The Dow Jones Industrial Average and other major stock indexes rose Wednesday as Wall Street braced for an interest rate decision from the Federal Reserve and comments from Fed Chairman Jerome Powell. On the winning end were Tesla and Nvidia, the latter of which rallied after unveiling new artificial intelligence chips.
Early Wednesday, the Dow Jones Industrial Average traded 0.5% higher, as the S&P 500 moved up 0.7%. And the tech-heavy Nasdaq composite advanced 0.9%.
The 10-year Treasury yield ticked higher to 4.3% early Wednesday. And oil prices dipped, as West Texas Intermediate futures traded near $66.85 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 0.9%, while the SPDR S&P 500 ETF moved up 0.7% after the open.
Tesla stock tumbled 5.3% on Tuesday, adding to Monday's slide. Shares are nearly 54% off their record high of 488.54, reached on Dec. 18. But the stock rebounded 2.1% Wednesday after California gave the electric-vehicle giant approval to allow Tesla employees to transport fellow workers using the company's EVs. The move is seen by bulls as a technical step toward Tesla's robotaxi launch. Cantor Fitzgerald also upgraded the stock from neutral to overweight.
Further, Nvidia sold off 3.4% Tuesday, giving up more recent gains and falling closer to last week's lows. Shares are holding below their 50-day and 200-day moving averages. But Nvidia stock bounced 1.6% in morning trading Wednesday after Chief Executive Jensen Huang announced Blackwell Ultra chips, set to ship in the second half of 2025. He also touted Vera Rubin, its next-generation chips due in 2026.
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Stock Market Today: Fed Decision, Powell
Today's big economic news is the Fed's interest rate decision set for 2 p.m. ET. Markets currently expect the Fed to wait until June to cut rates again, with just 15% odds of a cut in May, down from 28% one week ago. Meanwhile, Fed Chair Powell's planned news conference after the decision will shape expectations for the next Fed meeting.
In stocks, key earnings movers include General Mills, Ollie's Bargain Outlet and Chinese internet giant Tencent.
General Mills stock sold off 1.4%, while shares of Ollie's moved 7% higher. Tencent stock gained 1.1% in early trading.
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Dow Jones Slides 260 Points
On Tuesday, the Dow Jones Industrial Average dropped 0.6%, or 260 points, while the S&P 500 lost 1.1% and the Nasdaq sold off 1.7%.
Following the recent market rebound, now is an important time to read IBD's The Big Picture column for the updated exposure level.
Among the best companies to watch in the current stock market are Aon, Berkshire Hathaway, Tradeweb Markets and Uber Technologies.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and Travelers.
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: Travelers Gives Up Buy Point
Dow Jones component and insurance giant Travelers gave up its 263.08 handle buy point Tuesday, according to MarketSurge chart analysis. Shares gained 0.2% Wednesday.
Outside the Dow, Tradeweb Markets closed just below a cup-with-handle's 140.48 entry Tuesday. During this week's breakout move, the Relative Strength line triggered the blue dot, which is a sign of strong stock market outperformance. Shares were down 0.5% Wednesday.
Warren Buffett's Berkshire Hathaway edged further out of the buy range above a 491.67 cup-base entry. Shares were flat Wednesday morning.
Uber has a handle entry at 82.10 and shares are looking for much-needed support at their 50-day line amid the ongoing pullback. The ride-share giant was a recent IBD Stock Of The Day. Uber stock fell 0.7% Wednesday.
Finally, IBD Leaderboard stock Aon is trying to find support around a 395.33 buy point in a cup base following a recent breakout move. Its RS line hit a new high last week. Shares moved down 0.1% 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 and Warren Buffett-led Berkshire.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Uber Technologies | 82.10 | Cup with handle | |
| Travelers | 140.48 | Handle entry | |
| Berkshire Hathaway | 491.67 | Cup base | |
| Tradeweb Markets | 140.48 | Cup with handle |
Source: IBD Data as of March 17
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks continue to face heavy selling pressure as investors rotate out into fresh sectors or defensive names. Dow Jones component Amazon is below its 200-day line following big losses in recent weeks. Amazon moved up 0.4% early Wednesday.
Apple, which rose for a second straight session Tuesday, remains far below its 200-day line amid recent losses. Apple stock rose 2.2% in morning trades Wednesday.
Finally, software giant Microsoft gained 0.8% Wednesday. Shares hit a new 52-week low last week, 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.
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