The Dow Jones Industrial Average and the other major stock indexes looked to continue their recent string of gains Wednesday morning, as Boeing and Tesla jumped on first-quarter earnings results. Next up, Meta Platforms is due to report after the close on the stock market today.
The Dow Jones Industrial Average dropped 0.1% in morning action, as the S&P 500 gained 0.2%. Tech-focused Nasdaq 100 futures climbed 0.6% after the opening bell.
Early Wednesday, the 10-year Treasury yield ticked higher to 4.64%. Further, oil prices dropped 0.2% as West Texas Intermediate futures traded around $83.20 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up 0.6%, while the SPDR S&P 500 ETF climbed 0.3%.
Stock Market Today: Tesla Earnings
Late Tuesday, Tesla announced worse-than-expected earnings and revenue for the first quarter on Tuesday, with the electric-vehicle giant reporting its lowest quarterly per-share earnings since 2021. But Tesla stock soared more than 14% in morning trading as it signaled "more affordable" new models are still coming.
Other key earnings movers Wednesday include AT&T, Boeing, Texas Instruments and Visa.
AT&T stock jumped 2.2% in morning action, while Boeing shares rallied nearly 4%. Texas Instruments surged more than 7%. And Visa stock advanced 2.5%.
Later Wednesday, social media giant Meta plans to report its earnings results. Analysts project Meta will post sales of $36.14 billion, up 26% from the same period in 2023, according to FactSet. That would mark Meta's fifth-straight quarter of revenue growth acceleration. Earnings are projected to surge 95% to $4.32 per share. Meta stock rose 2% early Wednesday.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Rebounds
On Tuesday, the Dow Jones Industrial Average climbed 0.7%, while the S&P 500 moved up 1.2%. The tech-heavy Nasdaq composite advanced 1.6%.
Tuesday's The Big Picture column commented, "The most challenging aspect to the stock market now is avoiding the pitfall of buying stocks that are acting well in a weak market. It's still early in the rally attempt as the Nasdaq composite and S&P 500 trade below their 50-day lines. But a follow-through day for the Nasdaq composite and S&P 500 could come as early as Thursday."
Now is an important time to read Investor's Business Daily's The Big Picture column amid the ongoing stock market action. 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
Best Stocks To Watch On Stock Market Today
Alphabet, Dexcom, On Holding and Tradeweb Markets — plus Dow Jones component American Express — are among the best companies to watch on the stock market today.
Alphabet and Tradeweb are featured in this Stocks Near A Buy Zone column.
An essential resource for daily breakouts is IBD MarketSurge's "Breaking Out Today" list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. Also, the MarketSurge "Near Pivot" list shows 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. These features identify bullish patterns and buy points and are available to check every day.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: American Express
American Express is bouncing back in heavy volume from support around its 50-day moving average, according to MarketSurge charts. A rebound placed the software leader in a new buy area, while shares are climbing above a 231.69 entry in a short consolidation. The stock edged higher Wednesday morning. Keep in mind that market risk is high right now.
4 Top Growth Stocks To Watch In The Stock Market Correction
Outside the Dow Jones index, Google stock is above a 153.78 buy point and its relative strength line is at its highest level since January, according to MarketSurge charts. Alphabet is due to report earnings late Thursday. Shares lost 0.2% Wednesday.
Dexcom regained its 132.03 flat-base entry during Tuesday's gain, finding support at its key 50-day line. Dexcom stock dropped 0.5% early Wednesday.
Retail leader On Holding is trying to retake its 50-day line, and a decisive move above that level would be positive for the stock's prospects. On Holding stock was down 0.5% early Wednesday.
Tradeweb is below its 50-day moving average, as it forms a flat base with a 108.04 buy point. Shares rose 0.5% Wednesday.
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 |
|---|---|---|---|
| American Express | 231.69 | Consolidation | |
| Alphabet | 153.78 | Consolidation | |
| Dexcom | 132.03 | Flat base | |
| Tradeweb Markets | 108.04 | Flat base |
Source: IBD Data As Of April 22, 2024
Join IBD experts as they analyze leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Nvidia
Magnificent Seven stock Nvidia rose 0.3% in Wednesday's morning action.
Nvidia stock advanced another 3.5% Tuesday, adding to Monday's gains and recovering a large part of Friday's 10% plunge. Shares remain below their key 50-day line.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded higher after Wednesday's stock market open.
Apple stock moved up 0.6% Tuesday, adding to Monday's gains but still holding near its recent lows. Shares are more than 15% off their 52-week high. The stock was up 0.7% Wednesday morning.
Microsoft shares gained 1.7% Tuesday, still below their 50-day line following last week's losses. The stock rose 0.5% early Wednesday.
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.
