The Dow Jones Industrial Average fell, while the other major stock indexes traded higher premarket Wednesday, as Wall Street digested employment data and the GDP report. Meanwhile, Google parent Alphabet (GOOGL) was a big earnings winner on the stock market today, but Advanced Micro Devices (AMD) plunged.
Ahead of the opening bell, Dow Jones futures fell 0.2% vs. fair value, as S&P 500 futures edged higher. Tech-heavy Nasdaq 100 futures moved up a fraction in premarket trading.
↑ XEarly Wednesday, the 10-year Treasury yield ticked lower to 4.22%. Oil prices remained near this week's lows, as West Texas Intermediate futures traded around $68 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose less than 0.1%, as the SPDR S&P 500 ETF (SPY) held unchanged ahead of the open.
Super Micro Computer (SMCI) plunged 25% Wednesday morning after the company's auditor Ernst & Young resigned over governance and transparency concerns.
Nvidia, Apple And Tesla Highlight How To Handle The Stock Market Today
Shares of Alphabet jumped nearly 7% Wednesday after the company reported strong third-quarter earnings and sales results as the core internet search advertising business delivered better-than-expected results.
Google stock is moving up the right side of a cup base that shows a 191.75 buy point. Keep an eye out for a handle to offer a lower entry.
On the earnings front, AMD, Caterpillar (CAT), Eli Lilly (LLY), Garmin (GRMN) and Reddit (RDDT) were on the move Wednesday morning. The latter soared 20% in premarket trading after the company beat views and posted a profit earlier than expected.
AMD stock tumbled more than 8%, as Caterpillar shares sank 3%. Eli Lilly stock dived 9%. Garmin leapt almost 15%, set to break out past a 184.42 flat-base entry.
In economic data, ADP's employment report came in stronger than expected. Private payrolls increased by 233,000 in October, higher than the 115,000 Econoday estimate. The ADP report is a precursor to Friday's jobs report from the Labor Department.
Finally, the Commerce Department said that third-quarter GDP rose 2.8%, below estimates for a 3% increase.
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On Tuesday, the Dow Jones Industrial Average fell 0.4%, while the S&P 500 gained 0.2%. And the tech-heavy Nasdaq composite climbed 0.8% to hit a new high.
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), MercadoLibre (MELI), On Holding (ONON) and Uber Technologies (UBER).
Notable Dow Jones components are Amazon.com (AMZN), Apple (AAPL), Goldman Sachs (GS) and Microsoft (MSFT).
Goldman and Tesla were featured in the Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge's "Breaking Out Today" list Tuesday, including Aspen Technology (AZPN), which topped a 240.82 buy point. 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 Goldman Sachs regained its 517.26 buy point during this week's gains, according to MarketSurge pattern recognition. Shares edged lower on the stock market today.
Outside the Dow Jones index, Costco is forming a flat base with a 923.83 buy point but it threatens to give up support around the 50-day moving average. Costco stock traded down 0.2% early Wednesday.
Online retailer MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is also right below the 50-day moving average. Shares inched higher early Wednesday.
Footwear company On Holding is again finding support at its 50-day line. Shares are just below an early entry at 50.11 from the Oct. 17 high. The stock bounced a fraction Wednesday morning.
Finally, Uber Technologies has fallen below an 82.14 buy point in a consolidation. But following Tuesday's 2% jump, Uber stock rose 0.7% in Wednesday's pre-market trading. The company reports earnings Thursday morning.
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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, Meta Platforms (META) rose 2.4% in premarket trading on the stock market today, set to hit a new high. Meta stock had pulled back from its highs before finding support around the 10-week line.
Artificial intelligence giant Nvidia (NVDA) rose 0.5% Tuesday, holding just shy of record highs. It's now back above a 140.76 buy point in a consolidation. Shares dropped 0.3% premarket.
Last week, electric-vehicle giant Tesla (TSLA) broke out past a 264.86 buy point in a cup with handle. But shares fell further below that entry Tuesday, with a 1.1% decline. Tesla stock fell a fraction Wednesday.
Among Dow Jones components in the Magnificent Seven, Amazon shares are holding above their 50-day line, near a 195.37 buy point in a cup with handle. The stock added 2% premarket Wednesday.
Apple stock broke out above a 233.09 cup-with-handle entry Oct. 15 but is just above that buy trigger and attempting to find support around the 50-day line. Shares fell 0.2% early Wednesday.
Microsoft shares bullishly regained their 50-day line during last week's bounce and are near a handle buy point at 441.85. And on Wednesday morning, the stock climbed 2%.
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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