![‘Chicago Med’ Recap Season 10, Episode 8 — [Spoiler] Dead or Alive](https://tvline.com/wp-content/uploads/2024/11/chicago-med-recap.jpg?w=650 "‘Chicago Med’ Recap Season 10, Episode 8 — [Spoiler] Dead or Alive")
There is trouble looming for some stocks even as the market trades near record highs. The S & P 500 and Nasdaq Composite hit fresh record highs Wednesday after the latest consumer price index reading — a widely followed inflation gauge — was unchanged in May month over month, raising hope for Federal Reserve rate cuts later this year. Economists polled by Dow Jones expected a slight gain. But the broader market’s momentum is not translating into strong performances for some stocks. CNBC screened for stocks that were on the verge of forming a dreaded death cross chart pattern. A death cross occurs when a stock’s 50-day moving average slips below its downward-trending 200-day counterpart. The downtick often indicates that the stock is losing momentum and could face more losses moving forward. Take a look at the stocks that made the cut. Northrop Grumman Aerospace and defense stock Northrop Grumman has pulled back roughly 9% in 2024 and is closing in on a death cross chart pattern. Shares have trended lower despite some positive news for the company. Northrop was awarded a $119 million U.S. Navy contract last week, and the company also informed investors in May that it was increasing its quarterly dividend by more than 10%. Zimmer Biomet Holdings Shares of medical device firm Zimmer Biomet have struggled this year, losing about 11%. The stock’s 50-day moving average broke above its 200-day counterpart earlier this year, a short-lived sign of improving momentum. On Tuesday, the stock dropped more than 3% after the company’s management noted quarterly results may not be “linear” going forward, raising concern around Zimmer’s growth prospects near term. Zimmer is among the worst year-to-date performers in the S & P 500 health-care sector. IDEX Corporation Laboratory equipment maker IDEX also made the list. The stock is down about 5% after briefly forming a golden cross — a 50-day moving average topping its ascending 200-day counterpart — earlier this year. However, shares have fallen more than 11% since April 23, when IDEX issued weaker-than-expected earnings guidance for the second quarter. Other stocks on the list signaling a death cross chart pattern include Pool Corporation and Fortive Corporation . — CNBC’s Nick Wells contributed to this report.
These stocks are close to forming the dreaded death cross pattern
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