Stock Market Today: Stocks Fall In Early Trade; CME Bitcoin Futures Hit Limit Down | Stock News & Stock Market Analysis

The major market averages were modestly lower early Friday. The Dow Jones industrial average and the tech-heavy Nasdaq fell 0.1% apiece, while the S&P 500 was right below its break-even mark.

X Bitcoin plunged in the stock market today. The price of Bitcoin on CoinDesk was priced around 12,000 — a 22% decline. Meanwhile, Bitcoin futures on the CME plunged 20% to 12,265. A CNBC report stated that trading in the futures contract appears to have been halted at limit down. Riot Blockchain (RIOT) declined 17%, while Bitcoin Investment Trust (GBTC) plummeted 20%, capping off the week with a near 50% fall and trading more than 60% off its all-time high — set on Wednesday.

Among the Dow Jones industrial components, Nike (NKE) fell over 3% early Friday, despite topping fiscal-Q2 earnings and sales targets. Earnings declined for a second straight quarter, falling 8% year over year. Analysts had forecast a 22% profit decline. Shares remain about 9% above a 57.35 cup-with-handle entry.

Also on the downside, Intel (INTC) fell for a second straight day, dropping 0.5%. Shares are now about 2% under their 47.40 cup-shaped buy point following Wednesday’s breakout.

Among companies reporting earnings, IBD 50 member Cintas (CTAS) beat the Street’s estimates and guided its fiscal-year 2018 above forecasts, sparking an initial rise before reversing 2% lower. Shares are in buy range from a 152.93 flat-base buy point, but Friday’s early bearish reversal so far is not constructive.

Former leading biotech Celgene (CELG) faltered over 2% after its drug regimen failed in a Phase 3 study. The stock has been trading under its 50- and 200-day lines after a 10% gap down on Oct. 20.

Pizza maker PapaJohn’s (PZZA) declined over 2% after founder John Schnatter announced he was stepping down as CEO of the pizza chain. The stock has been in rough shape in 2017, falling 30% year to date.

Inside the IBD 50, graphics-chip maker Nvidia (NVDA) fell 1.6%, as the chip leader remains entrenched below its 50-day line.

Meanwhile, Wingstop (WING) stumbled nearly 4% before trimming losses after Jefferies downgraded the restaurant from hold to underperform. Shares are rebounding from their 50-day line for the first time since a breakout above a 36.01 flat-base buy point.


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Originally posted 2017-12-23 18:05:28.


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