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.
Ahead of the opening bell, Dow Jones futures rose 0.2% vs. fair value, while the S&P 500 futures moved down less than 0.1%. Tech-heavy Nasdaq 100 futures lost 0.2% in morning trading.
MercadoLibre In Focus" vid-repeat="1" vid-top="" vid-url="https://content.jwplatform.com/manifests/SE3hILrN.m3u8" vid-width="100"> ↑ XEarly 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 0.1%, as the SPDR S&P 500 ETF (SPY) lost a fraction ahead of the open.
Nvidia stock declined more than 1% premarket Wednesday, with the artificial intelligence titan set to hit 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) sank nearly 3% Wednesday premarket even 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 22%, while Autodesk shares tumbled nearly 8% and Dell stock plummeted 12.4%. Shares of HP dropped 8.3%, as Nordstrom lost 1.3%. Finally, Workday shares plunged by nearly 11%.
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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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 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 leader Sherwin-Williams is breaking out past a 392.57 buy point in a flat base, according to MarketSurge pattern recognition. Shares inched lower 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 gained another 2.2% 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 1.2% Wednesday.
Finally, Tradeweb closed Tuesday just above a 136.13 entry in a flat base. Tradeweb stock declined 0.5% in premarket action 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 |
|---|---|---|---|
| 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 |
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Among Magnificent Seven stocks, Alphabet (GOOGL) rose 0.1% in premarket 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 0.5% in premarket 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.
Among Dow Jones components in the Magnificent Seven, Amazon stock rallied sharply Tuesday, decisively retaking a 201.20 buy point. It added 0.1% in premarket trading Wednesday.
Shares of Apple are within striking distance of a flat base's 237.49 entry. The stock dipped 0.4% Wednesday morning.
Microsoft shares eased 0.6% 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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