Today’s Stock Market Rallies; Square Losses Accelerate

The major stock indexes turned positive in today’s stock market after Wednesday’s stock market rout. Hot IPO stock Square (SQ) continued its precipitous fall. Meanwhile, IBD 50 stock Nvidia (NVDA) looked to snap its five-day losing streak. (For updates on this story and other market coverage, visit the Stock Market Today.)


The tech-heavy Nasdaq composite rallied as much as 0.9% after falling 0.5% in early morning trade. But those gains were short lived and were trimmed to 0.4% in midmorning trade. The S&P 500 and the Dow Jones industrial average were trading around their break-even marks.

Dow Stocks: Walgreens Trims Losses

Among the Dow stocks, Walgreens Boots Alliance (WBA) traded 1% higher on its mixed Q4 earnings results after initially losing as much as 3.6%. Shares are rallying from their 50-day line, according to MarketSmith chart analysis.

Meanwhile, Apple (AAPL) advanced 1%. The stock broke down below its 50-day line Wednesday but is fighting to regain that level.

Square’s Stock Market Sell-Off Continues

IPO stock Square plunged another 6% early Thursday, following up on Wednesday’s 10% drop after the company said its CFO was stepping down to become chief executive of Nextdoor. Since reaching a record high of 101.15 on Oct. 1, the stock is about 30% off that high, breaching its 50-day support level in heavy volume.

Fellow IPO stock Roku (ROKU) rose 2% to regain a pittance of Wednesday’s more than 12% loss. Shares are about 25% off their 52-week high.

FANG Down, Netflix Up

Among the FANG stocks, (AMZN) was the biggest decliner with a 1% loss. The longtime Leaderboard stock gave up its 50-day line last week.

Facebook (FB) was on the verge of hitting a new 52-week low after Wednesday’s 4% fall. Shares rallied 1% Thursday. The 52-week low was set on March 26 in the midst of the company’s Cambridge Analytica scandal.

Netflix (NFLX) moved up over 1%, as it tries to find support at its long-term 200-day moving average line.

IBD 50 Stocks: Can Nvidia Find Support?

The top growth stocks were drastically mixed early Thursday. On the upside, ServiceNow (NOW) rose over 1%, as it looks to find support at its 200-day line. A breakout above a 194.91 flat-base entry failed and triggered the 7%-8% loss-cutting sell signal.

On the downside, Nvidia fell another 0.3% and is below its 200-day line for the first time since the March 2016 cup-with-handle breakout that sparked the stock’s move.


Stocks Rebound On Positive Inflation Data: Delta Boosts Airlines

TransUnion Trade Offers Insight Into Poor Breakout Action

Top Stocks Near Buy Points

FANG Stock Leader Shapes New Base Amid Market’s Sell-Off

How To Spot Major Stock Market Tops: Track The Distribution Days

Source link

Originally posted 2019-09-19 23:22:33.


No comments.

Leave a Reply

error: Content is protected !!