The Dow Jones Industrial Average and other major stock indexes traded higher Wednesday as investors looked toward coming jobs data and Federal Reserve minutes. An early earnings winner on the stock market today was Target, which beat Wall Street's estimates.
After the opening bell, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 gained 0.3%. The tech-focused Nasdaq composite also rose 0.3% in early trading.
Early Wednesday, the 10-year Treasury yield dipped just below 3.8%. Oil prices ticked up, as West Texas Intermediate futures stood near $73.60 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 0.2%, while the SPDR S&P 500 ETF also moved up 0.2% after the open.
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Stock Market Today: Jobs Data, Fed Minutes
On Wednesday, the Labor Department's Bureau of Labor Statistics is expected to revise the March payrolls level with a more accurate data source called the Quarterly Census of Employment and Wages. The release is scheduled for 10 a.m. ET.
Goldman Sachs expects the revision to show that jobs growth in the first quarter of 2024 was at least 600,000 weaker than currently estimated, with a decline as large as a million.
Later in the trading day, the Federal Reserve's minutes from its latest policy meeting are due at 2 p.m. ET. Investors will be looking for further clues into the thoughts of Chairman Jerome Powell and other central bankers on the future path of interest rates.
Early Wednesday, Target stock soared more than 15% after the company reported better-than-expected earnings during the second quarter with same-store sales rising for the first time since 2022.
Other earnings movers Wednesday morning include Toll Brothers, TJX and Macy's.
Toll Brothers shares climbed more than 2% in early action, while Macy's stock plunged 11%. TJX stock jumped nearly 5%, breaking out above a six-week flat base's 115.34 entry at the open.
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Dow Jones Snaps Win Streak
On Tuesday, the Dow Jones Industrial Average moved down 0.2%, snapping a five-day win streak. The S&P 500 slipped 0.2% and the tech-heavy Nasdaq composite dropped 0.3%.
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 market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
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Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Birkenstock, Cava, Netflix and Shake Shack.
Also on the list are Dow Jones components Amazon, Apple, IBM, Microsoft and UnitedHealth.
Birkenstock and Netflix featured in this Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge's "Breaking Out Today" list Tuesday. Notably, PayPal topped a 70.66 buy point. Shares added 0.2% in morning action Wednesday.
Further, there are a handful of stock ideas on the site's "Near Pivot" list. These are top stocks nearing new buy points, like Intuit. Intuit stock is just below a 674.34 cup-with-handle entry. Shares ticked up 0.1% Wednesday.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: IBM, UnitedHealth
Among Dow Jones components, UnitedHealth is in buy range above a 554.70 buy point in a cup base, according to MarketSurge pattern recognition. Shares were up 0.3% Wednesday morning.
Meanwhile, IBM is approaching its latest entry, a cup-with-handle buy point at 196.26. IBM stock was down 0.2% Wednesday.
Outside the Dow Jones index, Mediterranean restaurant chain Cava bullishly regained its 50-day line in recent action. That offers a buying opportunity for more aggressive investors. Cava stock fell 0.2% early Wednesday, putting shares just below a 98.69 entry. Cava sits on the IBD SwingTrader list.
Birkenstock is at a 61.83 flat-base buy point following last week's breakout move. Shares rose 1.2% early Wednesday.
Streaming giant Netflix is breaking out past a late-stage cup base with a 697.49 buy point. Netflix stock dipped 0.5% Wednesday.
And Shake Shack's recent breakout move past a cup-with-handle entry at 105.68 has stumbled with recent losses. Shares tried to rebound early Wednesday, and were up 2.3%.
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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 |
|---|---|---|---|
| Ferrari | 442.80 | Flat base | |
| Shake Shack | 111.29 | Cup base | |
| ServiceNow | 806.52 | Handle entry | |
| Birkenstock | 61.83 | Flat base |
Source: IBD Data as of Aug. 15
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia and Tesla rose 0.7% and 0.9%, respectively, in morning trading.
On Tuesday, Nvidia, an IBD Leaderboard stock, declined 2.1%, snapping a six-day win streak. Shares remain above their 50-day line as they near their latest buy point. The cup base has an official 140.76 buy point, but an early entry at 136.15 can be used. Meanwhile, keep an eye out for a potential handle to offer an additional entry.
Tesla stock fell 0.7% Tuesday, as shares of the electric-vehicle giant trace the right side of a new base. It remains early in the process.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mixed after Wednesday's stock market open.
Amazon shares decisively reclaimed their long-term 200-day line on Aug. 15. The stock rose 1.3% Wednesday morning.
Apple stock is building the right side of a new base after recapturing its 50-day line in recent weeks. Apple inched lower Wednesday.
Microsoft shares gained 0.7%, as they hold below their 50-day line. A new base is forming. And on Wednesday morning, the stock ticked 0.5% lower.
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.
