), Sun Communities (SUI) and Agree Realty (ADC) showed gains of 1% or more.

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