Tech Stocks Underperform; Tesla, Nvidia Sell Off In Stock Market Today

The stock market sold off in morning trade Tuesday, amid Home Depot’s (HD) weak quarterly sales. Meanwhile, electric automaker Tesla (TSLA) skidded after an analyst price-target cut in the stock market today. (For updates on this story and other market coverage, visit Stock Market Today.) 


The tech-heavy Nasdaq held the biggest loss of the three major indexes with a 1.1% decline. The S&P 500 and the Dow Jones industrial average fell about 0.8% apiece.

Among the Dow stocks, Home Depot (HD) faltered 1.5% after reporting weaker-than-expected quarterly revenue and same-store sales early Tuesday. The stock is shaping the right side of a potential cup-shaped base.

Meanwhile, Leaderboard name Apple (AAPL) fell 1% and is back within the 5% buy range from a double bottom’s 179.04 buy point. The stock’s three day sell-off has been in light volume, indicating institutions have been hesitant to unload their shares.

Among companies reporting earnings, China Hotel Lodging (HTHT) briefly surged to a breakout above a late-stage base’s 161 buy point in a double-bottom base. But the stock faltered amid the market’s weakness and slipped back below that level. The IBD 50 stock rose 4%. The company announced its Q1 results late Monday.

FANG stocks were sharply lower through morning trade Tuesday. Longtime leaders Netflix (NFLX) and (AMZN) declined 1.4% and 1.8%, respectively. Both stocks may be setting up for new tests of their 50-day moving average lines.

Tesla dropped 2% to about 286 Tuesday after Morgan Stanley analysts cut their price target on the electric automaker from 376 to 291. The company is facing a management exodus, while CEO Elon Musk announced a “thorough reorganization” to employees Monday.

Inside The IBD 50

Among the top growth stocks, a number of leaders held losses of 1.5% or greater, including Alibaba (BABA). The Chinese e-commerce giant fell 1.6%, but is still lingering near a potential 201.60 double-bottom buy point.

Elsewhere, Nvidia (NVDA) traded sharply lower with a loss of nearly 3%. The graphics-chip maker back in the 5% buy range from a 239.35 double-bottom entry.

On the upside, Canadian retailer Canada Goose (GOOS) rose 2.5% to hit an all-time high. Shares have been volatile, but trending upward, since a breakout above a 36.76 cup-with-handle entry.


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Originally posted 2019-09-19 23:14:27.


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