Stock Market Today: Stocks Reverse Lower; Chinese IBD 50 Leader Attempts Breaks Out | Stock News & Stock Market Analysis

The major market averages reversed lower to kickoff the final trading session of 2017. The year has been a solid one with the tech-heavy Nasdaq setting the pace with an over-29% advance year to date. Meanwhile, the Dow Jones industrial average and S&P 500 rose 26% and 20%, respectively, year to date.

X Early Friday, the Nasdaq fell 0.1%, while the Dow Jones industrial average and S&P 500 were just below their break-even levels.

Among the Dow Jones industrial components, Nike (NKE) rose 0.3% in the stock market today. Shares are extended from a 57.35 cup-with-handle entry.

On the downside, Goldman Sachs (GS) traded 1% lower after the company said it would take a one-time $5 billion charge from the U.S. tax bill. Shares of the global investment bank are in buy range from a 247.18 saucer-with-handle entry.

Elsewhere in the Dow, Apple (AAPL) fell 1% to trade just under its 50-day line, as a recent breakout continued to stumble. The company apologized late Thursday for intentionally slowing older iPhones. (AMZN) declined 0.5% in early trade after President Trump tweeted that the United States Postal Services should be charging higher prices to deliver packages for the e-commerce giant. The FANG stock has been a large-cap star in 2017, rising about 58% year to date. Shares are currently extended from a 1083.41 cup-shaped base entry.

Data storage leader Micron Technology (MU) looked to worsen a disappointing week with an over-1% decline. Since a big earnings beat on Dec. 19 — and a subsequent 4% advance on Dec. 20 — the stock declined five of the next six trading sessions, giving up its 50-day line in the process. The stock is still forming the right side of a base.

Meanwhile, Universal Display (OLED) dropped over 1%, but remains above its 50-day line. The OLED leader is building the right side of a potential formation, but no entry has emerged.

Inside the IBD 50, China Lodging (HTHT) moved past a 142.90 cup-shaped base entry early Friday, rising over 2%. The formation is a later-stage base that has less upside potential than earlier-stage bases.

On the downside, Floor & Decor (FND) dipped 2%, but remains extended from a 46.34 cup-with-handle entry after Wednesday’s powerful breakout.


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Originally posted 2017-12-30 12:40:08.


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