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Stock Market Today: Weak iPhone X Demand Sparks Sell-Off In Apple, Leading Tech Stocks | Stock News & Stock Market Analysis

The major market averages were drastically mixed early Tuesday, following the holiday-extended weekend. The Nasdaq dropped 0.5%, compared to the S&P 500’s 0.1% decline. The Dow Jones industrial average edged into positive territory. Overnight, a number of Apple (AAPL) analysts lowered their iPhone X shipment projections for the first quarter of 2018, according to Bloomberg, sparking a sell-off in shares of the iPhone maker.

X Among the Dow Jones industrial components, Apple sunk nearly 3%, putting the stock about 4% below a 176.34 flat-base entry after last Monday’s breakout. Shares are back at their 50-day line, where they will seek crucial support.

Elsewhere in the Dow, Wal-Mart Stores (WMT) is approaching a new buy point, rising 1%. The stock is forming a flat base with a 100.23 entry after a strong move.

On the downside, Intel (INTC) declined for a third-straight day, falling 0.8%. The stock is about 2% below a 47.40 cup-shaped base buy point after last week’s breakout.

FANG stock Amazon.com (AMZN) drifted just 0.1% lower after the company reported a strong holiday season. Amazon said its Echo Dot speaker and Fire TV Stick with Alexa remote were their best sellers. Meanwhile, more than 4 million people trialed the Amazon Prime service in one week.

Apple chip suppliers were also under pressure in the stock market today. Skyworks Solutions (SWKS) declined 2.5%, while Broadcom (AVGO) moved down 2.6%. Skyworks has been consolidating since a failed breakout above a 110.71 cup-shaped base. Broadcom had been finding at the 50-day line, where it has been trading since early December, but is now below that level. The stock is back under a 259.46 flat-base buy point.

Meanwhile, OLED-display maker Universal Display (OLED) slipped 5%, but is retaining its 50-day line. The stock is forming a new base, but no proper entry has emerged.

Data storage leader Micron Technology (MU) sold off nearly 5%, as its shares plunged through their 50-day line.

Inside the IBD 50, retailers were on the move higher early Tuesday. Five Below (FIVE) advanced 2% and is extended from a 57.75 buy point. Meanwhile, Skechers (SKX) moved up 1%. Shares are also well-extended from a 30 buy point.

On the downside, Alibaba (BABA) fell over 2%, erasing last week’s gain. The China-based leader continues to consolidate below its 50-day line.

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