The Dow Jones Industrial Average and other major stock indexes traded mixed Wednesday, as Wall Street awaited the Federal Reserve’s favored inflation gauge. After a modest rebound Tuesday, Nvidia (NVDA) extended recent losses on the stock market today.
After the opening bell, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 moved down 0.1%. The tech-heavy Nasdaq composite lost 0.3% in morning trading.
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Stocks Mixed; Amazon.com, Constellation Energy, MercadoLibre In Focus
Early Wednesday, the 10-year Treasury yield ticked lower to 4.26%. Oil prices climbed, as West Texas Intermediate futures traded around $69.25 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) moved down 0.3%, as the SPDR S&P 500 ETF (SPY) lost 0.1% after the open.
Nvidia stock declined more than 2% Wednesday, with the artificial intelligence titan hitting a new recent low during its ongoing pullback since Nov. 21.
While shares moved up 0.7% Tuesday, they are testing their 10-week moving average line, an important area to watch. If the stock breaks that level in heavy volume, then further downside would be likely. Conversely, a decisive rebound would place the AI stock in a new buy area.
The stock and bond markets are closed on Thursday, Nov. 28 for Thanksgiving. They reopen on Friday, but the stock market closes early at 1 p.m. for Black Friday. The bond markets will close at 2 p.m.
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Cybersecurity leader CrowdStrike (CRWD) sold off 3% Wednesday after the company reported third-quarter earnings and revenue that topped estimates.
Other key earnings movers Wednesday morning include Ambarella (AMBA), Autodesk (ADSK), Dell (DELL), HP (HPQ), Nordstrom (JWN) and Workday (WDAY).
Ambarella stock soared nearly 14% higher, while Autodesk shares tumbled nearly 7% and Dell stock plummeted more than 12%. Shares of HP dropped 7%, as Nordstrom lost 9.5%. Finally, Workday shares plunged by more than 9%.
Taking the economic spotlight Wednesday is the Fed’s primary inflation gauge, the core personal consumption expenditures price index or PCE, which is expected out Wednesday at 10 a.m. ET. Included in the Commerce Department’s personal income and outlays report, the core PCE price index is expected to rise 0.3% in October, with a year-over-year increase of 2.8%.
Ahead of that release, the second reading of the third quarter GDP from the Commerce Department showed no change from the first estimate, with GDP growth of 2.8%. No revision was expected.
Finally, the Labor Department’s initial jobless claims held steady at 213,000. They were expected to rise to 217,000, per Econoday.
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Dow Jones Hits New High
On Tuesday, the Dow Jones Industrial Average rose 0.3%, hitting an all-time high, while the S&P 500 and the Nasdaq composite both climbed 0.6%.
Among the best companies to watch on the stock market today are Broadcom (AVGO), Embraer (ERJ), Cloudflare (NET) and Tradeweb Markets (TW).
Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), Microsoft (MSFT) and Sherwin-Williams (SHW).
Sherwin-Williams and Cloudflare are featured in this Stocks Near A Buy Zone column.
There were no new stocks on IBD MarketSurge‘s “Breaking Out Today” list Tuesday. Check for potential breakouts on the “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Sherwin-Williams Breaks Out
Dow Jones leader Sherwin-Williams is breaking out past a 392.57 buy point in a flat base, according to MarketSurge pattern recognition. Shares inched higher Wednesday.
Outside the Dow Jones index, artificial intelligence giant Broadcom remains below its 50-day moving average, as it continues to build a flat base that has a 186.42 entry. Broadcom shares dropped 0.8% Wednesday.
Embraer is in buy range above an alternative entry at 39.46 and is a recent IBD Stock Of The Day. Shares were flat early Wednesday.
Cloudflare broke out last week, topping a 99.17 buy point in a cup with handle. The 5% buy zone runs up to 104.13, so shares are in buy range. Cloudflare stock lost 0.3% Wednesday.
Finally, Tradeweb closed Tuesday just above a 136.13 entry in a flat base. Tradeweb stock was flat Wednesday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Tradeweb | (TW) | 136.13 | Flat base |
| Sherwin-Williams | (SHW) | 392.57 | Flat base |
| Broadcom | (AVGO) | 186.42 | Handle entry |
| Deckers Brands | (DECK) | 172.57 | Handle entry |
Source: IBD Data as of Nov. 26
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Magnificent Seven Stocks: Alphabet, Meta, Tesla
Among Magnificent Seven stocks, Alphabet (GOOGL) fell 0.3% in morning trading. Shares plunged below their 50-day line last week, but are trying to rebound.
Meta Platforms (META) is trying to get back above its 50-day line amid recent gains, and is getting closer to a flat base’s 602.95 buy point. Shares were down a fraction Wednesday.
Tesla (TSLA) moved up 0.4% in early action Wednesday, looking to snap a two-day losing streak. Shares remain sharply extended past a 264.86 cup-with-handle entry even after they reversed off new highs Monday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock rallied sharply Tuesday, decisively retaking a 201.20 buy point. It lost 0.5% in early trading Wednesday.
Shares of Apple are within striking distance of a flat base’s 237.49 entry. The stock dipped 0.2% Wednesday morning.
Microsoft shares eased 0.7% Wednesday morning. The stock reclaimed its 50-day line, a key level to watch, during Tuesday’s 2.2% gain.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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