The Dow Jones Industrial Average trimmed its midday losses and was nearly unchanged in the afternoon as investors awaited Fed Chair Jerome Powell’s comments on Wednesday. Apple (AAPL) and Nvidia (NVDA) hovered near buy points, and Meta Platforms (META) broke out of a base. Tesla (TSLA) fell on its China deliveries in the stock market today.
The S&P 500 also pared losses and traded flat after rising to a record high on Monday. The Nasdaq bucked the trend and rose 0.2%. The tech-dominated index also scored a record high on Monday.
The small-cap Russell 2000 trimmed its loss to 0.5%. The Innovator IBD 50 ETF (FFTY) held a 0.7% gain in the stock market today.
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Volume turned lower on the NYSE at midday and continued to be lower on the Nasdaq compared with the same time on Monday. Decliners outnumbered advancers by nearly 3-to-2 on the NYSE and 5-to-2 on the Nasdaq.
The yield on the 10-year Treasury note rose one basis point to 4.2%.
In economic data, job openings in October rose to 7.74 million vs. estimates of 7.49 million.
Along with Powell’s comments on Wednesday, investors also await the Beige Book, which will have anecdotal evidence of economic activity in the Fed’s regions. Powell will be part of a panel discussion at the New York Times DealBook Summit, according to the Federal Reserve’s website.
Shares of Janus Therapeutics (JANX) soared after analysts called out “unprecedented results” for its prostate cancer treatment experiment. Shares gapped up over 50% even after paring gains, rising past a buy point of 58.06 from a cup-with-handle base.
12:15 p.m. ET
Meta Breaks Out
Magnificent Seven stocks Apple and Nvidia hovered near buy points. Apple broke out of a flat base with a 237.49 buy point on Monday. Nvidia remained below a buy point of 140.76.
Meta broke out a few minutes before noon ET. Shares topped a 602.95 buy point, also from a flat base. Volume was running 27% above average.
Meta holds outstanding Composite and EPS Ratings of 96. Its Relative Strength Rating is 87. More significantly, the relative strength line has started to rise and is near a new high. The stock’s move above the 50 day moving average Monday could have been an earlier entry.
10:33 a.m. ET
Dow Jones Stocks
Salesforce (CRM) slipped 0.5% ahead of its earnings report after the close. The software giant snatched the spotlight in October with its foray into autonomous AI agents, but the road map to monetizing it will likely be discussed on the earnings call.
Salesforce is among the AI stocks to watch. Shares are in a buy zone from a buy point of 318.71. Among other Dow stocks, Nike (NKE) and Visa (V) lagged with losses of less than 1%, while Verizon (VZ) and Merck (MRK) gained less than 1%.
Stock Market Today: AI Stock Soars
Among earnings movers, Zscaler (ZS) fell 3% after its report, while AI stock Credo (CRDO) soared on strong guidance. Cloud-based cybersecurity provider Zscaler beat views with sales of $628 million and earnings of 77 cents per share while its revenue outlook was in line with estimates.
Credo reported second quarter earnings of 7 cents per share, up 600% from the prior year. Sales for the AI components maker grew 64% to $72 million. Shares soared over 40% to an all-time high, according to IBD MarketSurge.
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Third quarter revenue outlook of $120 million blew past estimates of $104.6 million. Strong demand for its data center components from customers such as Microsoft (MSFT) and Amazon.com (AMZN) had analysts turning bullish on Credo stock.
Analysts at Mizuho raised their price target to 70 from 49 and noted that the AI stock could be an “outsize beneficiary of AI-driven tailwinds.”
Artificial Intelligence News And AI Stocks To Watch
Tesla fell 1% after news that the EV giant shipped 79,000 vehicles out of its Shanghai factory, bringing the total for October and November to 147,000 – 5% lower than last year.
On Monday, a Delaware court rejected for the second time CEO Elon Musk’s 2018 pay package despite that shareholders had approved it.
Also among AI-chip makers, Marvell Technology (MRVL) will report after market close. Analysts expect a 3% increase in sales to $1.5 billion with a 1% decline in earnings to 41 cents per share. Shares have rallied ahead of the report and are extended from an 85.76 buy point.
According to reports, Marvell is a small player in accelerator chips that data centers use but has started making custom chips for Amazon. Analysts at Oppenheimer raised their price target to 108 from 90 last week.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
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