The Dow Jones Industrial Average and other major stock indexes traded lower Wednesday as Wall Street awaited a critical earnings report from Nvidia and comments from Chief Executive Jensen Huang, due out after the close. An early earnings loser on the stock market today was Target.
After the opening bell, the Dow Jones Industrial Average inched lower, while the S&P 500 moved down 0.3%. The tech-heavy Nasdaq composite traded down 0.5% in morning trading.
Early Wednesday, the 10-year Treasury yield rose to 4.43%. Oil prices climbed, as West Texas Intermediate futures traded around $70.10 per barrel.
Among exchange traded funds, the Invesco QQQ Trust lost 0.5%, as the SPDR S&P 500 ETF fell 0.3% after the open.
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Stock Market Today: Nvidia Earnings Due
Chip giant Nvidia rallied 4.9% Tuesday, snapping back from two days of heavy losses. Shares bullishly regained their recent 140.76 buy point and are just shy of record highs. Nvidia stock fell 1.4% Wednesday.
The newest Dow Jones component is scheduled to report earnings after the close. For the fiscal fourth quarter, Wall Street currently expects Nvidia to earn 75 cents a share, up 86%, on sales of $33.1 billion, up 83%, according to Investor's Business Daily's MarketSurge.
Key earnings movers Wednesday include Target, TJX and Williams-Sonoma.
Target stock plunged 21% after the company missed earnings and sales estimates and cut its full year outlook. TJX stock rose 0.5%, while Williams-Sonoma rocketed more than 25% in early trading.
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Dow Jones Extends Losses
On Tuesday, the Dow Jones Industrial Average fell 0.3% to extend a losing streak to four sessions, while the S&P 500 rose 0.4% and the Nasdaq composite advanced 1%.
Among the best companies to watch on the stock market today are Broadcom, Costco Wholesale, Deckers Brands and FanDuel parent Flutter Entertainment and Tradeweb Markets.
Dow Jones components making notable moves are Amazon.com, Apple, Microsoft and Salesforce.
Salesforce and Broadcom featured in this Stocks Near A Buy Zone column.
There were no new stocks on IBD MarketSurge's "Breaking Out Today" list Tuesday due to the recent market weakness. 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: Salesforce Pulls Back
Dow Jones software leader Salesforce is testing a 318.71 buy point, according to MarketSurge pattern recognition. Shares rose 0.4% on Wednesday.
Outside the Dow Jones index, artificial intelligence giant Broadcom is below support around its 50-day line, as it continues to build a flat base that has a 186.42 alternative entry. Broadcom shares edged lower Wednesday.
Heico is in buy range above its flat base's 269.38 buy point and is a recent IBD Stock Of The Day. Shares rose 2.3% early Wednesday.
Deckers stock is in buy range past a 172.57 buy point in a cup-with-handle base. Shares were up 0.5% Wednesday.
Shares of Flutter jumped past a 252.84 buy point in a flat base during last week's jump to new highs and remain at the top of the buy range. The stock inched lower Wednesday morning.
Finally, Tradeweb moved within striking distance of a 136.13 entry in a flat base during Tuesday's 3% rally. Aggressive investors could use a move above the high of 131.70 as a trendline early entry. Tradeweb stock moved up 0.5% in early action Wednesday.
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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 |
|---|---|---|---|
| Tradeweb | 136.13 | Flat base | |
| Costco Wholesale | 923.83 | Flat base | |
| Broadcom | 186.42 | Handle entry | |
| Deckers Brands | 172.57 | Handle entry |
Source: IBD Data as of Nov. 20
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Magnificent Seven Stocks: Alphabet, Meta, Tesla
Among Magnificent Seven stocks, Alphabet fell 1.1% in morning trading. Shares are again nearing a 182.02 buy point in a cup with handle following a short-lived breakout attempt.
Meta Platforms gave up its 50-day line last week, but is still near a flat base's 602.95 buy point. Shares dropped 0.3% Wednesday.
Tesla lost 1.6% Wednesday following a three-day win streak. Shares of the electric-vehicle giant are back near new highs.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock rebounded 1.4% Tuesday, but declined 1.5% in early trading Wednesday. Amazon shares are just above a consolidation's 201.20 buy point.
Shares of Apple are vacillating above and below their 50-day line, as they continue to consolidate after a new high on Oct. 15. The stock edged down Wednesday morning.
Microsoft shares dropped 0.8% Wednesday morning. The stock remains below its 50-day line, a key level to watch.
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.
