The Dow Jones Industrial Average and other major indexes traded sharply higher Wednesday, as Wall Street applauded strong bank earnings results and a mostly cooler-than-expected consumer inflation report from the Labor Department. Meanwhile, Nvidia rallied on the stock market today, looking to snap a five-day losing streak.
After the opening bell, the Dow Jones Industrial Average surged 1.7%, or 700 points. The S&P 500 gained 1.7%, and the tech-heavy Nasdaq composite moved up 2.1% in morning trades.
The 10-year Treasury yield tumbled to 4.68% early Wednesday, easing from its highest level since November 2023. And oil prices rose, with West Texas Intermediate futures trading around $78.30 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 2.1%, as the SPDR S&P 500 ETF moved up 1.7% after the open.
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Stock Market Today: CPI Inflation Report, Nvidia Bounces
In economic news, the Labor Department's consumer price index for December rose 0.4%, just above the 0.3% Econoday estimate, with a year-over-year increase of 2.9%, in line with estimates. The core CPI rose 0.2% on the month, below the 0.3% estimate, with a year-over-year increase of 3.2%, cooler than the 3.3% estimate.
In stocks, Nvidia rallied 1.7% Wednesday morning, as it tries to end its five-day losing streak.
Shares decisively gave up their 50-day moving average in recent sessions. They have also triggered the 7% loss rule below a double-bottom entry at 146.54. That means the latest breakout attempt in Nvidia stock has failed and investors will need to be patient and wait for another entry.
Elsewhere, BlackRock, Citigroup, Goldman Sachs, JPMorgan Chase and Wells Fargo were key earnings movers Wednesday morning.
BlackRock shares rallied nearly 5% in morning trading, while Citigroup stock surged 5%. Goldman shares climbed 5.4%, as JPMorgan stock moved up 0.6%. Finally, Wells Fargo jumped 5% in early morning action.
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Dow Jones Climbs
On Tuesday, the Dow Jones Industrial Average climbed 0.5%, while the S&P 500 rose 0.1% and the Nasdaq dropped 0.2%. Following the recent bearish action, now is a good time to check IBD's The Big Picture for an update on the current exposure level.
Among the best companies to watch in the current stock market are Burlington Stores, Interactive Brokers, Intuitive Surgical and Meta Platforms.
Dow Jones components making notable moves were Amazon.com, Apple, 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 Eyes Buy Point
Dow Jones retail giant Walmart is building a flat base that offers a 96.18 buy point, according to MarketSurge pattern recognition. But it must first find support at the 50-day line. Shares rose 0.5% Wednesday.
Outside the Dow Jones index, Burlington Stores is close to a 298.88 buy point in a flat base. The retail stock gained 1% Wednesday.
Interactive Brokers is just below a cup base's 193.42 entry. The stock rallied 2.3% Wednesday.
Intuitive Surgical inched lower Tuesday, and is approaching a 556.23 flat-base entry. Intuitive stock moved up 5.4% Wednesday, breaking out past the buy point.
Social media platform Meta gave up its 602.95 buy point during Tuesday's sell-off. Shares are again trying to find support around their 50-day moving average. Meta stock gained almost 3% in Wednesday's morning trading.
Nvidia, Apple And Tesla Highlight How To Handle The Stock Market Today
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 |
|---|---|---|---|
| Interactive Brokers | 193.42 | Cup base | |
| American Express | 307.82 | Flat base | |
| Intuitive Surgical | 556.23 | Flat base | |
| Meta Platforms | 602.95 | Flat base |
Source: IBD Data as of Jan. 13
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Tesla Stock
Electric-vehicle giant Tesla reversed from sharp gains Tuesday to slide 1.7%. Shares are trying to find support around their 10-week line. That would place the Elon Musk-led company in a new buy area.
And Tesla stock looked to extend its recent gains, up 5.2% in morning trading Wednesday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which dropped 0.3% Tuesday in a third straight decline. While the e-commerce giant is sharply extended above a 201.20 buy point, it is now pulling back to its 50-day line. Decisive support would be a new buying opportunity. It moved up 2.3% in early action Wednesday.
Shares of Apple closed sharply below a flat base's 237.49 entry, falling further below their 50-day moving average Tuesday. But they rebounded 1.9% early Wednesday.
Microsoft shares gained 2.3% Wednesday morning, as they continue to consolidate below their 50- and 200-day lines. Microsoft stock is more than 11% off its 52-week high.
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.
