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Stock Market Creeps Lower, As This Dow Jones Stock Dives On Earnings – Investor's Business Daily


The stock market reversed modestly higher Wednesday morning, as the Nasdaq composite reached a record high. The Nasdaq erased a small loss to climb past the prior high of 8133.30.




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The Dow Jones industrials rose about 14 points in today’s stock market, amid mixed earnings reactions from Dow Jones stocks Boeing (BA) and Caterpillar (CAT). Tech leader and FANG stock Facebook (FB) will report its quarterly results after the stock market close.

Among exchange traded funds, the Innovator IBD 50 Fund (FFTY) edged up 0.2%, indicating that top growth stocks were slightly outperforming the major stock indexes in morning trade Wednesday. The ETF is holding nicely above its long-term 200-day line after regaining that level in early April.

Current Stock Market Action

The tech-heavy Nasdaq composite moved up 0.1% and is the first of the major indexes to hit a new all-time high after last year’s bear market. The S&P 500 rose 0.1%, while the Dow Jones industrials also rose 0.1%. Year to date, the Nasdaq is up about 22%, while the S&P 500 gained about 17%. The Dow has risen about 14%.

The Nasdaq is holding above a key support level in today’s stock market — the 200-day moving average. The S&P 500 and Dow Jones industrials, meanwhile, also traded above that line, with the S&P 500 above long-term resistance near 2800. (For updates on this story and other market coverage, visit the Stock Market Today page.)

Dow Jones Stocks: Caterpillar Lags

Among the Dow Jones stocks, Caterpillar was one of the worst performers after the heavy equipment maker’s earnings results before the stock market open. The stock extended a losing streak to three trading sessions with an over-3% decline.

On the upside, Boeing stock rose nearly 1% after the airplane maker suspended its stock buyback program and guidance following the grounding of the 737 Max airplane.

After the stock market close Wednesday, blue chip stocks Microsoft (MSFT) and Visa (V) will report their quarterly results.

Stock Market Earnings: iRobot Plunges

After the stock market close Tuesday, iRobot (IRBT) missed its Q1 revenue target, sending shares 20% lower. IRobot stock plunged through its 50-day line. Tuesday’s IBD Stock Of The Day came within striking distance of a flat base’s 132.98 buy point, but never broke out.

Edwards Lifesciences (EW) declined over 2% to fall further under its 50-day line after the company’s earnings results late Tuesday. The medial equipment maker breached its 50-day line last week in heavy volume.

Late Tuesday, Snapchat parent Snap (SNAP) reported its Q1 results, as shares reversed from early losses to fall 5% in morning trade. Snap’s results come directly on the heels of Twitter (TWTR)’s better-than-expected results early Tuesday. Twitter stock surged over 15% Tuesday before easing 2% Wednesday in early trade.

Rival social media company Facebook will report its quarterly results after the stock market close Wednesday. Facebook shares are moving up the right side of a new base formation. Facebook stock edged lower Wednesday.

A number of other tech leaders will also report after the close, including Chipotle Mexican Grill (CMG), PayPal (PYPL), ServiceNow (NOW), Tesla (TSLA) and Xilinx (XLNX).

Top Stocks To Watch: PayPal Earnings

Among the IBD 50 top growth stocks, PayPal stock edged higher ahead of its quarterly results after the stock market close. Analysts expect the payment processor’s earnings to grow 19% to 68 cents a share on revenue of $4.13 billion. PayPal stock is extended from its previous buy point.

According to IBD Stock Checkup, PayPal boasts a 98 out of 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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