The stock market looked to cap off the trading week with heavy losses Friday amid geopolitical turmoil that centered on Turkey. Early Friday, President Trump tweeted that he authorized a doubling of tariffs on steel and aluminum from that country. Top stock Planet Fitness (PLNT) jumped over 8% to a new breakout while IPO Leader Trade Desk (TTD) surged over 30%.
All three major indexes were squarely in red territory. The Dow Jones industrial average fell 0.8%, while the tech-heavy Nasdaq and S&P 500 fell about 0.6% apiece. The Nasdaq is on pace to snap an eight-day win streak that saw it near a record high.
Among the Dow stocks, Intel (INTC) dropped more than 2% after Goldman Sachs downgraded the chipmaker from neutral to sell. Shares are stuck under their 50-day line, as they looked for support at the longer-term 200-day moving average line.
Among companies reporting earnings, IBD 50 stock Planet Fitness moved up about 9% to hit a new high after beating the Street’s estimates late Thursday. The stock is breaking out above a 50.83 ascending-base entry. The ascending base is a rare chart pattern that can potentially lead to big gains. The 5% buy range tops out at 53.37.
Dropbox (DBX) stock declined 8% on its Q2 results. The company reported better-than-expected results and announced that its chief operating officer is stepping down. The recent issue showed tremendous strength when it broke out on June 14 above a 34.93 buy point and quickly ran up over 20%. But that initial enthusiasm quickly wore off, and the breakout failed when it gave back the entirety of that gain in just four trading sessions.
