The major market indexes posted heavy losses through Wednesday morning trade. The tech-heavy Nasdaq lagged with a 0.7% loss, weighed down by Apple’s (AAPL) fall. The Dow Jones industrial average and S&P 500 declined 0.6% apiece.
XAutoplay: On | Off Among the Dow Jones Industrial components, only a few names were trading in the green early Wednesday. Nike (NKE) moved up 0.7%, as it builds a cup-with-handle base with a 57.35 entry.
Elsewhere in the Dow, Apple dropped 1.1%, on pace to extend a losing streak to five trading sessions, but recovered to just above the buy range from a 160.97 cup-with-handle entry. Key iPhone supplier Foxconn announced weaker-than-expected profit in the third quarter. The supplier was hit by production issues with the new iPhone X.
FANG stocks were down across the board in the stock market today. Netflix (NFLX) fell 0.7% , while Facebook (FB) moved 0.5% lower. The video streaming platform is still above its 190.05 cup-with-handle entry, while the social media giant is holding above a 175.59 flat-base entry.
Among companies reporting earnings, Chinese internet giant Tencent (TCEHY) handily surpassed the Street’s targets on strength in its smartphone games revenue. The ADRs rose 2%, near a record high. The stock has been a big winner in 2017, up about 85% from a 27.04 cup-with-handle entry.
Meanwhile, fellow China-based leader and IBD 50 member YY (YY) also posted strong earnings and sales results. Shares advanced 13% to a fresh record high after rebounding from a test of 10-week support. The stock is well-extended from a 83.10 buy point.
On the downside, Chinese e-commerce giant Alibaba (BABA) traded nearly 2% lower. The stock was just above its 50-day line, and a 177.10 ascending-base pattern buy point.
Payment processing leader Square (SQ) moved up over 2% after announcing it was testing cryptocurrency support in their Cash app. The trial allows a small number of users to buy and sell bitcoin within the app.
On the downside, Universal Display (OLED) stumbled over 3%. Still, the stock is up almost 20% from a 145.40 flat-base entry.