The Dow Jones Industrial Average and other major stock indexes wavered Wednesday despite an unexpected rise in durable goods orders. Among the early movers were GameStop, Nvidia and Tesla.
Early Wednesday, the Dow Jones Industrial Average traded up 0.4%. The S&P 500 was down 0.2%. And the tech-heavy Nasdaq composite fell 0.7%.
The 10-year Treasury yield ticked higher to 4.34% early Wednesday. And oil prices rose, as West Texas Intermediate futures traded near $69.65 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was off 0.7%, while the SPDR S&P 500 ETF fell 0.2% after the open.
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In stocks, Nvidia slipped 0.6% Tuesday. Shares have rebounded about 16% from their March 11 lows, but are still below their 50- and 200-day moving averages. Those are key areas to watch in the coming sessions. Nvidia stock dropped 3.3% in morning trading after the U.S. added dozens of Chinese companies to an export blacklist due to national security concerns.
Finally, Tesla jumped another 3.5% Tuesday, extending a win streak to five sessions and retaking the long-term 200-day line. Shares remain around 40% off their record high of 488.54, reached on Dec. 18. Shares of the Elon Musk-led company skidded 2% in early morning trading.
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Early Wednesday, the Commerce Department's February durable goods orders unexpectedly rose for the month, up 0.9%. New orders were expected to fall 1% in February, per Econoday. Core capital goods fell 0.3% on the month. The core capital goods orders figure acts as a proxy for business investment.
In stocks, GameStop soared by more than 10% Wednesday morning after the company reported mixed fourth-quarter results, topping earnings estimates but missing revenue targets. The company also approved an update to its investment policy to add bitcoin as a treasury reserve asset.
Elsewhere, other key earnings movers include Chewy, Dollar Tree and Paychex.
Chewy stock jumped more than 3%, while shares of Dollar Tree edged lower. And Paychex rose 2.5% in early action.
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Dow Jones Rises
On Tuesday, blue chips on the Dow Jones Industrial Average edged higher, or 4 points, while the S&P 500 gained 0.2% and the Nasdaq rose 0.5%.
Amid the recent stock market rally, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are Heico, Tradeweb Markets, Bowhead Specialty and LandBridge.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and Cisco Systems.
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 Stocks: Cisco Eyes Buy Point
Dow Jones component and networking giant Cisco Systems is tracing a flat base that has a 66.50 buy point, according to MarketSurge chart analysis. But shares remain below their 50-day line, as they added 0.1% in morning action Wednesday.
Outside the Dow, Tradeweb Markets moved further above a cup-with-handle's 140.48 entry following last week's breakout move. Shares rose a fraction Wednesday.
Monday's IBD Stock Of The Day Heico topped a 270.37 entry in a cup with handle, with a 1.1% rally Tuesday. Heico shares edged lower Wednesday.
Insurance leader Bowhead Specialty is moving out of buy range past a 37.81 buy point in a cup base, according to IBD MarketSurge pattern recognition. Bowhead shares ticked 0.5% higher Wednesday morning.
Finally, IBD Leaderboard stock LandBridge is in a 5% buy zone above a 76.22 buy point in a double bottom base. Its relative strength line hit a new high this week. LandBridge stock climbed 1% in early trading 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, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Bowhead Specialty | 37.81 | Cup base | |
| Cisco Systems | 66.50 | Flat base | |
| Heico | 270.37 | Cup with handle | |
| Tradeweb Markets | 140.48 | Cup with handle |
Source: IBD Data as of March 24
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks are on the mend following heavy selling pressure in recent weeks. Dow Jones component Amazon regained its 200-day line following gains over the last few sessions. Amazon moved down 1.2% early Wednesday.
Apple, which continues to rebound from its recent lows, remains below its 200-day moving average line. Apple stock rose 0.2% in morning trades Wednesday.
Finally, software giant Microsoft moved down 0.4% Wednesday. Shares hit a new 52-week low in mid March, but are rebounding.
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.
