The Dow Jones Industrial Average and other major stock indexes traded lower Wednesday, after a surprisingly strong January jobs report from ADP. Among those falling were Google-parent Alphabet, Advanced Micro Devices and Uber Technologies, making them three of the biggest earnings movers on the stock market today.
After the opening bell, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 dropped 0.3%. The tech-heavy Nasdaq composite moved down 0.6% in early morning trades.
The 10-year Treasury yield ticked lower to 4.46% early Wednesday. And oil prices dropped, with West Texas Intermediate futures trading around $71.95 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was down 0.6%, as the SPDR S&P 500 ETF lost 0.3% after the open.
Late Tuesday, Alphabet reported fourth-quarter earnings that edged by analyst estimates while revenue came in slightly below views. Also, cloud computing revenue growth missed forecasts. Google stock plunged 8% in morning trading Wednesday morning.
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ADP Jobs Data; Earnings Movers
Early Wednesday, ADP's January employment report showed jobs growth of 183,000, above the 153,000 Econoday estimate and up from December's increase of 122,000, per Econoday. The ADP jobs report is a precursor to Friday's jobs report from the Labor Department.
In stocks, Advanced Micro Devices, Amgen and Boston Scientific, along with Chipotle Mexican Grill, Uber Technologies and Walt Disney were big earnings movers Wednesday morning.
AMD stock plunged 10% in morning action, while Amgen rose less than 1%. Shares of Boston Scientific inched higher as Chipotle stock dropped 5.4%. Finally, Uber tumbled nearly 6% after the opening bell, as Disney stock rallied 2.2%.
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Stock Market Today: Dow Jones Rises
On Tuesday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 gained 0.7% and the Nasdaq advanced 1.4%.
Among the best companies to watch in the current stock market are Netflix, Royal Caribbean and Shopify.
Along with Apple and Nvidia, Dow Jones components making notable moves were Amazon, Microsoft and Walmart.
Meta and Walmart are 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: Walmart In Buy Zone
Dow Jones retail giant Walmart continues to gather momentum past a flat base's 96.18 buy point last week and is at the top of the buy range, according to MarketSurge pattern recognition. Shares edged lower Wednesday.
Outside the Dow Jones index, streaming giant Netflix is moving out of the buy zone past a 941.75 entry in a flat base following recent gains. Shares slipped by 0.7% Wednesday.
Cruise operator Royal Caribbean gave up some gains this week, holding just above a 258.79 flat-base entry. The stock edged up Wednesday morning.
Shopify reclaimed a 115.37 double-bottom entry during Tuesday's 4.2% rebound. Shopify shares dipped 0.3% 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 |
|---|---|---|---|
| Netflix | 941.75 | Flat base | |
| Walmart | 96.18 | Flat base | |
| Spotify | 506.47 | Flat base | |
| Meta Platforms | 602.95 | Flat base |
Source: IBD Data as of Jan. 28
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Nvidia, Tesla Mixed
Artificial intelligence titan Nvidia rebounded nearly 2% Tuesday, bouncing from its lowest level since September. Shares of the Dow Jones component are sharply below their 50- and 200-day moving averages. Nvidia stock climbed 2.7% Wednesday.
Also, Tesla moved up 2.2% Tuesday, but is still below the 50-day line. That's a key level to watch for the Elon Musk-led company. Shares are about 20% off their 52-week high. Early Wednesday, Tesla stock skidded 2%.
Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which is in buy range above a 233 entry in a flat base. That's a new buying opportunity for the e-commerce giant. It declined 2.1% in morning action Wednesday after hitting a new high Tuesday. Earnings are due out Thursday after the close.
Apple shares rebounded 2.1% Tuesday to snap a three-day losing streak. But shares sold off 1.1% Wednesday amid news reports that the company may face an antitrust probe by China over Apple's App store fees and practices.
Finally, software giant Microsoft moved down 0.3% Wednesday. Shares plunged below their 50-day line last week after the company's earnings results.
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.
