The Dow Jones Industrial Average and other major indexes traded higher in premarket action Wednesday, as Wall Street braced for a Federal Reserve interest rate decision and Fed Chairman Jerome Powell's subsequent comments, due later in the day. An early winner on the stock market today was Nvidia (NVDA), while Tesla (TSLA) skidded from Tuesday's record highs.
Ahead of the opening bell, Dow Jones futures rose 0.4% vs. fair value, while S&P 500 futures gained 0.3%. Tech-heavy Nasdaq 100 futures moved up 0.2% in morning trades.
↑ XEarly Wednesday, the 10-year Treasury yield ticked higher to 4.42%. Oil prices bounced more than 1%, as West Texas Intermediate futures traded around $70.85 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose 0.2%, while the SPDR S&P 500 ETF (SPY) moved 0.3% higher ahead of the open.
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Nvidia stock sold off 1.2% Tuesday, hitting its lowest level since Oct. 7. Shares also closed further below their 50-day moving average, a sign of mounting weakness. Nvidia stock rebounded 2.9% in premarket trading Wednesday, looking to snap the four-day losing streak.
Tesla raced 3.6% higher Tuesday, as the Elon Musk-led company topped out at 483.99, more than 80% above a 264.86 buy point in a cup with handle. But then the electric-vehicle giant skidded 1.7% in premarket trading Wednesday, set to snap a three-day win streak.
Wall Street has been bracing for a hawkish Fed meeting outcome today, but it may not be hawkish enough. A third rate cut still looks like a virtual certainty, but markets haven't yet grasped that it may well be the last one for some time. Investors should be prepared for an S&P 500 letdown, if that's the gist of Wednesday's new batch of Fed interest-rate projections and Chairman Powell's news conference.
At the moment, markets see slim odds of a further rate cut at the Jan. 29 Fed meeting, but odds tilt toward a cut at the March 19 meeting, 58% to 42%, according to CME Group's FedWatch tool.
Elsewhere, key earnings movers Wednesday include General Mills (GIS) and Heico (HEI). Both tumbled 5.7% in early morning action.
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On Tuesday, the Dow Jones Industrial Average declined 0.6%, while the S&P 500 climbed dipped 0.4% and the Nasdaq dropped 0.3%.
Among the best companies to watch on the stock market today are BlackRock (BLK), Manhattan Associates (MANH) and Taiwan Semiconductor Manufacturing (TSM).
Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT) and Nvidia.
Taiwan Semi is featured in this Stocks Near A Buy Zone column.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. 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 leader IBM is just below a 237.37 buy point in a cup base, according to MarketSurge pattern recognition. Shares rose 0.5% Wednesday.
Outside the Dow Jones index, BlackRock is barely under a 1,068.34 buy point in a four-weeks-tight pattern. BlackRock stock added 0.1% in premarket trading Wednesday.
Manhattan Associates gave up its 306.63 handle entry following recent losses. Shares inched lower Wednesday morning.
Nvidia chipmaker Taiwan Semiconductor closed Tuesday within striking distance of a 205.63 cup-with-handle buy point. Shares rose 1.7% early Wednesday.
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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 |
|---|---|---|---|
| BlackRock | (BLK) | 1,068.34 | Tight area |
| IBM | (IBM) | 237.37 | Cup base |
| Broadcom | (AVGO) | 185.05 | Double bottom |
| Manhattan Associates | (MANH) | 306.63 | Handle entry |
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Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which has rallied sharply in recent weeks. During that advance, the e-commerce giant decisively regained a 201.20 buy point and hit new highs. It rose 0.6% in premarket trading Wednesday.
Shares of Apple are moving out of buy range above a flat base's 237.49 entry as they hit new highs Tuesday. The stock lost a fraction Wednesday morning.
Microsoft shares dipped 0.4% Wednesday morning. Last week, the stock reached its highest level since mid July.
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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