Like clockwork, U.S. equities (aside from Dow stocks) are rebounding on Wednesday thanks to another anonymous source talking up the odds of a U.S.-China trade deal in the financial media. This comes a day after President Donald Trump said he was in no hurry to secure a deal and that it might be better to wait until after the 2020 election.

While a rebound is underway, much damage has already been done on worries about the unrest in Hong Kong on top of the possibility that Trump could worsen the trade spat before it gets better. The Dow Jones Industrial Average has already fallen below the 28,000 level and looks set for a violation of its 50-day moving average.

A number of component stocks are already in downtrends, signified by moving below their 200-day moving average. Here are four to avoid:

American Express (AXP)

Shares of American Express (NYSE:AXP) are struggling to stay above their 200-day moving average, looking ready for a drop back to lows not seen since late 2018 near $90-a-share that would be worth a loss of around 25% from here.

The company will next report results on Jan. 16 before the bell. Analysts are looking for earnings of $2.02 per share on revenues of $11.4 billion. The company is vulnerable to a pullback in U.S. economic data and thus the health of the consumer.

Chevron (CVX)

Chevron (NYSE:CVX) shares are drifting back below their 200-day moving average and look set for a return to the October low near $109 that would be worth a loss of more than 6% from here. The stock has been mired in a sideways trading range since early 2018 as energy stocks have been unable to shake nagging fears of industry oversupply and tepid global growth.

CVX will next report results on Jan. 31 before the bell. Analysts are looking for earnings of $1.56 per share on revenues of $37.9 billion.

McDonalds (MCD)

McDonald’s (NYSE:MCD) shares are suffering a “death cross” as its 50-day average crosses down below its 200-day average. Investors continue to shun the stock in the wake of the departure of its CEO in light of allegations of improper relations with a subordinate. The drop marks the first extended run below its 50-week moving average since 2018 and comes amid growing competitive pressures in the fast food service space.

The company will next report results on Jan. 29 before the bell. Analysts are looking for earnings of $1.96 per share on revenues of $5.3 billion.

International Business Machines (IBM)

International Business Machines (NYSE:IBM) shares are testing the bottom of a multi-month consolidation range as they linger below their 200-day moving average. This marks already a 10% departure from the highs set in July. Watch for a decline back to the lows set in late 2018, which would be worth a loss of more than 22% from here.

IBM will next report results on Jan. 21 after the close. Analysts are looking for earnings of $4.69 per share on revenues of $21.6 billion.