Stocks Today: Dow Jones Slumps On China News, Eurozone Growth Forecast

Sellers were in the stock market Thursday afternoon after CNBC reported that a meeting between President Donald Trump and China’s Xi Jinping is unlikely to happen before the March 1 deadline. Indexes were under pressure before the China headline after the European Commission lowered its growth outlook for the eurozone this year to 1.3% from 1.9%. Stocks today on the move included Leaderboard name Chipotle Mexican Grill (CMG), up 14% on strong earnings.


Laggard stocks today in the Dow Jones included DowDuPont (DWDP), Goldman Sachs (GS) and Pfizer (PFE).

The Dow Jones industrials were down 1.25%, while the S&P 500 sliced off 1.3%. A distribution day was taking shape for the S&P 500 and Nasdaq composite because volume on the NYSE and Nasdaq was tracking higher than Wednesday’s levels.

Stocks Today: Bank Merger

Other stocks today moving higher in strong volume included North Carolina-based regional bank BB&T (BBT). Shares were up 2% on news it’s acquiring Atlanta-based SunTrust (STI) for $66 billion. Shares of SunTrust were up 8%.

In other stock market news, Spirit Airlines (SAVE) recovered a bit after Wednesday’s 3% haircut on earnings. Shares were up 2%, helped by a Goldman Sachs upgrade to buy and a boost of the price target to 85 from 78.

Among stocks today in the MarketSmith Growth 250, Match Group (MTCH) gapped out of a cup-shaped base. The stock was well off highs, but shares still rose about 6%. IAC/Interactive (IAC), which owns a sizable chunk of Match, added about 4%. The stock is trading just above a cup-with-handle buy point of 212.38.

Stocks Today: IBD 50 Movers

Inside the IBD 50, CDW (CDW) jumped 5% as it works on the right side of a first-stage, cup-shaped base. The large-cap, tech services firm reported a 35% increase in quarterly profit. Sales rose 9% to nearly $4.1 billion.

But a big seller in the IBD 50 was Trade Desk (TTD) for the second straight session. After falling 5% Wednesday, shares were down an additional 4% Thursday afternoon. Technical damage has been limited so far ahead of its earnings report Feb. 21 after the close.


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Originally posted 2019-09-19 23:33:01.


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