The major stock indexes declined with solid losses early Monday amid rising unrest in Hong Kong. The Dow Jones industrials slid more than 150 points in today's stock market before trimming losses.
XDow Jones stock Cisco Systems (CSCO) weighed on the Dow Jones Industrial Average after an analyst downgrade, while Apple (AAPL) looked to snap a win streak in morning trade. Elsewhere, hot stock Tesla (TSLA) is breaking out past a potential buy point. Chinese stock leader Alibaba (BABA) dipped more than 2% despite being on pace to set record sales in its Singles' Day event.
Check out this week's IBD Investing Action Plan for important stock market events, like earnings results from Chinese giants JD.com (JD) and Tencent (TCEHY). Meanwhile, Dow Jones stock Walmart (WMT) will report on Thursday before the stock market open.
Dow Jones Pares Losses In Current Stock Market Rally
The Nasdaq composite fell 0.4% early Monday. The S&P 500 moved down 0.3%, while the Dow Jones industrials dropped 0.35%. (For more of today's stock market updates, visit the Stock Market Today page.)
All three major indexes are near record highs amid recent rallies. Year to date, the Nasdaq composite is up about 27%. The S&P 500 gained about 23%, while the Dow Jones Industrial Average rose about 18%.
Among exchange traded funds, Innovator IBD 50 (FFTY) shrugged off the market's losses to rise 0.2% Monday. The ETF is trying to maintain its long-term 200-day line amid recent tests of that level.
Dow Jones Stocks: Cisco Downgraded
Among the Dow Jones stocks, Cisco Systems fell more than 2% after being downgraded from overweight to neutral at Piper Jaffray. Cisco stock is trying to maintain its 50-day moving average line. Shares are more than 17% off their 52-week high.
Elsewhere in the Dow Jones Industrial Average, Apple looked to snap a three-day win streak with a modest 0.3% fall early Monday. Shares remain about 17% above a 221.47 entry in a flat base.
Stock Market News: Tesla Races To A Breakout
Tesla raced almost 3% higher after Jefferies raised the price target on the electric-auto maker from 300 to 400. Meanwhile, the company unveiled its first vehicles made in Tesla's new Shanghai factory. Tesla stock is breaking out past a 340.94 buy point in a cup with handle.
Meanwhile, luxury-car maker Ferrari (RACE) is about 4% below a recent buy point. Shares broke out on Nov. 4, but are on a four-day losing streak. Ferrari stock fell 0.5% Monday. The company was featured in last week's IBD New America.
Chinese stock leader Alibaba slipped more than 2% despite strong sales in its annual Singles' Day event. The e-commerce giant is now below a 184.23 buy point in a choppy cup with handle. The stock is on pace to snap a five-day win streak.
Top Growth Stocks To Watch: Dow Jones Leader
Among the IBD 50 top growth stocks, Dow Jones leader Microsoft (MSFT) is in the 5% buy zone above a 142.47 buy point in a flat base. Shares fell 0.3% in morning trade.
According to IBD Stock Checkup, Microsoft stock has a 92 out of a best-possible 99 IBD Composite Rating. Investors can use the Composite Rating as an easy gauge of a stock's fundamental and technical metrics.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the stock market.
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