U.S. equities are falling hard on Wednesday as growth and valuation concerns seep in. It’s not helping that the venture capital IPO bubble is popping either, with Peloton (NASDAQ:PTON) suffering an embarrassing opening while the WeWork IPO was cancelled. There are reports that VC firms are now advising their investments to avoid attempting to go public until 2020 at the earliest.
If this is a game of musical chairs, the music just stopped. Will it restart? It’s hard to say.
What we do know for sure is that a number of large-cap titans are rolling over badly, suggesting the broad market has further to fall. Here are seven Dow Jones Industrial Average stocks that are dropping hard.
Dow Jones Stocks: American Express (AXP)
American Express (NYSE:AXP) shares are testing below their 200-day moving average for the first time since January, down more than 12% from their recent high. The company will next report results on Oct. 18 before the bell. Analysts are looking for earnings of $2.03 per share on revenues of $11 billion. The company recently announced a 120 million share repurchase program.
Boeing (NYSE:BA) shares have fallen to test their 200-day moving average, pulling back from the technical resistance range that has been in play since the 737 MAX problems started in March. The company will next report results on Oct. 23 before the bell. Analysts are looking for earnings of $2.25 per share on revenues of $20.5 billion.
Analysts at Baird recently cut the firm’s price target on worries that Boeing’s production rate will be at risk over the next 24 months.
With trade tensions between the United States and China just getting worse, heavy equipment maker Caterpillar (NYSE:CAT) is watching its share price fall back to the lows from a two-year consolidation range. The company will next report results on Oct. 23 before the bell. Analysts are looking for earnings of $2.93 per share on revenues of $13.6 billion. Shares were recently downgraded by analysts at Wells Fargo.
Chevron (NYSE:CVX) shares are dropping out of a large, churning sideways channel to threaten a return to levels not seen since February. This comes amid a fresh pullback in crude oil prices. The company will next report results on Nov. 1 before the bell. Analysts are looking for earnings of $1.80 per share on revenues of $40.8 billion.
Goldman Sachs (GS)
Goldman Sachs (NYSE:GS) shares are falling back below their 200-day moving average as market volatility returns and the IPO window closes, removing key sources of revenue. A drop in long-term interest rates isn’t helping either — putting the pressure on net interest margins. The company will next report results on Oct. 15 before the bell. Analysts are looking for earnings of $5.45 per share on revenues of $8.6 billion.
Intel (NASDAQ:INTC) shares are threatening to fall below their 200-day moving average, setting up a decline back to the lows seen in May. Semiconductor stocks are extremely sensitive to changes in the outlook for trade talks, given their supply chains span the Pacific Ocean. The company will next report results on Oct. 24 after the close. Analysts are looking for earnings of $1.24 per share on revenues of $18 billion.
Pfizer (NYSE:PFE) shares are falling away from their declining 50-day moving average to return to lows set in August. This marks a 20%+ decline from the highs set in early July. This healthcare sector continues to trade nervously amid the rise of Massachusetts Sen. Elizabeth Warren as a Democratic presidential candidate. The company will next report results on Oct. 29 before the bell. Analysts are looking for earnings of 62 cents per share on revenues of $12.3 billion.
As of this writing, William Roth did not hold any of the aforementioned securities.