Stock Market Volatile As Dow Jones Rise, Nasdaq Falls; This Top Retail Stock Breaks OutStock Indexes Volatile Early Friday, But This Top Retail Growth Stock Breaks Out | Stock News & Stock Market Analysis

The major market averages were volatile early Friday in the stock market today. IPO Leader Square (SQ) was sharply lower after an analyst downgrade.


The Nasdaq declined 0.3%, as it looked to fall over 4% on the week — its sharpest weekly decline since early February. The fall drops the tech-heavy composite below its key 50-day support level for the first time since early March. The Dow Jones industrial average and the S&P 500 were up 0.3% and 0.1%, respectively, Friday, but were still on pace for about 4% weekly declines. Those two indexes are nearing their longer-term 200-day moving average lines.

Among the Dow industrials, Nike (NKE) set the pace with an over-3% rise after beating fiscal-Q3 targets late Thursday. Shares were looking to recapture their 50-day line after Thursday’s near-3% swoon. The stock has been in a solid uptrend since a breakout above a 57.35 cup-with-handle entry on Nov. 17.

Among companies reporting earnings, memory-chip maker Micron Technology (MU) declined over 6% despite beating fiscal-Q2 earnings and sales expectations, while providing upbeat guidance. Shares fell for a third straight day, but retain significant gains from a 47.08 double-bottom buy point.

Square slid about 4% after being downgraded from hold to sell by analyst firm Craig-Hallum amid increasing competition that the report says will impact the company’s revenue growth. The analyst firm has a 37 price target on the stock — a 33% discount to Thursday’s closing price. Shares of the payment processor have risen over 20% from a 47.60 cup-with-handle entry, but have given back a good portion of that advance over the last three trading sessions.

New issue Dropbox (DBX) is set to begin trading Friday morning after raising $756 million from its IPO. The company priced 36 million shares at 21 apiece.

Inside the IBD 50, Five Below (FIVE) rose 0.9% to 70.50 after briefly hitting 72.20, attempting a breakout past a 71.69 cup-with-handle entry. Late Wednesday, the discount retailer reported strong Q4 results, sending shares up 4.2% on Thursday.

On the downside, graphics-chip maker Nvidia (NVDA) fell almost 3% as shares fell back to their 50-day moving average line for the third time since a Jan. 8 breakout above a 218.77 cup-shaped base buy point.


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Originally posted 2019-09-19 23:11:43.


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