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Stock Market Sell-Off: Dow Jones Drops 500 Points

The major indexes sold off in today’s stock market. The Dow Jones industrial average fell more than 500 points, dragged down by weakness in Apple (AAPL) and Boeing (BA). Meanwhile, Target (TGT) plummeted after missing its earnings estimates. (For updates on this story and other market coverage, visit the Stock Market Today.)




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The Dow Jones industrials and the S&P 500 index declined 2.2% and 2%, respectively. The tech-heavy Nasdaq composite dropped 2.3%.

Stock Market Earnings: Target, Ross Stores Fall

Among companies reporting earnings, Target (TGT) missed its Q3 earnings estimates early Tuesday. The retail stock plunged over 10% and is nearing its 52-week low. The stock had been forming a flat base with a 90.49 buy point, but that pattern is now gone.

Meanwhile, Ross Stores (ROST) declined 5% after providing cautious holiday-quarter forecasts amid mixed Q3 results. An early June breakout above a cup with handle’s 84.67 buy point yielded an over-20% gain — a potential profit-taking level. Now, shares are testing their long-term support at the 200-day line, about 20% off its high.

Dow Jones Stocks: Apple, Boeing Lag

Dow Jones stock Apple followed through on Monday’s weakness with more selling Tuesday. The stock price dropped another 4% to a new multimonth low. The stock gave up its long-term 40-week moving average support level last week. Shares are about 25% off their 52-week high.

Boeing is nearing a 52-week low Tuesday, as the stock fell over 3%. The airplane maker reportedly canceled a call with airlines over last month’s Lion Air 737 Max crash. Shares triggered the 7%-8% loss-cutting sell signal from a 364.64 buy point on Oct. 29 and are below their 200-day line.

Amazon, Netflix Plunge

Amazon.com (AMZN) hit a new recent low with a 6% decline early Tuesday. But the stock trimmed its losses to 3% in midmorning trade. The stock has fallen eight of the last nine trading sessions.

Netflix (NFLX) lost as a much 7.4% at the stock market open before paring losses to 4%. Shares are about 40% off their 52-week high.

IBD 50 Stocks: Retailers Struggle

Among the leading growth stocks, Five Below (FIVE) dropped 8%, extending a losing streak to four trading sessions and falling 25% from its 52-week high.

Meanwhile, Canada Goose (GOOS) fell below its double bottom’s 65.92 buy point with a 4% loss Tuesday. The IPO stock broke out last week after the outerwear company reported strong earnings results.

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