The Dow Jones Industrial Average and the other major stock indexes swept sharply higher premarket Wednesday, as former President Donald Trump defeated Vice President Kamala Harris in Tuesday's presidential election. Republicans retook the Senate and appeared to have the edge in the House. Magnificent Seven stock Tesla (TSLA) soared to new highs on the stock market today.
Ahead of the opening bell, Dow Jones futures surged 3.1%, or 1,300 points above fair value, as S&P 500 futures moved up 2.2%. Tech-heavy Nasdaq 100 futures traded up 1.6% in premarket trading.
↑ XEarly Wednesday, the 10-year Treasury yield jumped to 4.47%. Oil prices declined, as West Texas Intermediate futures traded around $70.70 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose 1.6%, as the SPDR S&P 500 ETF (SPY) moved up 2.2% ahead of the open.
Nvidia, Apple And Tesla Highlight How To Handle The Stock Market Today
Tesla (TSLA) rebounded 3.5% Tuesday, snapping a six-day losing streak. On Monday, the electric-vehicle giant triggered the 7% sell rule below a 264.86 cup-with-handle entry.
Shares are bouncing back from support around their 50-day line, a key level to watch. Shares extended those gains Wednesday morning, as they surged nearly 12%. They traded near 283 per share and are set to hit a new 52-week high.
Other key earnings movers early Wednesday include Celsius (CELH), CVS Health (CVS), Lantheus (LNTH), Shopify (SHOP) and Super Micro Computer (SMCI).
Shares of Celsius tumbled more than 7%, while CVS stock rallied 7.5% in premarket trading. Lantheus stock dived 9.5%, as Shopify moved up 3.2%. And Super Micro plunged another 16% in early action.
Howmet Aerospace (HWM), IBD's Stock of the Day for Tuesday, also rallied after its Q3 report.
Nvidia Poised To Dethrone Apple. Amazon Takes Aim At Google.
On Tuesday, the Dow Jones Industrial Average rallied 1%, while the S&P 500 advanced 1.2%. And the tech-heavy Nasdaq composite gained 1.4%.
During Tuesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are Costco Wholesale (COST), GoDaddy (GDDY) and MercadoLibre (MELI).
Notable Dow Jones components are Amazon.com (AMZN), Apple (AAPL), JPMorgan Chase (JPM) and Microsoft (MSFT).
Amazon and GoDaddy were featured in this Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge's "Breaking Out Today" list Tuesday. Notably, Intapp (INTA) briefly topped a 51.67 buy point in a cup with handle before backing off. 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 financial leader JPMorgan is trading just below a 225.48 buy point, according to MarketSurge pattern recognition. Shares jumped 7% on the stock market today. JPMorgan was IBD's Stock Of The Day on Monday.
Outside the Dow Jones index, Costco is forming a flat base with a 923.83 buy point, and is trying to regain the 50-day line. Costco stock traded up 0.8% early Wednesday.
GoDaddy regained a cup-with-handle entry at 166.17, with a 1.3% gain Tuesday. Shares were up 2.7% Wednesday premarket.
Online retailer MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is moving further above the 50-day moving average. MercadoLibre is due to report third-quarter results late Wednesday. The stock gained 0.5% Wednesday morning.
Nvidia Still King, But This 'Big Daddy' Crushes All Other Mag 7 Stocks
These are four stocks in or near buy zones in today's stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | (RACE) | 498.23 | Flat base |
| Costco Wholesale | (COST) | 923.83 | Flat base |
| MercadoLibre | (MELI) | 2,161.73 | Flat base |
| Uber Technologies | (UBER) | 82.14 | Consolidation |
Join IBD Experts As They Analyze Leading Stocks On IBD Live
Among Magnificent Seven stocks, Alphabet (GOOGL) moved up 2.2% in premarket trading on the stock market today. Shares are forming a cup base that has a 191.75 entry, but keep an eye out for a potential handle.
Meta Platforms (META) rebounded Tuesday from its 50-day moving average line, rallying 2.1%. Shares slipped 1% Wednesday.
Chip giant Nvidia (NVDA) climbed 0.5% Tuesday and looked to add to those gains with a 0.9% rise premarket Wednesday.
Among Dow Jones components in the Magnificent Seven, Amazon stock inched higher in premarket trading Wednesday, further above a 195.37 handle buy point. Investors also could use the consolidation peak of 201.20 from early July, which also was the tech giant's high-water mark.
Shares of Apple remains below its 50-day line in the wake of the company's earnings report last week. Apple stock rose 0.4% Wednesday morning.
Microsoft shares climbed 1.2% Wednesday morning. Last week, shares of the software giant dived through their 50-day line, a key sell signal, after the company's earnings results.
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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