The Dow Jones Industrial Average reversed higher, while other major stock indexes dropped Wednesday with jobs data and an economic report from the Federal Reserve due later in the day. Zscaler was an early earnings loser, while Nvidia extended its dive on the stock market today.
After the opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 fell 0.2%. The tech-focused Nasdaq composite declined 0.7% in early trading.
Early Wednesday, the 10-year Treasury yield slipped to 3.84%. Oil prices dipped, as West Texas Intermediate futures traded around $70.30 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was down 0.7%, as the SPDR S&P 500 ETF lost 0.2% after the open.
Artificial intelligence giant Nvidia stock sank further below its 50-day line during Tuesday's 9.5% dive. The stock dropped another 3.3% Wednesday morning after the Justice Department reportedly issued subpoenas to Nvidia and other companies as it probes concerns that the chip maker is exploiting its dominance in artificial intelligence.
Forget Amazon And Tesla. This Non-Magnificent Seven Stock Dwarfs Their Gains.
Stock Market Today
Early Wednesday, the Labor Department's Job Openings and Labor Turnover Survey, known as JOLTS, is expected to show that job openings fell to 8.1 million in July, down from June's 8.184 million. That data is due out at 10 a.m. ET.
Later in the day, the Fed's Beige Book is anticipated out at 2 p.m. ET. This book is released about two weeks before the Fed's next monetary policy meeting. The book is a compilation of the 12 Fed banks' anecdotal evidence on economic conditions.
Cybersecurity leader Zscaler plunged more than 17% Wednesday even though the company reported fiscal fourth-quarter earnings, revenue and billings that beat Wall Street targets amid big changes in its sales organization. But the cybersecurity firm's fiscal 2025 outlook underwhelmed investors.
Key earnings movers include Asana, Ciena, Dick's Sporting Goods, Dollar Tree and GitLab.
Asana shares plummeted more than 13%, while Ciena stock climbed 2.5% in early trade. Shares of Dick's Sporting Goods moved down 8%, as Dollar Tree stock tumbled 17%. Finally, GitLab jumped more than 12% in morning action.
Nvidia Stumbles, Tesla Skids While This Mag 7 Stock Is Ripe For A Breakout
Dow Jones Retreats
On Tuesday, the Dow Jones Industrial Average sold off 1.5%, while the S&P 500 tumbled 2.1%. The tech-heavy Nasdaq composite plunged 3.3%.
During Tuesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Microsoft Shoves Nvidia Aside As Tesla's Status Remains In Doubt
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Arista Networks, Costco Wholesale, Meta Platforms and Netflix.
Also on the list are Dow Jones components Amazon, Apple, Home Depot, IBM and Microsoft.
Arista Networks featured in this Stocks Near A Buy Zone column.
There were four new stocks on IBD MarketSurge's "Breaking Out Today" list Tuesday, including Rollins, which topped a 50.87 flat-base entry. Further, there are a handful of stock ideas on the site's "Near Pivot" list. These are top stocks nearing new buy points, like Taiwan Semiconductor Manufacturing. The stock is nearing a 175.45 cup-with-handle entry, but it dropped another 1.3% Wednesday morning.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Home Depot, IBM
Among Dow Jones components, Home Depot is adding a new handle buy point at 378.58, according to MarketSurge pattern recognition. Shares dipped 0.1% Wednesday morning.
Meanwhile, IBM is in buy range past its latest entry, a cup-with-handle buy point at 196.26. IBM stock rose 0.3% Wednesday.
Outside the Dow Jones index, Arista Networks broke support at the 50-day line Tuesday. A 358.68 buy point is in play. Shares dropped 1% early Wednesday.
Retail giant Costco remains below its 896.67 cup-base entry following last week's breakout move. The stock inched higher Wednesday morning.
Streaming giant Netflix gave up its late-stage cup base's 697.49 buy point during Tuesday's 3.7% drop. Netflix stock was up 0.4% 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 in or near buy zones in today's stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | 442.80 | Flat base | |
| Shake Shack | 111.29 | Cup base | |
| ServiceNow | 806.52 | Handle entry | |
| Birkenstock | 61.83 | Flat base |
Source: IBD Data as of Aug. 27
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Alphabet
Among Magnificent Seven stocks, Meta Platforms, Tesla and Alphabet traded mixed in early trading.
Meta stock attempted a breakout above a 542.81 buy point in recent weeks, but now sits squarely below the entry. Shares fell 0.8% Wednesday.
Tesla skidded 1.6% Tuesday, finding resistance at the 50-day line. A new base is attempting to take shape, and Tesla stock rose 1.2% early Wednesday.
Google-parent Alphabet is trying to find support around the 200-day line. After sliding Tuesday, shares were up 0.8% in early trades Wednesday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded squarely lower after Wednesday's stock market open.
Amazon shares rebounded from support at their 200-day line, but remain below the 50-day. The stock fell 1.2% Wednesday morning.
Apple stock is within striking distance of a new buy point at 237.23 as it looks for support at the 50-day line. Apple dropped 1.3% in recent action even after UBS raised its price target from 190 to 236.
Microsoft shares are back at their 200-day line. A new base is taking shape. And on Wednesday morning, the stock moved down 0.8%.
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.
