Today’s Stock Market Action; Netflix, Amazon Fall

The major stock indexes turned green Monday, as they looked to end their losing streaks in today’s stock market action. FANG stocks Netflix (NFLX) and (AMZN) fell further below their 50-day lines. Meanwhile, IBD 50 stock Palo Alto Networks (PANW) tried to shrug off the market drop after a price-target hike. (For updates on this story and other market coverage, visit the Stock Market Today.)


The tech-heavy Nasdaq composite reversed from heavy losses to edge higher. The S&P 500 and Dow Jones industrial average both drifted above their break-even levels. Weighing early on stocks were fears of rising interest rates and the budget standoff in Italy.

FANG Stocks: Netflix Falls Further Under 50-Day

Netflix dropped almost 2% early Monday, on track to extend its losing streak to five trading sessions. On Friday, the stock gave up its 50-day moving average line, a key support level.

Leaderboard stock Amazon also looked to make five straight down days with an early fall. But the stock turned up through morning trade, rising 0.2%. Shares are in the midst of forming a new flat base with a 2,050.60 buy point.

Hot IPO stock Roku (ROKU) faltered almost 2% in morning trade. The stock is at the 10-week line — a potential support level — for the first time since an earnings-related gap up above a 51.92 cup-with-handle buy point.

Top payment processor Square (SQ) fell nearly 3%, but remains above its 50-day line. Shares hit a record high last Monday at 101.15, but they are now about 10% from that price level.

IBD 50 Stocks: Palo Alto Price Target Raised

Among the top growth stocks, Palo Alto Networks edged lower after Morgan Stanley called the stock leader a top security pick and raised its price target from 262 to 276. The new price target is a 28% premium to Friday’s closing price. Shares fell below their 50-day line and 219.48 flat-base entry last week.

On the downside, Atlassian (TEAM) fell as much as 3.7% before paring losses to 1.5%. The stock is below its 50-day line amid a six-day losing streak.


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Originally posted 2019-09-19 23:22:18.


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