Stock Market Today: Indexes Fall; What Followed The Last Time eBay Hit This Line? | Stock News & Stock Market Analysis

U.S. stock indexes staggered midday Thursday as weekly winning streaks for the Nasdaq and the S&P 500 appeared in jeopardy so far this week.

XAutoplay: On | OffThe Nasdaq dived 1%, while the S&P 500 and the Dow Jones industrial average retreated about 0.8%. News that a Republican bill is expected to delay the corporate tax cut depressed the market.

Volume in the stock market today rose on both major exchanges vs. the same time Wednesday.

Among indexes with a narrower focus, the Dow Jones utility average was down only 0.1%.

Online marketplace eBay (EBAY) suffered a nasty loss. The stock gapped down almost 5% and then trimmed the loss to 3%. Volume was 300% above average. Negative news on eBay was scarce. The most recent news was positive: Credit Suisse on Wednesday listed eBay as one of the investment firm’s eight new, No. 1 top picks.

The big-cap eBay reported earnings in mid-October, so that wasn’t the source of its gap-down. The stock broke out of a base in September in heavy volume and then rose only 4% before beginning to pull back in October.

The gap-down move this morning drove eBay to its 40-week moving average, where eBay found support. The last time eBay touched its 40-week line was Dec. 1. From there, the stock rose as much as 43% in 11 months.

Blue chips were mostly down. In the 30-component Dow, McDonald’s (MCD) incurred the worst loss, down 1.5%. There was no negative news on McDonald’s. Going into Thursday’s session, McDonald’s was up 40% for the year.

On the positive side, the day’s best performer in the Dow was Walt Disney (DIS), up almost 2% in moderately higher volume.

In the IBD 50, a list of the best stocks in fundamentals and technicals, losers led winners by a 6-1 ratio. For the year, the Innovator IBD 50 Fund (FFTY) is up 36%. The exchange traded fund’s performance tracks the IBD 50.

Medical stocks led among IBD’s 197 industry groups. The day’s weakest groups included the semiconductors.


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Originally posted 2017-11-12 19:40:39.


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