The major stock indexes were quietly lower Wednesday. The Dow Jones industrials gained about 75 points in today’s stock market before flattening, despite boosts from Dow Jones stocks Apple (AAPL) and Verizon Communications (VZ). Meanwhile, top growth stocks Lululemon (LULU) and Five Below (FIVE) will report their quarterly results after the stock market close.
Among exchange traded funds, the Innovator IBD 50 Fund (FFTY) edged 0.2% lower, indicating that top growth stocks were trading in line with the Nasdaq’s early losses Wednesday. The ETF found resistance at its long-term 200-day line for a second time since late February.
Current Stock Market Action
The tech-heavy Nasdaq composite fell 0.2%. The S&P 500 moved down 0.1% and the Dow Jones industrials showed a fractional decline. Year to date, the Nasdaq is up about 16%, while the S&P 500 gained over 12%. The Dow has advanced about 10%.
The Nasdaq remained above a key support level in today’s stock market — the 200-day moving average — despite Friday’s sharp sell-off. The S&P 500 and Dow Jones industrials, meanwhile, were also above it, with the S&P 500 right at long-term resistance near 2800. (For updates on this story and other market coverage, visit the Stock Market Today page.)
Dow Jones Stocks: Apple Stock To End Losing Streak
Among the Dow Jones stocks, Apple stock gained about 1%, as it attempted to end a three-day losing streak. Since hitting a multi-month high of 197.69 on Friday, shares fell more than 5% from those highs. Apple stock gave up its key 200-day moving average line and is having trouble retaking it.
Elsewhere, Verizon stock moved up 0.8%, extending a win streak to six trading sessions. The stock is still in the 5% buy zone of a double bottom’s 58.79 buy point. The buy range tops out at 61.73.
Stock Market Earnings: Lululemon EPS Out Late
IBD 50 stocks Lululemon and Five Below have earnings due after the stock market close. The yoga gear maker’s earnings are expected to grow 31% to $1.74 per share on revenue of $1.15 billion. Shares moved up almost 1% Wednesday.
Lululemon stock is below its 50-day line, as a flat base continues to form, showing a 158.77 buy point. On the downside, the stock’s relative strength line is lagging after it reached a new high on Feb. 12 amid the cup-with-handle breakout above a 152.28 buy point. The RS line should hit a new high on the breakout day or shortly thereafter to confirm the stock’s leadership position.
Five Below, meanwhile, is expected to report earnings of $1.57 a share and revenue of $602 million late Wednesday.
The teen-centric retailer is building a cup with handle with a 133.75 entry. Similar to Lululemon, Five Below’s RS line is lagging. Shares gained advanced about 1%.
Top Stocks To Watch: Palo Alto Networks
Among the IBD 50 stocks, Palo Alto Networks (PANW) reversed from early gains to fall about 0.5% after Mizuho Securities started coverage on the cybersecurity leader with a buy rating and a 285 price target. The price target is about 16% above Tuesday’s closing price. Palo Alto stock is in the 5% buy zone of a 239.60 buy point of a cup base.
According to IBD Stock Checkup, Palo Alto stock has 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.
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