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Stocks Fall As Trump Scraps North Korea Summit; 2 Techs In Buy Zone Report Earnings

The major stock indexes moved sharply lower early Thursday, as President Trump canceled his Singapore summit with North Korean leader Kim Jong Un, and retail stock Best Buy (BBY) triggered a sell signal despite its quarterly earnings beat. Meanwhile, top Chinese stock 58.com (WUBA) slid below its 50-day line after its own earnings release. (For updates on this story and other market coverage, visit Stock Market Today.)

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All three major indexes — the tech-heavy Nasdaq, the S&P 500 and the Dow Jones industrial average — declined about 0.4% apiece.

Among companies reporting earnings, Best Buy hit the 7%-8% sell signal from a 78.33 buy point on the stock’s 6% slide Thursday. The retailer reported better-than-expected earnings and sales early Thursday.

NetApp (NTAP) dipped less than 1% after announcing fiscal-Q4 results late Wednesday. Its fiscal-Q1 earnings outlook was lighter than anticipated. Shares are below their 50-day line but are well-off their intraday lows.

Williams-Sonoma (WSM) jumped 12%, as the stock moves up the right side of a potential cup-shaped base. Shares are about 2% away from a potential 56.48 buy point. Late Wednesday, the retailer reported strong earnings.

After the close, leading computer software stocks Splunk (SPLK) and Veeva Systems (VEEV) will announce their quarterly results. Splunk is expected to report a 9 cent per share loss on revenue of $298 million. Shares are in buy range from a 112.76 buy point after a breakout on May 8. Shares edged 0.5% lower.

Consensus estimates show Veeva Systems’ EPS of 30 cents on revenues of $189 million — increases of 36% and 20%, respectively. The stock is trading right at a double bottom’s 75.67 buy point.

Inside The IBD 50

Among the top growth stocks, Chinese stock Baozun (BZUN) hit a new high with an over-1% advance. The stock is extended from a 52.43 buy point.

On the downside, Charles Schwab (SCHW) fell more than 2%, as the stock fell below a recent 58.21 cup-shaped base buy point. Bullishly, the stock’s relative strength line hit a new high on May 9’s breakout day. The RS line gauges a stock’s performance vs. the broad market.

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