Today’s Stock Market Sell-off; Square Stock Breaks Down

The major stock indexes were broadly lower in today’s stock market. Hot IPO stock Square (SQ) looked to rebound from a key support level after a price-target hike. Meanwhile, IBD 50 stock Nvidia (NVDA) threatened to fall further below its support level. (For updates on this story and other market coverage, visit the Stock Market Today.)


The tech-heavy Nasdaq composite led the major stock indexes lower, falling nearly 2%. The S&P 500 and the Dow Jones industrial average fell about 1% apiece.

Earnings: Fastenal Breaks

Among companies reporting earnings, Fastenal (FAST) traded 4% lower after the company reported its Q3 earnings results. Shares gave up their 200-day moving average line. The stock had been shaping a flat base with a 61.24 buy point, but that base is now irrelevant.

Dow stock McDonald’s (MCD) edged lower after Guggenheim upgraded the restaurant stock from neutral to buy with a 200 price target. The restaurant’s revamp should become a tailwind as early as the second half of next year, the analyst commented.

Square, AMD Look For Support

Hot IPO stock Square turned lower after initially rising. Credit Suisse upped its price target from 81 to 94 early Wednesday. On Monday, one analyst questioned Square’s revenue growth. Shares are looking to find support at their 50-day line, a key support level, but broke down below that level with a 6% fall Wednesday morning.

Tuesday’s IBD Stock of the Day Advanced Micro Devices (AMD) dropped about 4%, but is still barely above its 50-day line where it found much-needed support Tuesday.

Domino’s Pizza (DPZ) is in the midst of a flat base with a 305.44 buy point. Shares tried to regain their 50-day line Tuesday, but fell short. Shares declined 2%.

Former stock leader Alibaba (BABA) extended a losing streak to five trading sessions with a near 3% decline. The e-commerce giant is about 33% off its 52-week high.

Autodesk (ADSK) stumbled further below its 50-day line with an almost 5% loss.

IBD 50 Stocks: Nvidia Threatens To Break Support

The top growth stocks were overwhelmingly in the red Wednesday. No members of the IBD 50 were in the green in morning trade. Nvidia fell 4% Wednesday, as support around the 50-day line appeared to give way. Shares are about 5% below a 269.30 flat-base entry.

Meanwhile, World Wrestling Entertainment (WWE) threatened to give up its 50-day line, while falling below its 86.03 flat-base buy point. Shares fell about 3%.


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Originally posted 2019-09-19 23:22:29.


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