Dow Jones futures and the major stock indexes dropped ahead of a shortened trading session Wednesday as Wall Street reacted to an employment report, with Federal Reserve comments later in the day. Showing more strength was electric-vehicle giant Tesla (TSLA), which extended its gains on the stock market today.
↑
X
Nasdaq Leads Market; Weatherford, Goldman Sachs, Novo Nordisk In Focus
Prior to the opening bell, futures on the Dow Jones Industrial Average were down a fraction vs. fair value. Futures on the S&P 500 fell 0.1% while the tech-focused Nasdaq 100 moved down 0.2% in premarket trades.
Early Wednesday, the 10-year Treasury yield ticked lower to 4.42%. Oil prices paused after recent gains, with West Texas Intermediate futures trading around $82.80 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) both were slightly lower before the open.
Tesla stock rallied another 1.2% Wednesday, on pace to extend a win streak to seven sessions. On Tuesday, Tesla surged more than 10% on strong second-quarter deliveries. Shares closed further above their long-term 200-day line.
Stock Market Today: Jobs Data, Fed Minutes
Early Wednesday, the ADP employment report unexpectedly showed jobs growth of 150,000 in June, below Econoday estimates for growth of 161,000, and down from May’s 152,000 figure. The ADP report is precursor to Friday’s monthly jobs report from the Labor Department.
Further, the Labor Department’s weekly unemployment claims rose to 238,000 vs. 233,000 in the previous week. They were expected to hold steady at 233,000.
Elsewhere, the minutes for the Fed meeting that ended June 12 are set for release at 2 p.m. ET. Investors will be looking for further clues into the thoughts of Chairman Jerome Powell and other central bankers on the future path of interest rates.
A final note: Markets will close early Wednesday, at 1 p.m. ET, and are closed for the Independence Day holiday on Thursday.
Adjust To Changing Market Conditions, With IBD’s New Exposure Levels
Dow Jones Rises
On Tuesday, the Dow Jones Industrial Average moved up 0.4% and the S&P 500 rose 0.6%. The tech-heavy Nasdaq composite climbed 0.8%.
Investor’s Business Daily’s Big Picture column said, “IBD Leaderboard is a little below IBD’s recommended invested percentage of 80%-100%. But that’s only because we’ve done some pruning lately, getting rid of some dead weight while giving our winners more room to run. We’re still on the lookout for new adds, but growth stocks are painting a mixed picture as some leaders come under selling.”
During Tuesday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Stock Market Today: Best Stocks To Watch
Burlington Stores (BURL), Carvana (CVNA) and Meta Platforms (META) — plus Dow Jones components Amazon (AMZN), Apple (AAPL) JPMorgan Chase (JPM) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.
In IBD MarketSurge’s “Breaking Out Today” list, Alkami Technology (ALKT) is breaking out past a 29.28 buy point in a cup base.
Check out the MarketSurge “Near Pivot” list for stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: JPMorgan Breaks Out
Dow Jones stocks worth watching include banking giant JPMorgan. Shares are breaking out past a 205.88 flat-base entry, according to MarketSurge pattern recognition. JPMorgan was Monday’s IBD Stock Of The Day. Shares inched lower in early trading.
Outside the Dow Jones index, Burlington Stores traded unchanged in premarket trading. At Tuesday’s close, it was in buy range above a 232.69 cup-base entry. Carvana is still below a 129 buy point in a cup base despite Tuesday’s advance. Carvana stock dipped 0.6% Wednesday morning.
And Meta stock is trying to break out above a 514.01 buy point in a cup-with-handle base, but remains below that entry. The Facebook and Instagram parent is an IBD Leaderboard stock. Meta shares moved up 0.5% early Wednesday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup base |
| Domino’s | (DPZ) | 542.75 | Flat base |
| Meta Platforms | (META) | 514.01 | Flat base |
| Amazon | (AMZN) | 191.70 | Flat base |
Source: IBD Data As Of June 27, 2024
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Nvidia
Among Magnificent Seven stocks, Nvidia (NVDA) dropped 0.8% on the stock market today in premarket trading Wednesday.
Nvidia stock declined 1.3% Tuesday, giving up Monday’s gains. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader also is an IBD Leaderboard stock.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mixed ahead of Wednesday’s stock market open.
Amazon is squarely above a 191.70 buy point in a flat base following a recent breakout move. Amazon stock was up 0.1% premarket Wednesday.
Apple stock rallied 1.6% Tuesday, hitting record highs. Shares are extended above a cup base’s 199.62 buy point. Apple was down 0.4% Wednesday.
Microsoft shares climbed 0.6% Tuesday, further above a flat base’s 430.82 buy point and hitting more new highs. And early Wednesday the stock inched lower.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
YOU MAY ALSO LIKE:
Check Out IBD’s New Exposure Levels To Help You Stay In Step With The Market Trend
Top Growth Stocks To Buy And Watch
Learn How To Time The Market With IBD’s ETF Market Strategy
Find The Best Long-Term Investments With IBD Long-Term Leaders
Spot Buy Points And Sell Signals With MarketSurge Pattern Recognition
