The Dow Jones Industrial Average was down sharply Friday afternoon along with the other major stock indexes. Goldman Sachs (GS), Nike (NKE) and JPMorgan (JPM) took the biggest hits in the DJIA. Facebook (FB) was the worst performing FANG stock after Unilever (UL) became the latest company to stop advertising on the social network because of what they see as Facebook's lack of response to hate speech on its platforms. Facebook plunged nearly 8% as it tests support at the 50-day moving average.
XFinancial stocks led a bullish performance for the stock market Thursday, but banks were among Friday's biggest losers after the Federal Reserve late Thursday announced new restrictions on stock buybacks and dividends. Financial Select Sector SPDR (XLF) was down more than 4%.
The Dow Jones was down 2.7%, while the S&P 500 and Nasdaq composite gave back 2.3%. The Russell 2000 small-cap indexes fell 2.5%. Another distribution day was taking shape for the S&P 500 and Nasdaq, with volume tracking higher than Thursday's levels.
After hitting resistance at its 200-day moving average, the Dow Jones is nearing a test of its 50-day moving average. The S&P 500, meanwhile, is testing support at its 200-day line after a bounce off the support level Thursday. The Nasdaq is close to another test of its 21-day moving average, where it's been finding support.
Money flowed into bonds, sending the 10-year yield lower by 5 basis points to 0.63%.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| DOW Jones | (0DJIA) | 25105.04 | -640.56 | -2.49 |
| S&P500 | (0S&P5) | 3023.67 | -60.09 | -1.95 |
| Nasdaq | (0NDQC) | 9824.24 | -192.76 | -1.92 |
| Russell 2000 | (IWM) | 137.03 | -3.42 | -2.44 |
| IBD 50 | (FFTY) | 33.86 | -0.54 | -1.57 |
Last Update: 2:42 PM ET 6/26/2020 |
||||
The stock remains in a confirmed uptrend even though the S&P 500 shows four distribution days, according to The Big Picture. The last distribution day for the S&P 500 was on Wednesday, when the index plunged 2.6% in higher volume. Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Dow Jones Movers
Dow Jones stock Nike slumped 7% after the company reported an unexpected loss and disappointing revenue.
Losses in Goldman Sachs, JPMorgan and American Express (AXP) ranged from 4% to 8%.
Dow Jones stock Walmart (WMT) held up well, down just 0.5%, while Cisco Systems (CSCO) bucked the trend, up 1%.
Sentiment was negative as the coronavirus continues to spread in the U.S. As the U.S. economy reopens, several states are experiencing record levels of new Covid-19 cases and hospitalizations as case counts rise. Texas, one of the hardest hit states, said it will halt its reopening. In the U.S. Thursday, new coronavirus cases topped 40,000, a new daily record.
Growth Stocks On The Move
In other stock market news, selling pressure was muted in Amazon.com (AMZN) on news the company bought self-driving startup Zoox for around $1 billion.
Outside of the Dow Jones today, the MarketSmith Growth 250 served up plenty of big winners, including Big Lots (BIG). The retailer gapped above a 42.43 buy point after the company said Q2 same-store sales would be in the mid- to high-twenties percent range.
IBD Live: A New Tool For Daily Stock Market Analysis
Other top gainers in the MarketSmith Growth 250 included Fastly (FSLY), Bill.com (BILL) and Livongo Heath (LVGO).
Fastly is well extended past a buy area, but because the stock soared 100% after clearing a buy point, it's a candidate for a high tight flag pattern. Bill.com, meanwhile, is working on the right side of a new base.
RingCentral (RNG) also outperformed in the MarketSmith Growth 250, rising more than 4%. The software leader topped an alternate entry of 292.58.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
YOU MAY ALSO LIKE:
Coronavirus Stock Market Survival Guide
Best Growth Stocks To Buy And Watch
IBD Digital: Unlock IBD's Premium Stock Lists, Tools And Analysis Today
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
Business - Latest - Google News
June 27, 2020 at 02:32AM
https://ift.tt/2Nz3pVG
Dow Jones Takes A Hit, But 5 Top Growth Stocks Buck The Trend - Investor's Business Daily
Business - Latest - Google News
https://ift.tt/2Rx7A4Y
Bagikan Berita Ini
0 Response to "Dow Jones Takes A Hit, But 5 Top Growth Stocks Buck The Trend - Investor's Business Daily"
Post a Comment