The major stock indexes were down more than 1% Friday afternoon, as the market continued the week's bout of selling.
XThe Dow Jones industrial average slid 1.6%, the S&P 500 1.3% and the Nasdaq composite 1.2%. Small caps also were struggling, with the Russell 2000 off 1.2%.
Volume was higher compared with the same time Thursday. Breadth was quite bearish, with losers over winners by 6-to-1 on the NYSE and by more than 13-to-5 on the Nasdaq.
Energy, internet, semiconductor and transportation equipment were some of the weakest sectors in today's market. The price of U.S. crude fell 61 cents to 65.19 a barrel.
The Dow's pain grew from sharp declines in shares of Exxon Mobil (XOM) and Chevron (CVX). The two oil giants reported results that disappointed the market.
Exxon Mobil missed profit and sales expectations, reporting earnings of 88 cents a share, excluding items, on revenue of $66.5 billion. The stock gapped down below the 50-day moving average in heavy trading, an alarming move. Chevron beat revenue views but missed earnings expectations. It earned 73 cents a share after tax adjustments. Revenue rose 19% to $37.62 billion. Chevron shares also slid below the 50-day line in big volume.
Apple (AAPL) also weighed on the Dow after the company reported earnings late Thursday. Apple shares fell 3% in heavy trading to the lowest level since Oct. 27. The stock fell nearly 8% from the 176.34 buy point of a flat base, meaning Apple triggered a sell rule. It already had been sliding below the 50-day line.
Tableau Software (DATA) stood out as the day's only breakout. The stock gapped up, clearing the 82.42 buy point of a cup-without-handle base in abundant volume. The data analytics company reported adjusted earnings of 12 cents a share, a drop of 54% from a year ago but above analysts' expectations. Sales of $249.4 million also beat views, but were 1% lower.
Inside the IBD 50, a few stocks that were rattled this week were trying to rise from support at the 50-day moving average.
PayPal (PYPL), which plunged Thursday on earnings and news it will lose eBay as a client for electronic payments, rose 1% Friday afternoon but remains below the 79.48 buy point of PayPal's January breakout.
SVB Financial (SIVB) also is trying to rally. The holding company of Silicon Valley Bank is in IBD Leaderboard.
Floor & Decor (FND) was lower Friday but got a good bounce at the 50-day line Thursday. Meritor (MTOR) was back to its 28.06 buy point one day after it broke out past that entry.
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