The major stock indexes sold off early Monday in today’s stock market before trimming losses in morning trade. The Dow Jones industrials declined about 100 points after more disappointing economic data out of China. December exports and imports dropped surprisingly in China. Top growth stocks Wingstop (WING) and Lululemon (LULU) pre-announced earnings data, sending their stock prices in different directions.
The tech-heavy Nasdaq composite fell 1%. The S&P 500 index declined 0.6% while the Dow Jones industrials moved down 0.4%. (For updates on this story and other market coverage, visit the Stock Market Today page.)
Dow Jones Stocks: Caterpillar, Apple Stock Fall
Meanwhile, Apple (AAPL) stock fell nearly 1.5%, extending a losing streak to two trading sessions. The stock’s relative strength line continues to plumb new lows, indicating sharp stock market underperformance.
Stock Market Earnings: Citigroup, Lululemon, Wingstop
Earnings season will again be a driving force in the stock market today. This week, a number of companies will be reporting earnings, including Dow Jones stocks JPMorgan (JPM), Goldman Sachs (GS) and American Express (AXP).
Citigroup (C) reversed from opening losses to rise over 3% after the banking giant reported mixed Q4 results early Monday. The bank’s earnings topped analyst targets, but revenue was lighter than expected. Citigroup stock is still about 30% off its 52-week high, as it treads below its 50- and 200-day moving averages.
Meanwhile, yoga-gear maker Lululemon rose about 7% after the firm raised its full-year earnings and revenue guidance. Lululemon stock is trying to pass resistance around the 140 price level.
IBD 50 stock Wingstop pre-announced its Q4 same-stores results, measuring 6%, above consensus estimates for a 4.9% increase. On Friday, the stock briefly moved above a cup base’s 72.11 buy point before giving up those gains. Wingstop stock declined about 2% in morning trade.
IBD 50 Stocks To Watch: Kirkland Lake Gold Outperforms
Among the leading growth stocks, Kirkland Lake Gold (KL) was one of the few stocks trading in positive territory amid the stock market sell-off Monday. Shares moved up 0.1% and are trading just off a new high.
On the downside, chip stock Broadcom (AVGO) fell 0.8%, as it continues to etch a handle onto a long base pattern. The handle puts the entry at 261.69.
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