The Dow Jones Industrial Average started to take a breather Wednesday after scaling to record highs, but the index pared its losses by midday and headed for its 10th straight day of gains.
Dow stocks were up more than 0.1% in recent action, mirroring other major indexes. The S&P 500 made up early losses amid stronger economic data and also added 0.1% on the stock market today. The Nasdaq outpaced the other two and rose 0.3%.
Among sectors, communication services and energy gained while utilities and consumer staples lagged.
The market’s move came as existing home sales rose to 3.82 million in November, above economist estimates for 3.775 million and October’s 3.79 million, according to Econoday.
Further, consumer confidence for December came above views of 103.4 at 110.7. Friday’s personal income and outlays report for November looms.
Dow Jones: Decliners Outnumber Advancers
Volume on the New York Stock Exchange was lower while higher on the Nasdaq compared with the same time on Tuesday. Breadth was restored as advancers took the lead on both indexes. On the NYSE advancers beat decliners by a little less than 2:1.
However, the Investors Intelligence Advisor Sentiment threw in a word of caution after bulls propped up its gauge for the fourth-straight week to 56.9%. Any move above 55% in a bull market signals a caution zone.
The small cap Russell 2000 continued to outperform and rose 0.6% while the Innovator IBD 50 (FFTY) exchange traded fund showed a lackluster performance, and was flat.
West Texas Intermediate futures rose more than 1%, leaving crude oil at $74.82 a barrel. And the yield on the benchmark 10-year Treasury note fell 1 basis point to 3.9%.
Dow Jones Stocks
Stocks Moving Today
Shares of FedEx (FDX) tumbled by more than 10% and fell below their 50-day moving average after the shipping company missed earnings and sales views. Shares had hit a buy zone but now have sunk back into sell territory.
General Mills (GIS) also fell after it reported second-quarter results. Sales declined 2% though earnings of $1.25 a share came in higher than the $1.10 a share reported a year ago. The company gave a cautious outlook due to slower volume recovery. Shares are trying to hold the 50-day moving average.
Magnificent Seven stock Alphabet (GOOGL) broke out of a cup with handle with a buy point of 139.42. Shares for the Google parent are on track for the highest closing price since April 2022, according to Dow Jones Market Data.
Steelcase (SCS) initially fell at Wednesday’s opening bell after reporting third-quarter results late Tuesday. But the stock quickly reversed and rose more than 10% in recent action. Sales declined 6% for the furniture maker and it expects a 3% decline at the midpoint in fourth-quarter sales.
EnerSys (ENS) gapped up more than 5% after the company raised its third-quarter earnings outlook to $2.55 per share, up from $1.85 as more of its battery products may qualify for a tax credit.
Among chip stocks, Micron (MU) fell more than 1%. Earnings are due after the market close.
Stocks On Watch
Several growth stocks are extended but a few are near buy points. Outside Dow Jones, Netflix (NFLX) is in a buy zone above a buy point of 485. Airbnb (ABNB) is near an entry of 151.16 in a double-bottom base.
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