Stocks Today: Tesla, Costco Hit As Nasdaq Slumps Again

It was a quiet open for the stock market Friday, but it didn’t take long for sellers to dictate the action again. The Nasdaq composite was off lows in afternoon trading but still lost 1.1%, weighed down by weakness in stocks today like Tesla (TSLA), Costco (COST) and Illumina (ILMN).


The Dow Jones industrial average lost 0.8%, hurt by weakness in shares of Caterpillar (CAT), Intel (INTC) and Apple (AAPL). The S&P 500 eased 0.6% and the Russell 2000 gave back 0.8%%. Growth stocks today took heat again as Innovator IBD 50 (FFTY) fell 1.3%.

Eli Lilly (LLY) was among a small group of heavy-volume gainers. Shares followed through after Thursday’s strong gain, rising an additional 1%. The stock was strong Thursday after the company reported strong trial results for its diabetes drug.

Stocks Today: Tesla Dives Again

In stock market results today, shares of Tesla lost 7%. Investors were unnerved after CEO Elon Musk took a shot at the SEC. In addition, a judge handling Tesla’s recent settlement with the SEC asked both parties to explain why the court should approve it.

Costco, meanwhile, slumped 5% after the company reported earnings and also acknowledged “IT deficiencies related to its internal financial reporting systems.”

Inside the IBD 50, small cap Health Insurance Innovations (HIIQ) was a rare spot, up nearly 5%.

On the downside, IBD 50 component Illumina (ILMN) gapped below its 50-day moving average, a sell signal for those who bought when the stock broke out of a base in early May.

Planet Fitness (PLNT) slumped 4%. Headed into Friday, the stock was trying to hold support at the 50-day moving average, but support gave way in afternoon trading. Planet Fitness also fell 8% below the 53.41 buy point, enough for a sell signal.

In economic news, job growth in September was weaker than expected and wage growth slowed, but the employment rate fell to 3.7%, a 49-year low. The economy created 134,000 jobs in September, below the consensus estimate of 180,000.

The 10-year Treasury yield continued its ascent, rising an additional 4 basis points to 3.23%.


Don’t Be Fooled: This Is Why The Stock Market Is Selling Off Today

2 Financial Heavyweights Set Up For Bullish Option Trades

Which Stocks Are The Best Mutual Funds Buying? (Hint: Not Apple)

Coca-Cola, Coffee And Marijuana Stocks: A Bold New Cocktail




Source link

Originally posted 2019-09-19 23:22:13.


No comments.

Leave a Reply

error: Content is protected !!