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good afternoon everyone welcome to stock market today from the IBD newsroom Tom today's show we're going to take a look at a volatile session for the stock market major stock indexes ended with sharp losses fed cut-rate interest rates by a quarter point all so go take a look at earnings from Apple Advanced Micro Devices and earnings from a defense firm as well ok hi again everyone Ken Shrieve here along with Edie Carson Edie not a great day for the stock market the indexes were in kind of a holding pattern ahead of the feds decision to cut interest rates but it looks like we're gonna get another distribution day for the NASDAQ and S&P 500 today yeah I mean the rate cut didn't really change anything because that was what was expected within Fed chief Powell spoke and basically said this was an adjustment wasn't necessary the beginning of a series of rate cuts which you know a lot of economists say is non ously a bad idea but the markets have been pricing in several rate cuts and so by saying that you know if they're having to readjust it because the market have been rate rallying on this hopes first series of rate cuts didn't happen big sell-off there and it's really you can't fight the Fed I mean if the Fed wants to be cutting rates or raise rates you know you have to you have to be ready to respond to that yeah it taking a look at the Nasdaq chart here the tech index ended with a loss of one point two percent sp500 down 1.1 percent and the Dow down about 1.2 percent so it looks like we have some volume kind of declines today so we've been talking about a market that's been under mild distribution and in recent weeks but definitely some institutional selling today yeah something to be watching for we've obviously rallied a lot on good news and you know what's going to keep propelling it forward okay so Apple start by taking a look at Apple obviously its earnings report was in the spotlight today it actually did manage a game and it's in a technical breakout on a pretty good earnings report yeah the earnings are better than expected out the revenue turned higher slightly after a couple of quarters of declines this was a third straight quarter of year vo Ernie's declined so let's keep that in mind in Apple this is Apple's first breakout really of the 2019 stock market rally the big stock market leaders have already broken out once or maybe twice and run up a lot this one's still well below the October peak so that's just something to keep in mind you know where's the growth going to come from down the road even if we do get you know revival 5% 10% is I'm really gonna make Apple a stock market leader coming forward to apples credit it did close above a two 1541 buy point and apparently the wearables business still doing pretty well yeah and services of relatively high margin stuff they have things going forward it's not you know they you know iPhone sales weren't great so they still delivered a decent quarter anyway okay moving on let's take a look at l3 Harris took her here as LH axis was a big earnings mover today so take a look at Harris a pretty pretty bullish technical move all for the defense firm today yeah l-3 Harris which is a merger of l3 Technologies in Harris Corp recently it had reported accelerating earnings and revenue gains you know been flirting with a buy point recently going above and below today a really powered strongly higher defense stocks have been doing well another f-35 supplier mercury systems you know broke out today really powerful that was up in double digits moving above a buy zone so this is a sector that's you know so quietly been a leader in recent months yep and finally take a look at a bit of bad news in the market and Advanced Micro Devices which actually had been trading pretty well after a break out over a 3005 buy point the game from the buy point had gone up about 16% it seemed like an earnings report that caught the market a little bit off guard yeah the earnings in revenue were basically in line the real issue was the revenue guidance was weak and again people have been expecting we're gonna see the you know chip industry turning around I think they're really looking for a momentum this was just a real negative from you know really the stock that was sort of leading the way in the chip sector so this is not just bad news for AMD but maybe a little bit gloomy for some of the other chips powering below the 50 de line and heavy volume yeah not good auctioneer yeah reason why AMD have been a pretty strong price performer market obviously optimistic about a lot of new products processors graphic cards but then the company just kind of gave sluggish our revenue guidance for the current quarter and that brought a lot of sellers into the stock and like I said it closed below the 50-day moving average alright folks still a busy week of earnings got a lot of earnings reports tomorrow and Thursday to kick out the wheat but that's going to do it for today's show just wanted to remind you about some newsletters that we have weekly newsletters daily newsletters you can get all of these newsletters delivered to your inbox every day just by going to investors comm forward slash newsletters they're free filled with information so be sure to check that out and also a reminder that we are all over social media so be sure to check us out on YouTube Instagram Twitter and Facebook alright folks that will do it for that's going to do it for today I should say and thanks very much for joining us we'll see you right back here tomorrow
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