Today’s Stock Market: Dow Jones Down, Apple’s Sell-Off

The major indexes were squarely lower in today’s stock market. The Dow Jones industrial average fell over 100 points, dragged down by the sell-off in Apple (AAPL) stock. Meanwhile, Tesla (TSLA) stock is breaking out past a potential buy point. (For updates on this story and other market coverage, visit the Stock Market Today.)


The Dow Jones industrials and the S&P 500 index fell about 0.7% each. The tech-heavy Nasdaq composite dropped 1.5%.

Stock Market Earnings: Intuit, Retailers To Report

Among companies reporting earnings, Intuit (INTU) will report its fiscal-Q1 earnings results after the stock market close. The maker of accounting and tax software is expected to earn 11 cents per share on revenue of $969 million. The stock is about 5% away from a cup with handle’s 223.51 buy point. Shares dropped 2% in morning trade.

Meanwhile, key retail stocks will report their earnings this week in the midst of Black Friday’s kickoff of the holiday shopping season.

Dow Jones Stocks: Apple Sells Off

Dow Jones name Apple stock sold off more than 3% after the company slashed production orders for its iPhone XR, XS and XS Max models, which were released in September. The stock is trying to find support near its long-term 40-week moving average.

Meanwhile, Walmart (WMT) is trying to stem its five-day losing streak at its 50-day line Monday. Shares traded flat, below a cup with handle’s 100.31 buy point.

Tesla Stock Breaks Out

Tesla stock is breaking out above a 357.68 cup-with-handle entry, according to MarketSmith chart analysis. Shares bucked the stock market’s downdraft to rise over 2%.

The stock’s relative strength line — painted in blue ink on every IBD daily and weekly chart — is holding up well amid the recent market volatility. The RS line measures a stock’s price performance vs. the general stock market.

IBD 50 Stocks: Ulta Nears High

Among the leading growth stocks, Leaderboard stock Ulta Beauty (ULTA) advanced nearly 1% and hit a new high before paring gains. Shares are extended from a flat base’s 290.40 buy point after a Nov. 6 breakout.

On the downside, payment processor Square (SQ) declined over 5%, as the stock nears its 40-week moving average line. Shares are over 30% off their 52-week high.


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Originally posted 2019-09-19 23:25:44.


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