Stock Market Today: Ulta Beauty, Nvidia, Netflix Drag Nasdaq Lower

The stock market today was firmly lower in late-afternoon trading as Wall Street weighed a weaker-than-expected November jobs report. Ulta Beauty (ULTA), Nvidia (NVDA) and Netflix (NFLX) were a drag on the Nasdaq.


Technology stocks in the Dow Jones also took heat, including IBM (IBM), Intel (INTC), Microsoft (MSFT) and Cisco Systems (CSCO). (For updates on this story and other market coverage, visit the Stock Market Today.)

The Nasdaq composite lagged with a loss of 3.2%. The Dow Jones industrial average and S&P 500 showed losses of around 2.5%. So far this week, all three indexes are down more than 4%.

The economy added 155,000 jobs in November, below the consensus estimate of 190,000. After the release of the data, indexes pared premarket losses on expectations the data would help the Fed maintain a dovish stance and not be aggressive with future rate hikes.

In the stock market today, oil and gas-related industry groups outperformed as oil prices snapped back. U.S. crude oil futures settled at $52.61 a barrel, up 2.2%, after OPEC and Russia reached a deal to cut production by 1.2 million barrels a day.

Stock Market Today: Gainers

Tesla (TSLA) was one of the few gainers in the Nasdaq 100 for a good part of Friday’s session. But shares reversed lower despite a Jefferies upgrade to buy from hold and raised price target to 450 from 360.

Meanwhile, after reversing higher above its 50-day moving average Thursday, MarketSmith Growth 250 stock Attunity (ATTU) extended gains, rising nearly 4% in strong volume.

Inside the IBD 50, Kirkland Gold (KL), featured in today’s IBD 50 Stocks To Watch column, looked poised to extend its winning streak to seven sessions. Shares are up 13% so far this week after rising 6% last week. Kirkland is near the top of a second-stage consolidation with a 23.96 entry.

Stock Market Today: Decliners

Netflix was the worst-performing FANG stock, down 5.5%. It’s still in a technical downtrend as it holds above the 250 level.

A couple former retail leaders fell hard on earnings. Ulta Beauty cratered 10% despite another quarter of double-digit earnings and sales growth. Its holiday outlook disappointed. Shares of Lululemon Athletica (LULU) plunged 12 as it tests longer-term support at the 200-day moving average.

The 10-year Treasury yield was lower by 3 basis points to 2.87%. St. Louis Federal Federal Reserve President James Bullard, a dyed-in-the-wool dove but not a committee voter, became the first Fed member to speak publicly about delaying a December rate hike. A quarter-point hike this month is widely expected at this point.


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Originally posted 2019-09-19 23:27:28.


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