Stocks Sell Off As FANGs Falter, Chinese Techs Tumble – Investor's Business Daily

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Stocks opened down Thursday as the brutal selloff in technology stocks continued. The Nasdaq dropped 1%, while the S&P 500 moved down 0.5%. The Dow Jones industrial average only traded down 0.3%.

Among the Dow industrials, Caterpillar (CAT) and Boeing (BA) paced the advancers with gains of 0.9% and 0.5%.

In early trading, Apple (AAPL) joined Nike (NKE) and Visa (V) at the bottom of the early morning’s performers. Apple dropped 1%, while Nike declined 2.3%. Visa fell 1.2%.

Within the S&P 500, truck manufacturer Paccar (PCAR) moved up 1.1%, but remains stuck under its 50-day line.

On the downside, grocery store Kroger (KR) plummeted over 12% after cutting its full-year guidance during its Q1 earnings results. Toy maker Mattel (MAT) was cut to neutral at DA Davidson, sending shares down 7%.

Among leading stocks in the stock market today, Tesla (TSLA) and Nvidia (NVDA) both fell sharply, but were paring their losses. The maker of electric automobiles dropped 2.5% after reaching a new record high Wednesday, while the graphics chip maker is trading about 10% off its all-time highs, declining just over 1% Thursday morning.

FANG stocks were hit hard early Thursday as the selloff in technology names continued in earnest. Facebook (FB) and Amazon.com (AMZN) fell almost 2%, while Netflix (NFLX) declined 1.6%. Amazon.com had its price target raised to 1,100 from 975 at Nomura Instinet.

Google-parent Alphabet (GOOGL) was downgraded to hold at Canaccord Genuity, which had concerns about future growth. Shares fell 2.4% as the stock attempted to cling to its 50-day moving average.

China stocks also sold-off. E-commerce giants Alibaba (BABA) and JD.com (JD) fell 1.9% and 3.5%, respectively, while gamer NetEase (NTES) traded down 2.2%.

Action in the IBD 50 was predominantly negative, but regional banks were rare brights spots. Citizens Financial (CFG) and East West Bancorp (EWBC) moved up 0.2% apiece.

On the downside, YY (YY) lagged with a near 6% decline. GrubHub (GRUB), TAL Education (TAL) and Momo (MOMO) all fell more than 3%.

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