The Dow Jones Industrial Average and other major stock indexes traded lower Wednesday ahead of minutes from the Federal Reserve's latest policy meeting. Meanwhile, artificial intelligence stock Arista Networks was a big earnings loser on the stock market today.
After the opening bell, the Dow Jones Industrial Average traded down 0.4%, while the S&P 500 lost 0.3%. The tech-heavy Nasdaq composite moved down 0.3% in early morning trades.
The 10-year Treasury yield ticked higher to 4.57% early Wednesday. And oil prices rose, as West Texas Intermediate futures traded around $72.60 per barrel.
Among exchange traded funds, the Invesco QQQ Trust dropped 0.3%, as the SPDR S&P 500 ETF fell 0.3% after the open.
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Fed Minutes, Earnings Movers
Later in the session, Fed minutes from the latest policy meeting are anticipated at 2 p.m. ET. The minutes are expected to provide insight into Fed Chair Jerome Powell's thinking, as well as that of other Fed policymakers, on the path of future interest rates.
Arista Networks reported fourth-quarter earnings and revenue that topped Wall Street targets. The company's March quarter revenue outlook came in slightly above expectations as investors rethink AI-driven data center upgrades. But Arista stock tumbled nearly 6% in morning trading.
Elsewhere, big earnings movers Wednesday include Cadence Design Systems, Etsy, Shift4, Toll Brothers and Wingstop.
Shares of Cadence sold off 8%, while Etsy stock toppled more than 9%. Shift4 plunged 13%, as Toll Brothers lost 7%. Finally, Wingstop tumbled more than 10% in early trading.
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Stock Market Today: Dow Jones Eyes New High
On Tuesday, the Dow Jones Industrial Average edged higher, while the S&P 500 rose 0.2% to hit a record high. And the Nasdaq inched up, just shy of its own new high.
Among the best companies to watch in the current stock market are Axon Enterprise, Royal Caribbean, Samsara and Toast.
Along with Apple and Nvidia, Dow Jones components making notable moves were Amazon, Microsoft and Salesforce.
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: Salesforce Shows New Buy Point
Dow Jones component Salesforce is building a flat base with a 369 buy point, according to MarketSurge pattern recognition. But the stock must retake its 50-day moving average line first, as it declined 0.6% in morning action Wednesday.
Outside the Dow, IBD Leaderboard watchlist name Axon is breaking out past a cup-with-handle's 689.54 buy point. Axon stock lost 1.6% early Wednesday.
Cruise operator Royal Caribbean regained a 258.79 flat-base entry amid a recent rebound. It dropped 0.7% Wednesday morning.
Samsara shares rallied for a 10th straight session Tuesday, moving out of the buy zone past a cup base's 57.51 buy point, then added 0.1% early Wednesday. It was a recent IBD Stock Of The Day.
Restaurant software maker Toast bullishly regained a 41.50 buy point in a cup with handle during Tuesday's rally. Toast stock was up 0.2% Wednesday.
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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 |
|---|---|---|---|
| Toast | 41.50 | Cup with handle | |
| Salesforce | 369 | Flat base | |
| Royal Caribbean | 258.79 | Flat base | |
| TJX | 128.00 | Flat base |
Source: IBD Data as of Feb. 11
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Nvidia, Tesla Stock Mixed
Artificial intelligence chip maker Nvidia gained 0.4% Tuesday, further above its 50-day moving average. Shares are forming a cup base with a 153.13 buy point, per IBD MarketSurge pattern recognition, and there might be an early entry from a downward sloping trendline. Nvidia stock moved down 0.6% in morning action Wednesday.
Tesla slipped 0.5% Tuesday, a second straight decline. Shares remain about 27% off their 52-week high and sharply below their 50-day line. And Tesla stock rallied 2.8% in early morning trading Wednesday.
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Dow Jones Leaders: Amazon, Apple, Microsoft
Dow Jones component and Magnificent Seven stock Amazon continues to hold below a 233 buy point. Amazon stock sank 0.8% early Wednesday as it trades below its 50-day moving average.
Apple stock edged lower Tuesday to snap a five-day win streak. Shares are near an early buy point at 247.19, or the high of Jan. 31, and are moving up the right side of a new base. They dipped 0.1% in early action Wednesday.
Finally, software giant Microsoft moved down 0.3% Wednesday. Shares have plunged below their 50-day line in recent weeks where they continue to trade.
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.
