Dow Jones Dives 700 points; Goldman Sachs, Nike hit hard; 5 stocks with higher growth counteract the trend | Investor Business Diary

The Dow Jones Industrial Average fell sharply on Friday afternoon along with the other major stock indices. Goldman Sachs (GS) Nike (NKE) and JPMorgan (JPM) had the biggest hits at DJIA. Facebook (FB) was the worst performing FANG share after Unilever (UL) became the latest company to stop advertising on the social network due to what they see as Facebook’s lack of response to hate speech on its platforms. Facebook fell nearly 8% when evaluating support at the 50-day moving average.


Financial stocks led a bullish performance for the stock market on Thursday, but banks were among the biggest losers on Friday after the Federal Reserve announced new restrictions on share buybacks and dividends on Thursday night. Financial Select Sector SPDR (XLF) was down more than 4%.

The Dow Jones fell 2.7%, while the S&P 500 and Nasdaq Composite returned 2.3%. Russell 2000 Small Cap Indices fell 2.5%. Another distribution day was taking shape for the S&P 500 and Nasdaq, with volume tracking above Thursday’s levels.

After reaching resistance at its 200-day moving average, the Dow Jones is approaching a test of its 50-day moving average. Meanwhile, the S&P 500 is testing support at its 200-day line after a bounce from the support level on Thursday. The Nasdaq is near another test of its 21-day moving average, where it has been finding support.

Money flowed into the bonds, making the 10-year yield 5 basis points lower at 0.63%.

Summary of the US Stock Market Today

Index Symbol Price gain loss % Change
Dow Jones (0DJIA) 25105.04 -640.56 -2.49
S and P500 (0S and P5) 3,023.67 -60.09 -1.95
Nasdaq (0NDQC) 9824.24 -192.76 -1.92
Russell 2000 (IWM) 137.03 -3.42 -2.44
IBD 50 (FFTY) 33.86 -0.54 -1.57
Last Updated: 2:42 PM ET 06/26/2020

Stock remains in a confirmed bullish trend despite the S&P 500 showing four days of distribution, according to The Big Picture. The last day of distribution for the S&P 500 was Wednesday, when the index fell 2.6% in higher volume. Read The Big Picture every day to stay in sync with market direction and major stocks and sectors.

Dow Jones Movers

Dow Jones shares Nike fell 7% after the company reported an unexpected loss and disappointing earnings.

Losses at Goldman Sachs, JPMorgan and American express (AXP) ranged from 4% to 8%.

Dow Jones Shares Walmart (WMT) held well, only 0.5%, while Cisco Systems (CSCO) resisted the trend, up 1%.

Sentiment was negative as the coronavirus continues to spread in the US As the US economy reopens, several states are experiencing record levels of new Covid-19 cases and hospitalizations as it increases. the number of cases. Texas, one of the hardest hit states, said it will stop its reopening. In the United States on Thursday, new cases of coronavirus exceeded 40,000, a new daily record.

Stock growth on the move

In other stock market news, selling pressure was muted at (AMZN) In news, the company bought autonomous startup Zoox for around $ 1 billion.

Outside of the Dow Jones today, the MarketSmith Growth 250 served many great winners, including Large batches (BIG). The retailer held above a buy point of 42.43 after the company said second-quarter sales at the same store would be in the mid-to-high percentage range of the 1920s.

IBD Live: a new tool for daily stock market analysis

Other top MarketSmith Growth 250 winners included Quickly (FSLY), (BILL) and Livongo Heath (LVGO).

It quickly extends beyond a buy area, but because the stock shot up 100% after deleting a buy point, it is a candidate for a very tight flag pattern., meanwhile, is working on the right side of a new base.

RingCentral (RNG) also outperformed the MarketSmith Growth 250, increasing more than 4%. The software leader beat an alternate entry of 292.58.

Follow Ken Shreve on Twitter @IBD_KShreve for more analysis and information on the stock market..


Coronavirus Stock Market Survival Guide

The best growth stocks to buy and see

IBD Digital: Unlock IBD’s Premium Stocks, Tools, and Analytics Today

Get Free IBD Newsletters: Market Readiness | Technology report | How to invest