The major stock indexes were sharply lower in morning trade Friday, extending losses to a third straight day amid rising concerns over China tariffs and a slowing global economy. The Dow Jones industrials fell almost 200 points in today’s stock market. Dow Jones stock Nike (NKE) shrugged off the market losses after an analyst price-target hike. Top growth stocks Ubiquiti Networks (UBNT) and Euronet Worldwide (EEFT) staged powerful breakouts in morning trade.
The tech-heavy Nasdaq composite declined 0.6%. The S&P 500 index fell 0.5%, while the Dow Jones industrials dropped 0.7%. All three major stock indexes are near potential resistance areas, corresponding to their respective 200-day moving average lines. The Dow is right at that level, while the other two are below it. (For updates on this story and other market coverage, visit the Stock Market Today page.)
Dow Jones Stocks: Nike Stock Outperforms
Among the Dow Jones stocks, Nike stock edged higher after its price target was raised from 90 to 100 at Oppenheimer. The new price target is more than 21% above Thursday’s closing price. Nike stock is trading about 3% below an 86.14 cup-shaped base buy point, according to MarketSmith chart analysis. The stock’s relative strength line is trading just off a new high, as the stock outperforms the general market.
Meanwhile, Apple (AAPL) was one of the Dow’s biggest losers with a 1% decline. Shares are on pace to snap a six-day winning streak, sparked by the company’s bullish earnings results after the stock market close on Jan. 29.
Stock Market Earnings: Euronet Hits Buy Point
IBD 50 stock Euronet Worldwide reported strong Q4 results late Thursday, sending shares up 6% in morning trade. Shares cleared its cup-with-handle base buy point of 116.48.
Top Growth Stocks To Watch: Ubiquiti Breaks Out
Among the IBD 50 stocks, Ubiquiti Networks was the top performer, surging 17% to a breakout above a 115.54 buy point. Ubiquiti reported better-than-expected fiscal Q2 results before the stock market open.
Meanwhile, Match Group (MTCH) fell over 3% to trigger the 7%-8% loss-cutting sell signal from a cup base’s 58.10 buy point. At its peak price Thursday, the Tinder app service soared as much as 14.8%. By the day’s end, shares had trimmed that gain to just 5%, falling back below the entry.
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