Dow Jones futures and other major stock indexes fell Wednesday as Wall Street awaited the Federal Reserve’s interest rate decision and Chairman Jerome Powell’s comments. meanwhile, Amazon (AMZN), Advanced Micro Devices (AMD) and super microcomputer (SMCI) had mixed results on the stock market today after announcing its earnings results.
X
Dow Jones futures were down 0.2% versus fair value in premarket trading, while S&P 500 futures were down 0.3%. Futures on the tech-heavy Nasdaq 100 fell 0.5% before the opening bell.
Early Wednesday, the 10-year Treasury yield fell to 4.66%. Oil prices also fell, with West Texas Intermediate futures trading around $80.50 a barrel.
Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) fell 0.6%, and SPDR S&P 500 ETF (SPY) fell 0.4%.
Stock Market Today: Fed Meeting
The Fed’s two-day meeting ends on Wednesday, with interest rate decisions to be made at 2pm ET. Fed Chairman Jerome Powell is scheduled to speak at 2:30 p.m. ET. Wednesday afternoon’s Fed meeting statement and Chairman Powell’s comments are expected to give an indication of when a rate cut may occur, depending on economic data.
Early Wednesday morning, ADP announced that private employers added 192,000 jobs in April, beating Econoday’s forecast of 175,000.
Amazon reported better-than-expected first-quarter profits and revenue, helped by strong growth in its cloud computing and advertising businesses. Amazon shares rose 2.6% in premarket trading.
AMD met Wall Street’s revenue targets for the first quarter, but sales were a little weak. The sales outlook for this quarter was largely in line with expectations. AMD stock was down more than 5% Wednesday morning.
Super Micro exceeded profit expectations in its third quarter results, but sales were notable. However, the outlook for this fiscal year far exceeded expectations. Supermicro shares fell nearly 10% on Wednesday.
Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Dow Jones plummets
On Tuesday, the Dow Jones Industrial Average fell 1.5% and the S&P 500 fell 1.6%. The tech-heavy Nasdaq Composite Index fell 2%.
“For now, IBD’s investment stake remains between 20% and 40%, which was raised to that level on Friday after the Nasdaq Composite rose 2%,” said Tuesday’s The Big Picture Column. , the day’s action did not result in a follow-through date. Volume was slightly lower than Thursday.
As the stock market continues to move, now is an important time to read Investor’s Business Daily’s The Big Picture column. Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Learn how to time the stock market with IBD’s ETF Market Strategy
Stocks to watch in today’s stock market
Chipotle Mexican Grill (CMG), NXP Semiconductors (NXPI), texas roadhouse (TXRH) and trade web market (TW) — plus Dow Jones components American express (AXP) — One of the most interesting companies on the stock market today.
Texas Roadhouse is featured in this “Stocks Near a Buy Zone” column.
An essential resource for daily breakouts is IBD MarketSurge’s Breakouts of the Day list. This indicates that the MarketSurge Growth 250 stocks are breaking through a new buy point. Additionally, MarketSurge’s “Near Pivot” list shows stocks that are nearing buy points on base.
To find more stock ideas, check out our IBD stock lists, including the IBD 50, Big Cap 20, and stocks near buy zones. These features identify bullish patterns and allow you to purchase points and check them daily.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones: American Express
American Express is rebounding massively with support near its 50-day moving average. The bullish rebound has placed the software leader in new buy territory, with the stock rallying above the 231.69 entry in a short-term consolidation. Stock prices fell 0.2% on the stock market that day.
3 top growth stocks to watch stock market today
Outside of the Dow Jones index, Chipotle fell 1.7% on Tuesday, returning to buy range above its short-term consolidated buy point at 3,023.98, according to IBD MarketSurge. Chipotle stock was unchanged in early trading Wednesday.
NXP Semiconductors has broken above the double-bottom buy point at 251.96.Shares fell 1.4% on Wednesday.
Texas Roadhouse rose 1% on Tuesday, well above its flat base buy point of 157.12. And on Wednesday morning, the stock was up 0.1%.
Tradeweb has formed a flat base with a buy point of 108.04 and remains below its 50-day moving average. The stock was down 0.7% on Wednesday.
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Stock Market Today: Companies to Watch
These are four stocks in the buy zone or near the buy zone on the stock market today.
| Company Name | symbol | correct purchase point | Types of purchase points |
|---|---|---|---|
| american express | (AXP) | 231.69 | integration |
| texas roadhouse | (TXRH) | 157.12 | flat base |
| chipotle pepper | (CMG) | 3,023.98 | integration |
| trade web market | (TW) | 108.04 | flat base |
Source: IBD data as of April 22, 2024
IBD experts analyze today’s top stocks on the stock market on IBD Live.
Magnificent Seven stocks: Nvidia, Tesla
Magnificent Seven Stocks Nvidia (NVDA) and tesla (TSLA) fell 1.5% and 1.1%, respectively, in pre-market trading on Wednesday.
Nvidia stock fell 1.5% on Tuesday, ending a three-day winning streak. As a result of the consolidation, a new buy point has emerged at 974 as the stock price rises above its 50-day line, but aggressive investors could use 906.13 as an early entry.
Tesla shares on Tuesday saw the electric car giant fire two senior executives and plan to lay off hundreds more employees, unhappy with declining sales and the pace of layoffs so far. It plunged 5.6% after The Information reported that. The stock remains above its 50-day line after Monday’s 15% jump.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) traded mixed ahead of stock market trading on Wednesday.
Apple stock fell 1.8% on Tuesday, falling below its 50-day line. Apple fell 0.2% on the stock market that day.
Microsoft stock fell 3.2% on Tuesday, but remains below its 50-day line. The software giant is building a new flat base with a buy point of 430.82. The stock rose 0.8% on Wednesday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter. @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and today’s stock market.
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