Stocks Follow Overseas Markets Lower; Pfizer Early Dow Leader – Investor’s Business Daily

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The stock market opened sharply lower Tuesday, hurt by more weak manufacturing data out of China along with a sell-off in European stock markets.

The S&P 500, Nasdaq and Dow Jones industrial average all fell around 1%.

Declining stocks outnumbered advancers on the NYSE by about 4 to 1. The ratio was 3 to 1 on the Nasdaq.

Gold added to recent gains as the dollar weakened again. It edged higher to just under $1,300 an ounce. Money flowed into bonds as the 10-year Treasury yield crashed 8 basis points to 1.79%.

In the stock market today, early gainers in the Dow included Pfizer (PFE). The drugmaker jumped 2% to 33.61 on earnings. It’s been working its way higher in a long consolidation, finding a new home above 32 and its 200-day moving average.

Who are the leaders in Pfizer’s Medical-Ethical Drugs group? Consult IBD Stock Checkup to find out.

Meanwhile, after eight straight declines, Apple (AAPL) rallied 0.8% in the early going.

Inside the IBD 50, a couple of defensive stocks continued to trade tightly and hold near highs. Prestige Brands (PBH) added a penny to 57.61. Constellation Brands (STZ) eased 0.2% to 157.45.

A couple of growth names are set to report earnings after the close today: AmSurg (AMSG) and Paycom (PAYC).