The firm develops products for viral and infectious diseases. The fact that its relative strength line is near highs is encouraging. The stock is now testing support at the conjoined 50-day and 21-day moving averages. Meridian Biosciences has been building a cup base with 28.82 buy point since April, according to MarketSmith analysis. With the market in the grip of a correction now is the time to beef up watchlists. Stock Market Dives On Recession Fears How Low Can It Go? Outside Dow Jones: 3 Stocks Build Bases It is now even further adrift of its potential entry of 1,208.10, MarketSmith analysis shows. TSLA is back toward the lows of its current consolidation. The former Leaderboard stock now sits more than 20% below its 50-day moving average. Tesla stock wiped billions off its market cap as it closed down nearly 8.5%. It remains rooted below its major moving averages. Twitter stock whipsawed but ultimately ended the day lower. The Tesla chief previously said the deal is “on hold” as he waits to learn about the number of bots and fake accounts on the social media platform. Uncertainty surrounds Musk’s mooted $44 billion takeover bid for the company.
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Musk also underscored his dedication to free speech, though he said this does not mean Twitter should actively promote it. He also told them that he has a strong bias toward in-person rather than remote work, indicating he would prefer them to work in the office, rather than at home.
The eccentric executive paved the way for possible layoffs when he told workers that “costs exceed revenue. Tesla stock dived after CEO Elon Musk held a meeting with Twitter employees Thursday. Elon Musk Makes Twitter Move Tesla Stock Dives Walmart (WMT) was one of the few gainers, though it was only up 1%. It now sits about 15% below its 50-day moving average, according to MarketSmith analysis.īut it was sportswear giant Nike and American Express (AXP) that suffered most on the Dow Jones today. It fell below the key 30,000 level.Īpple stock was one of the worst performers, giving up 4%. The Dow Jones Industrial Average also plummeted, shedding more than 700 points as it closed down 2.4%. The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, ended the session down 5.8%. Growth stocks were also given a scrubbing. Consumer staples and health care gave up the least ground.
Technology, energy and consumer discretionary suffered most. Cruise lines stocks sank, with Norwegian Cruise Line (NCLH) and carnival (CCL) both plunging more than 11%.
Lucid Motors (LCID) plunged, dropping more than 11%. The tech-heavy Nasdaq ended the day down 4.1%. With stagflation worries rising it was a tough environment for securities. Indexes were smacked down as Wednesday’s Fed meeting gains evaporated. West Texas Intermediate crude oil rose more than 1% to trade at just under $117 per barrel. Meanwhile, the yield on the benchmark 10-year Treasury note skidded 15 basis points to 3.24%. Volume was higher on both the Nasdaq and the New York Stock Exchange, according to preliminary data. Meridian Biosciences (VIVO), Nordstrom (JWN) and Johnson & Johnson (JNJ) are potential watchlist candidates. Apple (AAPL) and Nike (NKE) were big blue chip losers.Ī trio of stocks stood out by continuing to build bullish bases despite the negative action. Tesla (TLSA) dived after CEO Elon Musk made a Twitter (TWTR) move. The Dow Jones Industrial Average undercut a key level as stocks suffered a Fed hangover.
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