Tech Stocks Hammered; FANG Leaders Amazon, Netflix Stumble – Investor's Business Daily

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The stock market looked to start off the week on a down note amid moderate declines. Longtime FANG stock leaders Amazon (AMZN) and Netflix (NFLX) faltered with heavy losses in the stock market today.

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The Nasdaq lagged with a more than 1% decline to give back a good portion of Thursday’s rally. The tech-heavy composite remains under its 50-day line amid a new rally attempt. Meanwhile, the S&P 500 declined 0.8%. The Dow Jones industrial average fell just 0.4% despite the weakness in the technology-driven index.

Among the Dow industrials, Walmart (WMT) was the day’s loser with a 2% decline amid the company’s push to acquire Humana (HUM). Shares of the discount retailer are trading under their 40-week moving average line after an over-20% fall from its highs.

FANG stock Amazon.com was again the subject of President Trump’s tweeting. Over the weekend, the president took more shots at the e-commerce giant. Despite Thursday’s upside reversal, the stock closed below its 10-week line for the first time since an Oct. 27 breakout above a 1,083.41 buy point. Shares fell more than 3% early Monday and are approaching their recent lows.

Netflix fell about 3% to move back down to its 50-day line, where it found much needed support Thursday. The video streamer is still well-extended from a 204.48 flat-base entry amid a 17% pullback from its March 12 high.

Electric automaker Tesla (TSLA) dropped almost 7% early Monday after the company recalled 123,000 Model S sedans. Shares are on a five-week losing streak that brought them more than 30% off their all-time high and below their 10-week and 40-week moving average lines. The company is also expected to report its Q1 vehicle deliveries this week.

Inside The IBD 50 Stocks

Among leading growth stocks, Floor & Decor (FND) continued to advance with a more than 1% gain. Shares are extended from a 48.77 cup-with-handle entry that can be viewed on any MarketSmith and IBD daily chart.

On the downside, a number of components held losses in excess of 1%, including Micron Technology (MU). The memory-chip maker fell almost 3% and is nearing its 50-day moving average line. Shares are still holding well-above a 47.08 double-bottom entry despite the volatile action.

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