The Dow Jones Industrial Average reversed lower Wednesday after a weaker-than-expected employment report from ADP. Among the gainers were artificial intelligence giant Nvidia, hitting more record highs, and CrowdStrike, which soared on the stock market today following earnings results.
After the opening bell, the Dow Jones Industrial Average turned 0.4% lower, and the S&P 500 gained 0.2%. The tech-focused Nasdaq composite moved up 0.7% in morning action.
Early Wednesday, the 10-year Treasury yield slipped to 4.32%. Oil prices rose as West Texas Intermediate futures climbed to around $73.70 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust rose 0.8% while the SPDR S&P 500 ETF gained 0.3%.
Meanwhile, Nvidia stock rallied 2.5% in early trade Wednesday morning, hitting more record highs. The company is an IBD Leaderboard stock. In recent weeks, Nvidia stock topped a secondary buy point at 974, gapping up to new highs.
Stock Market Today: ADP Jobs Report
Early Wednesday, ADP's May employment report showed that payrolls grew by 152,000 in May, below estimates for a 173,000 increase and down from April's 192,000 growth.
The ADP report is a precursor to Friday's May jobs report from the Labor Department. Nonfarm payrolls are seen rising by 195,000, up from a 175,000 gain in April.
Meanwhile, CrowdStrike stock cut gains to 5% after the company reported fiscal first-quarter earnings that topped estimates. The cybersecurity company also hiked its full-year revenue outlook.
Other big earnings movers Wednesday include Dollar Tree, Guidewire Software, Hewlett Packard Enterprise and Ollie's Bargain Outlet.
Dollar Tree shares dropped 1.7% in early trading, as Guidewire jumped more than 13%. Hewlett Packard shares surged 14%. And Ollie's stock gained 9% in early action.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Rises
On Tuesday, the Dow Jones industrials rose 0.4%, while the S&P 500 moved up nearly 0.2%. The Nasdaq composite climbed 0.2%.
Investor's Business Daily's Big Picture column commented, "Just after the stock market close, the 10-year Treasury yield was trading around 4.33%, down about 7 basis points. Investors' appetite for bonds has pushed yields lower the past four sessions. It's been the largest four-day yield decline since late January-Feb. 1, according to Dow Jones Market Data."
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
Netflix, Robinhood Markets, Spotify and TJX — plus Dow Jones components Apple, Amgen and Microsoft — are among the best companies to watch on the stock market today.
Amgen and Spotify were featured in IBD's Stocks Near A Buy Zone column.
In IBD MarketSurge's "Breaking Out Today" list, Novo Nordisk is breaking out past a 137.22 buy point in a cup with handle on the stock market today. The base, however, is a higher-risk, late-stage pattern.
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.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Component Amgen
Biotech giant Amgen is building a cup with handle that has a 133.10 entry, as shares inched lower Tuesday. The Dow component added 0.3% on the stock market today.
Outside the Dow Jones index, streaming giant Netflix dipped 0.3% Tuesday, falling further below a 639 cup entry. Netflix stock was up 0.1% Wednesday.
Trading platform Robinhood is back below a 21.21 handle entry amid Tuesday's 2.4% drop. Shares rebounded 1.8% early Wednesday.
Spotify shares are breaking out past a 319.30 buy point in a flat base, with a 4.2% advance Tuesday. Spotify stock bounced around, and was down 0.3% in recent action.
Finally, TJX rose 0.4% Tuesday, further past a 102.04 double-bottom entry. The off-price retail giant added 0.5% Wednesday morning.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
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 | |
| Crocs | 146.79 | Cup base | |
| Taiwan Semiconductor | 148.43 | Double bottom |
Source: IBD Data As Of May 28, 2024
Join IBD experts as they analyze leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Tesla
Among Magnificent Seven stocks, Tesla lost 1.2% on the stock market today.
Tesla stock slipped 0.9% Tuesday, still barely holding above the 50-day line. Shares remain more than 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Apple and Microsoft traded higher after Wednesday's stock market open.
Apple stock rose 0.2% Tuesday, still forming a cup base that has a 199.62 buy point. Shares closed at their highest level since Jan. 25. Apple was up 0.4% Wednesday.
Microsoft shares bounced 0.6% Tuesday, still facing resistance at the 50-day line following last week's losses. Early Wednesday, Microsoft stock moved up 0.3%.
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.
