The Dow Jones Industrial Average fell in shortened trading on Wednesday as Wall Street reacted to surprising data showing a weakening job market. Tesla (TSLA) extended gains on the stock market today.
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Nasdaq leads the market, with Weatherford, Goldman Sachs and Novo Nordisk in focus
After the open of trading, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 and the tech-heavy Nasdaq Composite Index both rose 0.1% in morning trading.
The yield on the 10-year Treasury note fell to 4.4% early Wednesday. Oil prices continued to rise, with West Texas Intermediate oil futures trading around $83 a barrel.
Among U.S. exchange-traded funds, Invesco QQQ Trust (QQQ) and SPDR S&P 500 ETF (SPY) both rose slightly after the open.
Tesla shares rose another 3.1% on Wednesday, on track for a seventh straight trading day of gains. On Tuesday, Tesla shares surged more than 10% after reporting strong second-quarter delivery numbers. The stock closed further above its long-term 200-day moving average.
Stock Market Today: Jobs Data, Fed Minutes
Early Wednesday morning, the ADP employment report showed payrolls unexpectedly increased by 150,000 in June, below EconoDay’s forecast of a 161,000 increase and down from May’s gain of 152,000. The ADP report comes ahead of the monthly jobs report due from the Labor Department on Friday.
Additionally, the Labor Department reported weekly jobless claims rose to 238,000 from 233,000 the previous week. Jobless claims were expected to remain steady at 233,000.
Meanwhile, minutes from the Fed’s meeting that concluded on June 12 are scheduled to be released at 2 p.m. Eastern time. Investors will be looking for further clues about how Chairman Jerome Powell and other central bankers are thinking about the future direction of interest rates.
Finally, the market will close early on Wednesday at 1pm ET and will be closed on Thursday for Independence Day.
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Dow Jones Rising
On Tuesday, the Dow Jones Industrial Average rose 0.4%, while the S&P 500 added 0.6%. The tech-heavy Nasdaq Composite Index rose 0.8%.
Investor’s Business Daily’s Big Picture column noted, “The IBD Leaderboard is slightly below IBD’s recommended 80%-100% investment rating, but that’s because we’ve recently pruned some of our no-no’s and given our winners more room to grow. We continue to look for new additions, but growth stocks are a mixed bag as some of our leaders are selling.”
On Tuesday’s IBD Live show, the IBD Live team discussed the current trading situation and how investors should approach today’s stock market.
As the stock market continues to move, now is an important time to read “The Big Picture” column, and be sure to read about how IBD’s new exposure levels can help you adapt to changing market conditions.
Learn how to time the stock market with IBD’s ETF market strategy
Stock Market Today: Best Stocks to Watch
Burlington Store (bar), Carvana (CVNA) and Meta Platform (META) — A component of the Dow Jones Amazon (AMZN), apple (AAPL) JPMorgan Chase (JPM) and Microsoft (MSFT) is one of the best companies to watch on the stock market today.
IBD MarketSurge’s “Breaking Out Today” list: Alkami Technology (ALKT) is breaking out of a 29.28 buy point in a cup base.
Check out MarketSurge’s “Near Pivot” list for stocks approaching buy points on the basis. To find more stock ideas, check out IBD stock lists like the IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get real-time buy and sell alerts for stock market leaders with IBD Leaderboard
Dow Jones: JP Morgan surges
Stocks to watch on the Dow Jones include banking giant JPMorgan. The stock is breaking out of a flat base entry at 205.88, according to MarketSurge pattern recognition. JPMorgan was IBD’s Stock of the Day on Monday. The stock was up 0.6% at the open.
Outside the Dow Jones index, Burlington Stores Inc. was down 0.4% in morning trading. At Tuesday’s close, it was above a cup base entry price of 232.69 and in buy range. Carvana Inc. is below a cup base buy point of 129 despite Tuesday’s rally. Carvana shares were down 0.2% on Wednesday morning.
And Meta shares are attempting to break out of a 514.01 buy point on a cup-handle basis but remain below that entry. The parent company of Facebook and Instagram is an IBD Leaderboard stock. Meta shares were down modestly 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 that are in or near the buy zone on the stock market today.
| Company Name | symbol | The right purchase point | Types of purchase points |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup Base |
| Domino | (DPZ) | 542.75 | Flat Base |
| Meta Platform | (Meta) | 514.01 | Flat Base |
| Amazon | (Amazon) | 191.70 | Flat Base |
Source: IBD Data as of June 27, 2024
Watch IBD Live as IBD experts break down the biggest names on the stock market today.
Magnificent Seven Stocks: Nvidia
Among the Magnificent Seven brands, NVIDIA (NVDA) fell 0.5% on the stock market in morning trading today, Wednesday.
Nvidia shares fell 1.3% on Tuesday, giving up Monday’s gains. The stock remains well above a split-adjusted alternative buy point of 97.40. The artificial intelligence leader is also an IBD Leaderboard stock.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones “Magnificent Seven” stocks, Amazon, Apple and Microsoft traded mixed after the stock market opened on Wednesday.
Amazon is firmly above a 191.70 buy point in a flat base after the recent breakout. Amazon shares were down 0.3% on Wednesday.
Apple shares rose 1.6% on Tuesday to hit a record high. The stock is above a cup-based buy point of 199.62. Apple was down 0.2% on Wednesday.
Microsoft shares rose 0.6% on Tuesday, climbing above a flat-out buy point of 430.82 to a fresh high, and were up 0.1% by early Wednesday morning.
Follow Scott Lehtonen on X (formerly Twitter). translator Learn more about growth stocks, the Dow Jones Industrial Average and today’s stock market here.
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