The stock market pared losses as the Dow and the S&P 500 today held above their October lows, while the Nasdaq fell below its prior low but rebounded back above it.
XThe S&P 500 reduced its loss to 1.4%. But the index is still holding above the October low, which is a key level for chart watchers.
After undercutting its Oct. 29 low, the Nasdaq composite erased a portion of its loss but was still down 1.2%. The Dow Jones industrial average was down 1.8%.
All three major indexes remain below their 200-day moving averages. Indexes bounced after 45 minutes of selling, but the rebound started stalling in late morning trading. Volume was tracking higher compared with the same time Monday.
Troubles continued to mount for market bellwether Apple (AAPL), which gapped down to its lowest price since early May. Goldman Sachs became the latest analyst firm to raise doubts about iPhone demand. Goldman cut its price target on Apple to 182 from 209.
While selling was focused on technology shares again, losses were broad. Decliners led advancers by a 5-1 ratio on the NYSE and by 5-to-2 on the Nasdaq. Most of IBD's 197 industry groups were lower, and nearly all S&P sectors were lower.
A curious exception in the technology sector was the beaten-up semiconductor segment. The Philadelphia semiconductor index rose 0.2%. Nvidia (NVDA) and Applied Materials (AMAT) reversed higher; Advanced Micro Devices (AMD) erased a 10% drop.
Biotechs, another industry concentrated in the Nasdaq, were basically flat after erasing sharp losses.
But retail stocks were off sharply after some big chains tumbled following earnings reports. Target (TGT) plummeted below its 200-day line in heavy volume after Q3 results missed expectations. Kohl's (KSS) also plunged in big volume despite its results coming in above views.
Energy shares resumed their descent after crude oil prices fell more than 5% to $54.20 a barrel. Drilling, oilfield services, oil machinery, and exploration and production industry groups were off 3% or more and in the bottom 20 groups.
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