Stocks Stumble Out Of The Gate; Tech Lags Amid Apple Worries – Investor’s Business Daily

The major market indexes posted heavy losses through Wednesday morning trade. The tech-heavy Nasdaq lagged with a 0.7% loss, weighed down by Apple’s (AAPL) fall. The Dow Jones industrial average and S&P 500 declined 0.6% apiece.

XAutoplay: On | Off Among the Dow Jones Industrial components, only a few names were trading in the green early Wednesday. Nike (NKE) moved up 0.7%, as it builds a cup-with-handle base with a 57.35 entry.

Elsewhere in the Dow, Apple dropped 1.1%, on pace to extend a losing streak to five trading sessions, but recovered to just above the buy range from a 160.97 cup-with-handle entry. Key iPhone supplier Foxconn announced weaker-than-expected profit in the third quarter. The supplier was hit by production issues with the new iPhone X.

On the downside, financial names Goldman Sachs (GS) and JPMorgan (JPM) dropped 0.7% and 0.1%, respectively. Both banking giants are fighting to find support at their 50-day lines.

FANG stocks were down across the board in the stock market today. Netflix (NFLX) fell 0.7% , while Facebook (FB) moved 0.5% lower. The video streaming platform is still above its 190.05 cup-with-handle entry, while the social media giant is holding above a 175.59 flat-base entry.

Among companies reporting earnings, Chinese internet giant Tencent (TCEHY) handily surpassed the Street’s targets on strength in its smartphone games revenue. The ADRs rose 2%, near a record high. The stock has been a big winner in 2017, up about 85% from a 27.04 cup-with-handle entry.

Meanwhile, fellow China-based leader and IBD 50 member YY (YY) also posted strong earnings and sales results. Shares advanced 13% to a fresh record high after rebounding from a test of 10-week support. The stock is well-extended from a 83.10 buy point.

On the downside, Chinese e-commerce giant Alibaba (BABA) traded nearly 2% lower. The stock was just above its 50-day line, and a 177.10 ascending-base pattern buy point.

Shares of retailer Target (TGT) plunged 8% after it provided weak earnings guidance in the current quarter. The stock is back below its 50- and 200-day moving average lines.

Payment processing leader Square (SQ) moved up over 2% after announcing it was testing cryptocurrency support in their Cash app. The trial allows a small number of users to buy and sell bitcoin within the app.

Within the IBD 50, Essent Group (ESNT) was one of several names trading in positive territory. The stock moved up 1.2%, and are still in buy range from a 41.54 flat-base buy point.

On the downside, Universal Display (OLED) stumbled over 3%. Still, the stock is up almost 20% from a 145.40 flat-base entry.

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