The major market averages retreated with heavy losses early Monday, as FANG stock Facebook (FB) slid 5% in the stock market today to approach its long-term 200-day line.
XThe Nasdaq looked to make it four down days within the last five trading sessions, as the tech-heavy composite fell 1.3%. The S&P 500 and Dow Jones industrial average declined 0.7% and 0.8%, respectively. The S&P 500 continues to battle for support at its 50-day line — but is now below it — while the Dow has been stuck under that level.
Among the Dow industrials, Apple (AAPL) fell 0.8% amid a Bloomberg report that the company was designing and making its own display screens at a secret facility in California. The stock is still holding above its 50-day line.
Meanwhile, OLED-display maker Universal Display (OLED) dropped over 10% in response. The former highflier and 2017 top stock has had a dramatic fall from its 209 all-time high on Jan. 19. Shares are about 47% off high through morning trade.
Among companies reporting earnings, Oracle (ORCL) will report its fiscal-Q3 earnings after the close Monday. Analysts expect EPS of 72 cents on revenue of $9.77 billion. The stock is just below a flat base's 53.24 buy point, but its relative strength line is lagging. Shares were up 0.4% in morning trade.
FANG stock Facebook declined 5% amid the company's data sharing of private information with data analytics firm Cambridge Analytica. Shares had been building a cup-with-handle formation with a 186.20 buy point, but Monday's action put the stock well-below its 50-day moving average line.
Amazon.com (AMZN) and Netflix (NFLX) both declined about 1%, but remain well-extended from their respective buy points. Meanwhile, Google-parent Alphabet (GOOGL) is testing its 50-day line with a 2% loss as it builds the right side of potential base.
Inside the IBD 50, Lam Research (LRCX) traded lower with a near-2% fall, as it gave up its 218.58 double-bottom entry. The leading chip-gear maker is at a crossroads after the March 9 breakout.
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