The Dow Jones Industrial Average and other major indexes traded mixed Wednesday as Wall Street applauded a critical consumer inflation report. Nvidia rebounded on the stock market today following Tuesday's break of a key support level.
After the opening bell, the Dow Jones Industrial Average reversed 0.1% lower, while the S&P 500 gained 0.7%. The tech-heavy Nasdaq composite moved up 1.2% in morning trades.
Early Wednesday, the 10-year Treasury yield ticked lower to 4.22%. Oil prices rallied, as West Texas Intermediate futures traded around $69.45 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 1.2%, while the SPDR S&P 500 ETF climbed 0.7% after the open.
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Nvidia stock rebounded 2.1% in morning action Wednesday. Shares had sold off another 2.7% Tuesday, breaking below the 50-day line, a critical level to watch. A heavy volume breach of this level would trigger a sell signal.
GameStop and Macy's were key earnings movers Wednesday morning. GameStop stock climbed 7.5%, while Macy's shares plunged 11% in early trading.
The Labor Department's consumer price index for November rose 0.3% on the month, with an annual increase of 2.7%. Both were in line with estimates. The core CPI, excluding food and energy, climbed 0.3% in November, with a year-over-year increase of 3.3%. Both also matched Econoday estimates.
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Dow Jones Extends Losing Streak
On Tuesday, the Dow Jones Industrial Average declined 0.4% to extend a losing streak to four sessions, while the S&P 500 and Nasdaq both dropped 0.3%.
Among the best companies to watch on the stock market today are Broadcom, BlackRock, Embraer and Trip.com.
Dow Jones components making notable moves were Amazon.com, Apple, Microsoft and Travelers.
Travelers is featured in this Stocks Near A Buy Zone column.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. 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: Travelers Eyes Buy Point
Dow Jones leader Travelers is squarely below a 269.05 buy point in a cup-with-handle base, according to MarketSurge pattern recognition. Shares fell another 0.9% Wednesday.
Outside the Dow Jones index, artificial intelligence giant Broadcom is approaching a 185.05 double-bottom entry despite Tuesday's sharp drop. Broadcom stock jumped nearly 3% early Wednesday.
BlackRock is rapidly approaching a 1,068.34 buy point in a four-weeks-tight pattern. BlackRock stock gained 1% in morning trading.
Embraer is just below a 37.30 flat-base entry, as shares climbed 1.7% Wednesday morning.
Trip.com shares soared 8.7% Monday, staging a breakaway gap past a 69.67 buy point. During a breakaway gap, investors can use the high price of the first five-minute bar as a reasonable entry. For Trip.com, that places the buy point at 76.75. The Chinese travel stock fell 0.7% Wednesday morning.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| BlackRock | 1,068.34 | Tight area | |
| Sherwin-Williams | 392.57 | Flat base | |
| Broadcom | 185.05 | Double bottom | |
| Embraer | 37.30 | Flat base |
Source: IBD Data as of Dec. 10
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Tesla Stock Eyes All-Time High
Electric-vehicle giant Tesla rallied 1.2% Wednesday, on pace to extend a win streak to six sessions.
Tesla stock topped out this week at 409.73, its highest price since November 2021 when Tesla stock traded as high as 414.50.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock has rallied sharply in recent weeks, decisively retaking a 201.20 buy point and hitting new highs. It added 1.1% Wednesday.
Shares of Apple are in buy range above a flat base's 237.49 entry as they hit new highs this week. The stock gained 0.2% Wednesday morning.
Microsoft shares moved up 0.5% Wednesday morning. This week, the stock reached its highest level since late July.
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.
