The Dow Jones Industrial Average rose Wednesday ahead of today's interest rate decision from the Federal Reserve. Meanwhile, Cathie Wood's Ark Invest sold more than 77,000 shares of Tesla stock.
The Fed's meeting concludes Wednesday afternoon with an interest rate decision at 2 p.m. ET, followed by a press conference with Fed Chair Jerome Powell. Chances are that the Fed will not raise its interest rate target after 11 straight increases since early 2022. Wall Street places a 99% chance of holding interest rates steady, per the CME FedWatch Tool. That means markets will be keenly tuned to Powell's comments on upcoming strategy.
A key earnings mover Wednesday is General Mills. General Mills shares climbed 1.5% in early trade. KB Home and FedEx report results after the closing bell. (For the latest coverage of the market, visit our Stock Market Today page.)
Stock Market Today: Cathie Wood Sells Tesla Stock
EV giant Tesla traded up 0.5% Wednesday morning. On Tuesday, Cathie Wood's Ark Innovation ETF sold 77,170 of Tesla stock, per daily trade disclosures. The EV giant remains the ETF's biggest holding, with a 11.35% position.
Meanwhile, Nvidia gained 0.3%. Dow Jones tech icons Apple and Microsoft traded lower, after today's stock market open.
Other stock market leaders include Alphabet and Meta Platforms. GOOGL stock and Meta shares both inched lower in early action.
Airbnb, Amazon, Axon Enterprises and IBD Leaderboard watch list stock DraftKings — as well as Dow Jones stocks Caterpillar and Intel — are among the best stocks to watch in the struggling stock market uptrend.
DraftKings is an IBD Leaderboard watch list stock, while Airbnb featured in this Stocks Near A Buy Zone column. Airbnb was a recent IBD Stock of the Day.
Dow Jones Today: Oil Prices, Treasury Yields
After Wednesday's opening bell, the Dow Jones Industrial Average rose 0.4%, while the S&P 500 was up 0.2%. The tech-heavy Nasdaq composite lost 0.1% in morning trade.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust was up 0.2%, while the SPDR S&P 500 ETF rose 0.3% early Wednesday.
Early action Wednesday also showed the 10-year U.S. Treasury yield at 4.32%, just off its 52-week high, ahead of today's Fed decision.
Oil prices pulled back from their 2023 highs as West Texas Intermediate futures dropped more than 1% in morning action. WTI futures traded below $90 a barrel Wednesday ahead of the Energy Information Administration's weekly oil inventory report.
Five Best Dow Jones Stocks To Buy And Watch Now
Stock Market Struggles
On Tuesday, the Dow Jones Industrial Average lost 0.3%, while the S&P 500 moved down 0.2%. The tech-heavy Nasdaq composite also dropped 0.2%.
Tuesday's Big Picture column commented, "The Nasdaq composite fell 1% intraday but trimmed the loss to 0.2% by the close. It also closed 1 point above the Aug. 29 follow-through day's low. A close below that low would've been an unwelcome development for stock market bulls. That's because IBD research has consistently shown that a close below the follow-through's low often presages more weakness."
Now is an important time to read IBD's The Big Picture column as the stock market looks to rebound from recent losses.
Dow Jones Stocks: Caterpillar, Intel
Dow Jones leader Caterpillar is approaching a new flat base's 293.88 buy point after strong gains since early June. CAT stock dropped 0.45% Tuesday, still just 5% away from the latest buy point. Shares gained 0.7% Wednesday morning.
Chip giant Intel tumbled below a 37.19 flat-base entry, after Tuesday's 4.3% sell-off. INTC stock dropped another 1.1% early Wednesday.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
Stocks To Watch: Airbnb, Amazon, Axon, DraftKings
Wednesday's IBD Stock Of The Day, Airbnb, is tracing a cup-with-handle base with a buy point of 151.16. ABNB stock is about 5% away from its latest entry. Airbnb shares rose 0.4% Wednesday morning.
E-commerce giant Amazon is squarely below a 143.63 buy point in a flat base following a short-lived breakout move last week. AMZN stock gained 1.1% early Wednesday.
Axon Enterprises declined 2.1% Tuesday, trading about 4% away from a cup with handle's 217.61 buy point. AXON stock moved up 0.7% Wednesday.
IBD Leaderboard watch list stock DraftKings is building a cup with handle that has a 32.65 buy point, per IBD MarketSmith pattern recognition. Shares dropped 3.7% Tuesday, still holding above support around their 50-day moving average, a key level to watch. DKNG stock was up 4.2% Wednesday morning.
Learn How To Time The Market With IBD's ETF Market Strategy
Best Stocks In Today's Stock Market Action
These are four best stocks to buy and watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Amazon | 143.63 | Flat base | |
| Caterpillar | 293.88 | Flat base | |
| Airbnb | 154.95 | Cup base | |
| DraftKings | 32.65 | Cup with handle |
Source: IBD Data As Of Sept. 20, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock bounced 0.5% Tuesday, recovering a part of Monday's sharp decline. Shares remain above an early entry at 261.18, though gains are fading. And TSLA stock has a 299.29 official cup-base buy point, but could look to add a handle amid the recent weakness.
On Wednesday morning, TSLA stock rose 0.5%, set to add to Tuesday's gains.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock climbed 0.6% Tuesday, still below its 50-day line after sharp losses in recent weeks. AAPL stock continues to build a flat base with a 198.23 buy point. Shares lost 0.1% Wednesday morning.
Microsoft shares are moving further below their 50-day line, with a 0.1% fall Tuesday. Shares are moving up the right side of a cup base that has a 366.78 buy point. And on Wednesday morning, the stock edged lower.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
