The Dow Jones Industrial Average dropped Wednesday, after the Nasdaq and S&P 500 ended losing streaks Tuesday. One big winner was electric-vehicle maker Rivian Automotive, which soared on the stock market today after a $5 billion investment from Volkswagen.
After the opening bell, the Dow Jones Industrial Average dropped 0.4%, and the S&P 500 moved down 0.1%. The tech-focused Nasdaq composite moved up 0.2% in morning trades.
Early Wednesday, the 10-year Treasury yield climbed to 4.29%. Oil prices extended their recent gains, with West Texas Intermediate futures trading around $80.85 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust rose 0.2%, and the SPDR S&P 500 ETF dropped 0.1%.
Stock Market Today: Rivian Soars
Early Wednesday, Rivian skyrocketed 30% after German automaker Volkswagen invested $5 billion to form a joint venture "to create next-generation electric architecture and best-in-class software technology," according to a press release from the two companies. Shares remain sharply off their 52-week highs.
The Commerce Department's May new home sales unexpectedly fell to an annualized rate of 619,000. They were expected to rise to an annualized rate of 650,000 vs. 634,000 in April, per Econoday estimates.
Meanwhile, earnings movers Wednesday morning include FedEx, General Mills and Paychex.
FedEx stock surged more than 13% in early trading, while General Mills tumbled 5%. Paychex stock lost 4% in morning action.
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Dow Jones Snaps Win Streak
On Tuesday, the Dow Jones Industrial Average dropped 0.8%, ending a five-day win streak. The S&P 500 climbed 0.4%, and the Nasdaq advanced 1.3%. Both the S&P and Nasdaq snapped three-day slides.
Investor's Business Daily's Big Picture column said that the recommended percentage of funds invested currently stands at 80%-100%. It added: "But with top-rated growth stocks coming under increasing selling pressure in the stock market, leaning toward the 80% side makes sense at this point."
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 stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
Burlington Stores, Domino's Pizza and Meta Platforms — plus Dow Jones components Amazon.com, Apple, Amgen and Microsoft — are among the best companies to watch on the stock market today.
In IBD MarketSurge's "Breaking Out Today" list, Carvana broke out past a 129 buy point in a cup base Tuesday. Shares ended Tuesday just below the buy trigger.
Check out the MarketSurge "Near Pivot" list for stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Amgen Breaks Out
Dow Jones stocks worth watching include biotech giant Amgen, which is trying to break out past a cup-with-handle base's 133.10 entry, according to MarketSurge pattern recognition. Amgen moved down 0.9% in morning trading Wednesday.
Outside the Dow Jones index, Burlington Stores is in buy range above a 232.69 cup-base entry amid recent gains. Burlington stock was down 0.7% Wednesday.
Pizza maker Domino's is tracing a flat base that has a 542.75 buy point, according to IBD MarketSurge. Domino's shares added 0.4% Wednesday morning.
Finally, Meta stock is just shy of a 514.01 buy point in a cup-with-handle base. Meta stock moved down 0.9% 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.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Microsoft | 430.82 | Flat base | |
| Netflix | 639 | Cup base | |
| Spotify | 319.30 | Flat base | |
| ASML | 992.88 | Handle entry |
Source: IBD Data As Of June 26, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia rose 1.1%, and Tesla added 3.3% on the stock market today in morning trading.
Nvidia stock rebounded 6.8% Tuesday, snapping a three-day losing streak. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader is an IBD Leaderboard stock.
Tesla stock rallied 2.6% Tuesday, closing near its recent highs. Shares are bouncing back from their 50-day line but are around 40% off their 52-week high.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded higher after Wednesday's stock market open.
Amazon is nearing a 191.70 buy point in a cup base following a recent rebound from the 50-day line. Amazon stock moved up 0.6% Wednesday
Apple stock rose almost 0.5% Tuesday, snapping a three-day win streak. Shares are at the top of the 5% buy range above a cup base's 199.62 buy point. Apple was up 1.3% Wednesday.
Microsoft shares climbed 0.7% Tuesday, barely in buy range past a flat base's 430.82 buy point. And early Wednesday the stock gained 0.1%.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
