The stock market reversed its early gains Thursday with the Dow Jones industrials down more than 150 points. Dow Jones stocks Apple (AAPL) and Intel (INTC) had provided an early boost. Check out Thursday’s IBD Investing Action Plan for today’s major stock market events, including the earnings release from top growth and Leaderboard idea Acacia Communications (ACIA). Hot IPO stock Yeti (YETI), meanwhile, tumbled on its quarterly results.
Among exchange traded funds, the Innovator IBD 50 Fund (FFTY) backed out of its early gains and dropped 0.3%, indicating that top growth stocks were modestly outperforming tech stocks in morning trade Thursday.
Current Stock Market Action
The tech-heavy Nasdaq composite turned an early 0.4% to a 0.4% decline. The S&P 500 fell 0.5%, while the Dow Jones industrials dropped 0.6%. Year to date, the Nasdaq is up about 21%, while the S&P 500 gained about 17%. The Dow has risen about 13%.
The Nasdaq notched a record high Monday, the first major stock index to accomplish that feat after last year’s bear market. The S&P 500 also hit a new high Monday, while the Dow Jones Industrial Average is just off its own record high. (For updates on this story and other market coverage, visit the Stock Market Today page.)
Dow Jones Stocks: Intel, Nike In Focus
Among the Dow Jones stocks, Intel stock was one of the top performers, as it looks to snap a seven-day losing streak that saw the stock crumble through its 50-day support level. Intel stock moved up almost 0.7%.
Elsewhere, Nike (NKE) stock turned lower in the wake of the strong quarterly results from rival Under Armour (UAA). Nike stock is testing its 50-day line. Under Armour stock, meanwhile, is trying to break out past a flat base’s 23.51 buy point, according to MarketSmith chart analysis.
Stock Market Earnings: Cree, Square, Yeti Tumble
Late Wednesday, Cree (CREE) missed top-line estimates and offered weak guidance. Cree stock trimmed its opening loss to 2% and is trying to rebound from its 50-day line for the first time since a breakout above a 47.60 buy point in a cup with handle.
IPO stock Yeti crumbled 7% in the wake of its Q1 results. The premium outdoor products maker remains well-extended from a 19.30 buy point of a cup with handle.
After the stock market close Thursday, Acacia Communications will report its quarterly results. Analysts expect Acacia earnings to increase 180% to 28 cents with revenue rising about 39% to $101 million. Acacia shares are rebounding from their 10-week line this week and are just off a new high.
Top Stocks To Watch: Paycom Software
According to IBD Stock Checkup, Paycom stock boasts a highest-possible 99 IBD Composite Rating. The Composite Rating is a blend of key fundamental and technical metrics to help investors gauge the strengths of a company’s stock.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the stock market.
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