Losses deepened for the Dow Jones Industrial Average and other major stock indexes Wednesday, as Wall Street braced for President Donald Trump's "Liberation Day" tariffs. Early losers on the stock market today included Nvidia and Tesla, the latter of which reported first-quarter deliveries that missed most estimates.
After the opening bell, the Dow Jones Industrial Average traded 0.3% lower. The S&P 500 fell 0.4%. And tech-heavy Nasdaq composite lost 0.3%.
The 10-year Treasury yield ticked lower to 4.1% early Wednesday. And oil prices dipped, as West Texas Intermediate futures traded near $70.95 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was down 0.3%, while the SPDR S&P 500 ETF lost 0.4% after the open.
In stocks, Tesla stock dived as much as 6% in morning action before paring losses to around 3%. Early Wednesday, the company reported first-quarter vehicle deliveries of 336,681, down 13% year over year. It was the worst quarterly performance since the second quarter of 2022.
The company was expected to see first-quarter vehicle deliveries increase 5.4% to 407,900, according to FactSet estimates. But those FactSet forecasts had declined 10% since Jan. 31, and other estimates put those delivery numbers much lower.
According to one report, some analysts said Tesla's investor relations department put that delivery figure at 377,592, markedly below the year-ago figure of 386,810. Other delivery estimates put that figure even lower, between 315,000 and 369,000.
While sales in China are on pace with a year ago, sales in the U.S. and Europe have dropped dramatically, independent trackers of car sales say. Shares of the Elon Musk-led company are around 45% off their record high of 488.54, reached on Dec. 18. Tesla stock remains stuck below its 200-day moving average line.
Meanwhile, Nvidia tumbled cut losses to around 1% in Wednesday's trading, as the artificial intelligence giant is trying to bounce back from new recent lows. Nvidia stock snapped a five-day losing streak Tuesday, with a 1.6% rally, but was giving that back Wednesday.
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Stock Market Today: 'Liberation Day' Tariffs
In economic news, President Trump is expected to unveil "reciprocal" tariffs on Wednesday at 4 p.m. ET. So the U.S. market reaction to the "Liberation Day" tariffs won't occur until Thursday.
Trump plans to target other countries' duties and trade barriers on U.S. goods. It's still unclear how complex these tariffs will be, or if they will roll out right away.
Trump's team is considering a lower rate on at least some tariffs, The Wall Street Journal reported Tuesday night.
Elsewhere, ADP's employment report said that private payrolls climbed by 155,000 in March, above estimates. They were expected to rise by 120,000 in March, up from February's 77,000 increase, according to Econoday estimates. The data is a precursor to Friday's jobs report from the Labor Department.
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Dow Jones Edges Lower
On Tuesday, blue chips on the Dow Jones Industrial Average inched lower, while the S&P 500 gained 0.4% and the Nasdaq climbed 0.9%.
Following recent declines, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are Heico, Ollie's Bargain Outlet, Life Time and Uber Technologies.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and Travelers.
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 Stocks: Travelers Just Below Buy Point
Dow Jones component and insurance giant Travelers is tracing a flat base that has a 269.56 buy point, according to MarketSurge chart analysis. And shares are just above their 263.08 handle entry, as they dipped slightly in morning action Wednesday.
Outside the Dow, Ollie's Bargain Outlet is attempting a breakout past a 115.42 entry in a double bottom. Shares rose 1.8% Wednesday.
Recent IBD Stock Of The Day Heico is just above a 270.37 entry in a cup with handle, as shares moved 1.2% lower Wednesday.
IBD Leaderboard stock Life Time is trying to halt its recent decline at the 50-day line, a key level to watch. A short cup with handle offers a 32.85 buy point. Its relative strength line hit a new high last week. Life Time stock was down 0.9% Wednesday.
Finally, ride-hailing giant Uber is attempting to find support at the 50-day line as a cup with handle takes shape. The official buy point is 82.10 with an early entry at 77.58. Uber stock climbed 0.3% in Wednesday's trading.
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Stock Market: Companies To Watch
These are four stocks in or near buy zones in Wednesday's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Life Time | 32.85 | Cup with handle | |
| Travelers | 269.56 | Flat base | |
| Heico | 270.37 | Cup with handle | |
| Ollie's Bargain Outlet | 115.42 | Double bottom |
Source: IBD Data as of April 2
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks are back near their recent lows following heavy selling pressure last week. Dow Jones component Amazon hit a fresh recent low during Monday's losses. And Amazon stock fell 0.7% early Wednesday.
Apple, which rose for a second straight day Tuesday, stayed below its 200-day moving average. Apple stock dropped 0.3% in morning trades Wednesday.
Finally, software giant Microsoft fell 0.2% Wednesday. Shares reached a new 52-week low Monday.
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.
