Stock Market Today: Stocks Falter In Early Trade, As Leading Chip Names Sell Off | Stock News & Stock Market Analysis

The major market averages faltered in early morning trade Wednesday amid a potential slowdown in Chinese purchases of U.S. debt. Recent breakouts among leading growth stocks — like Alibaba Group (BABA) and PayPal (PYPL) — came under pressure in the stock market today. 

X The tech-heavy Nasdaq declined 0.6%, while the S&P 500 and Dow Jones industrial average moved down 0.4% apiece. The Nasdaq and S&P 500 were on pace to snap their six-day win streaks, which saw the S&P 500’s best start to a year since 1987.

Among the Dow Jones industrials, JPMorgan (JPM) was a top performer with a 0.6% gain. Shares are extended from a 95.32 flat-base entry.

On the downside, Apple (AAPL) traded lower for a third straight day, falling 0.5%. Shares have been trading below a 176.34 flat-base buy point since a mid-December breakout. Still, the stock is holding above its crucial 50-day support level.

Among companies reporting earnings, homebuilder Lennar (LEN) reversed from early losses to rise 0.4%, after the company reported a surprise Q4 earnings decline due to a change in the timing of a transaction. Shares remain extended from their 50-day line and a 55.85 buy point after an Oct. 3 breakout. Meanwhile, builder KB Home (KBH) will report its own earnings after the closing bell today. The stock hit a new high Tuesday and are up about 40% from a 24.47 cup-shaped base entry.

Leading chip stocks sold off early Wednesday. Nvidia (NVDA) fell nearly 2%, while Applied Materials (AMAT) drifted over 3% lower, as the chip-gear maker gave up its 50-day line in the process. Nvidia was testing a 218.77 cup-base buy point after Monday’s breakout.

Memory storage leader Micron Technology (MU) traded over 1% lower, falling further under its 50-day line after Tuesday’s over-5% sell-off. The stock is trying to shape the right side of a new base, but it has been choppy action.

Inside the IBD 50, Arista Networks (ANET) traded 0.6% higher, but remains in buy range from a 245.75 cup-base buy point.

On the downside, Alibaba and PayPal fell 1.8% and 1.2%, respectively, moving further under their respective buy points after Tuesday’s breakouts. The Chinese e-commerce giant briefly topped a 191.85 cup-shaped base entry before closing just under that level, while PayPal fell about 1.5% below a 79.49 flat-base entry.


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Originally posted 2018-01-15 20:06:35.


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