Stock Market Today: Dow, S&P 500 Notch Record Highs; Are Tech Leaders Done Going Down? | Stock News & Stock Market Analysis

The major market indexes were modestly higher in morning trade on Thursday, as the Dow Jones industrial average and S&P 500 made fresh record highs, rising 0.5% and 0.4%, respectively. The tech-heavy Nasdaq looked to rebound from Wednesday’s plunge that saw many tech leaders hit the deck. The Nasdaq moved up 0.4%.

XAmong the Dow Jones industrial components, Apple (AAPL) looked to get back on track, moving up 0.8%. Shares briefly dipped back into the 5% buy range from a 160.97 cup-with-handle entry Wednesday before rebounding back out of it.

Elsewhere in the Dow, big banks rose for a third straight day, but gains were being trimmed. JPMorgan (JPM) rose 0.4% to set a fresh 52-week high. Shares are now about 10% above a 95.32 flat-base entry after a successful test of the 50-day line.

Meanwhile, Goldman Sachs (GS) attempted to recapture its 247.18 saucer-with-handle buy point, but fell just short, rising 1.7%.

FANGs were on the mend in early trade in the stock market today, but gains were begrudging as they looked to recover a portion of Wednesday’s heavy losses. Facebook (FB) advanced 0.8%, (AMZN) 0.8%, Netflix (NFLX) 0.5% and Alphabet (GOOGL) 0.1%. received dual price-target boosts early Thursday. Deutsche Bank raised its price target from 1,200 to 1,425, while MKM Partners bumped it up from 1,275 to 1,350. Despite Wednesday’s fall, shares are still extended from a 1083.41 cup-base entry.

Among companies reporting earnings, Workday (WDAY) declined 2% despite handily beating top- and bottom-line estimates late Wednesday. The human capital management software firm fell further below its 110.69 cup-with-handle entry and the 50-day line. The stock triggered the 7%-8% sell signal.

In the meantime, Kroger (KR) surged over 11% after the supermarket chain reported better-than-expected Q3 results, shaking off rising competition from Amazon and Wal-Mart Stores (WMT). Still, shares are still well off their 52-weeks high, but back above the 200-day moving average line.

After the close, Five Below (FIVE) will report its quarterly results. Analysts expect EPS of 13 cents on revenues of $245 million. Shares were extended from a 54.23 buy point.

Within the IBD 50, graphics-chip maker Nvidia (NVDA) rose over 1% to move back above the 50-day line. Shares fell hard Wednesday, down nearly 7%, closing under the 50-day line for the first time since a Sept. 15 breakout above a 174.66 flat-base buy point.

On the downside, Alibaba (BABA) was on track to extend a losing streak to four trading sessions, declining 0.6%. Shares were under the 50-day line after giving back an over-8% advance from a 177.10 ascending-base pattern entry.


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Originally posted 2017-12-03 22:28:02.


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