The Dow Jones Industrial Average and other major stock indexes turned mixed Wednesday as a cooler-than-expected inflation report helped investors momentarily forget President Donald Trump's tariff threats. Meanwhile, Nvidia and Tesla extended their rebounds on the stock market today.
Early Wednesday, the Dow Jones Industrial Average reversed lower, falling 0.1%, while the S&P 500 climbed 0.8%. The tech-heavy Nasdaq composite rallied 1.4% in early morning trades.
The 10-year Treasury yield ticked higher to 4.32% early Wednesday. And oil prices rose, as West Texas Intermediate futures traded near $67.15 per barrel.
Among exchange traded funds, the Invesco QQQ Trust added 1.4%, while the SPDR S&P 500 ETF gained 0.8% after the open.
Nvidia reversed 1.7% higher Tuesday, still at its lowest level since early September. Shares are sharply below their 50-day and 200-day moving averages and around 30% off their 52-week high. Nvidia stock added another 6.2% in morning trading.
Further, Tesla stock raced 3.8% higher on Tuesday, rebounding from its lowest close since Oct. 23. Shares are more than 50% off their record high of 488.54, reached on Dec. 18. Tesla stock tacked on another 7% Wednesday.
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CPI Inflation Report, Trump Tariffs
In economic news, the U.S. Labor Department's consumer price index, or CPI, inflation report for February rose 0.2% on the month, with an annual increase of 2.8%. Both readings were cooler than expected.
The CPI was expected to rise 0.3% on the month, with an annual increase of 2.9%. Core inflation, which excludes food and energy, climbed 0.2% in February, with a year-over-year increase of 3.1%. It was anticipated to rise 0.3% in February, with a year-over-year rise of 3.2%, according to Econoday estimates.
Meanwhile, President Trump said Tuesday he planned to hike tariffs on Canadian steel and aluminum to 50% from 25% as of Wednesday, just as he slaps a 25% tariff on steel and aluminum imports on the rest of the world.
While the White House said Trump no longer plans to raise tariffs on Canada to 50%, the other 25% tariff went into effect Wednesday.
In response, the European Union retaliated, saying it would impose counter-tariffs on about $28.33 billion worth of U.S. goods starting in April.
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Stock Market Today: Dow Jones Sells Off
On Tuesday, the Dow Jones Industrial Average sold off another 1.1%, or 478 points, while the S&P 500 lost 0.8% and the Nasdaq declined 0.2%. Following the ongoing stock market weakness, now is an important time to read IBD's The Big Picture column for the updated exposure level.
Among the best companies to watch in the current stock market are Tradeweb Markets, Uber Technologies and Veeva Systems.
Along with Apple and Nvidia, Dow Jones components making notable moves Tuesday were Amazon.com, Microsoft and McDonald's.
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: McDonald's Gives Up Buy Point
Dow Jones component McDonald's gave up its cup-with-handle's 311.59 buy point, according to MarketSurge pattern recognition, with a 3.3% decline Tuesday. Shares dropped 1.4% in morning action Wednesday.
Outside the Dow, Tradeweb Markets is tracing a cup with handle that has a 140.48 entry and is seeing firm support at its 50-day line so far. Meanwhile, the RS line triggered the blue dot, which is a sign of strong stock market outperformance. Shares added 0.5% Wednesday.
Uber has a handle entry at 82.10 and shares are testing their 50-day line amid the ongoing pullback. The stock was a recent IBD Stock Of The Day. Uber stock was up 1.8% Wednesday.
Finally, Veeva stock fell sharply for a second straight day, falling further below an early entry at 240.95. Shares are forming a cup base that has a 258.93 buy point. Shares of the software leader rose 0.3% 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, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Uber Technologies | 82.10 | Cup with handle | |
| McDonald's | 311.59 | Cup with handle | |
| Veeva Systems | 258.93 | Cup base | |
| Tradeweb Markets | 140.48 | Cup with handle |
Source: IBD Data as of March 11
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks continue to face heavy selling pressure as investors rotate out into fresh sectors or defensive names. Dow Jones component Amazon is below its 200-day line following big losses in recent weeks. Amazon moved up 1.8% early Wednesday.
Apple, which took another dive Tuesday, gave up its 200-day line in the process. Apple stock fell 0.1% in morning trades Wednesday.
Finally, software giant Microsoft gained 0.1% Wednesday. Shares hit a new 52-week low Tuesday before inching higher.
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.
