The Dow Jones rose modestly Wednesday morning, along with the S&P 500 and Nasdaq, a day after all three indexes rallied.
Nvidia chipmaker Taiwan Semiconductor reported strong sales. Also, two recent IPOs, Astera Labs and Reddit, rallied on the stock market today.
Meanwhile, the Department of Justice may seek a breakup of Google-parent Alphabet. And Chinese stocks retreated again after tumbling in the prior session.
The Dow Jones Industrial Average rose 0.2%. The S&P 500 and the Nasdaq composite climbed 0.2%.
The 10-year Treasury yield edged up to 4.04%. At 2 p.m. ET, the Federal Reserve is due to release minutes from its September policy meeting.
Crude oil prices fell more than 2% after skidding 4.6% to $73.57 a barrel in the prior session.
Remember that premarket action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Boeing Talks Break Down; Insurers Await Milton
Boeing withdrew its contract offer with striking workers as union talks broke down, with S&P Global warning it may downgrade the Dow Jones aerospace giant's credit rating to junk.
Shares of the Dow Jones component dropped 3% on the stock market today. Boeing stock has plunged 40.7% this year as of Oct. 8.
Elsewhere, insurers are in focus with Hurricane Milton bearing down on Tampa, Fla. The storm isn't expected to make landfall until Wednesday night. Further, damage may not be clear for a few days or more.
Insurance stocks fell hard Monday, then bounced back somewhat on Tuesday.
Meanwhile, Citigroup analyst James Hardiman raised a price target on Carnival, upgraded Norwegian Cruise Line and made bullish comments about Royal Caribbean.
Carnival stock cleared a buy point as it rose 4.5%. Norwegian Cruise jumped 8%, exiting a buy zone. Already extended, Royal Caribbean climbed more than 3%.
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Tuesday's Action
The Dow Jones index rose 0.3% in Tuesday's stock market trading. The S&P 500 index jumped 1% while the Nasdaq composite leapt 1.5%. The small-cap Russell 2000 edged up 0.1%.
A number of stocks flashed buy signals in Tuesday's session, including Nvidia.
Stock Market Today: Taiwan Semiconductor Sales
Taiwan Semiconductor reported September sales surged nearly 40% vs. a year earlier in local currency, fueled by AI chip demand. That caps a strong third quarter for the world's largest contract chipmaker.
Taiwan Semi stock fell less than 1% Wednesday, but off morning lows.
Shares edged up 0.8% to 186.05 in the prior session, slightly extended from a 175.45 cup-with-handle buy point. Investors could use the Sept. 26 high of 189.33 as an alternate handle or add-on entry.
Taiwan Semiconductor is set to report third-quarter earnings on Oct. 17, with its outlook and capital spending plans key for the chip sector.
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Nvidia Extends Strong Run In Stock Market Today
Nvidia stock edged higher.
In the prior session, Nvidia popped 4% to 132.88, moving above the Aug. 26 high of 131.26, which works as either an early entry or an awkward handle buy point. On Monday, Nvidia stock gained 2.3% to 127.78, clearing a trendline entry around 126 as well as the Sept. 26 short-term high of 127.67.
All told, shares have run up about 13.6% in a five-day win streak, which started with a bounce off the 50-day line.
Also, Nvidia stock is on IBD Leaderboard, SwingTrader and the IBD 50.
IPO Astera Labs Vaults Above Entries
Astera Labs spiked 17% to 62 on the stock market today, after launching new fabric switches for artificial intelligence workloads. Shares are set to clear aggressive entries from breaking a trendline going back to April as well as a 55.50 short-term level.
But there is a lot of overhead resistance for the profitable AI play.
Astera Labs stock held its initial public offering at 36 a share in late March, vaulting to a record 95.21 a few days later. But shares of the IPO quickly tumbled, falling to 36.22 on Aug. 7 and only rebounding in the last month.
Reddit Rises On Buy Rating
Jefferies initiated social media IPO Reddit with a buy rating and a 90 price target.
Reddit stock jumped more than 4% to nearly 74. Shares were in range from a cup-with-handle buy point of 69.11. The 5% buy zone extends to 72.57.
The Reddit IPO came public at 34 in late March, hitting a record 78.08 on July 15.
DOJ Mulls Google Breakup In Stock Market Today
The DOJ told a federal judge in a court filing that it may recommend a Google breakup as part of an antitrust remedy.
The Tuesday night court filing also said antitrust officials could recommend that Google open up its core data that it uses for research to conduct web searches as well as its artificial intelligence tools.
Google stock fell 1.5%, undercutting the 21-day and testing the 50-day line. Google stock has a 191.75 consolidation buy point, but investors might use the Oct. 1 intraday high of 169.16 as an aggressive entry.
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