Major stock indexes ended Wednesday trading virtually flat after an inflation report showed no surprises for investors. Bitcoin managed to soar past the $93,000 mark, but a partner of artificial intelligence giant Nvidia took a dive. And troubled Super Micro Computer fell on the stock market today as it faced mounting regulatory woes.
The Dow advanced a mere 0.1% on Wednesday while the S&P 500 barely edged higher. The Nasdaq lagged, but its loss was just 0.3%.
Volume was higher on the Nasdaq and lower on the New York Stock Exchange compared with the same time Tuesday. Decliners outnumbered winners by 5-to-4 on the NYSE and 5-to-3 on the Nasdaq.
In the early going, small caps managed to recover from Tuesday's steep fall. But the Russell 2000 reversed course about an hour before the closing bell and ended the day down 0.6%.
Meanwhile, Treasury yields climbed as the 10-year note rose two basis points to 4.45%.
Bitcoin Clears $93,000
Bitcoin cleared a $93,000 price point on Wednesday before pulling back below the $89,000 level. The digital currency has gained more than 110% year to date, according to CoinMarketCap.
Amazon moved through a buy zone that went up to 211.26. Shares jumped 2.5% to end the day at 214.10.
Restaurant stock Cava soared nearly 19% at one point Wednesday after reporting earnings. But shares were whittled down and ultimately ended the day up only 1.6%.
Cava raised its full year outlook after an earnings beat. The stock is on IBD SwingTrader.
Warren Buffett-backed energy stock Occidental Petroleum switched gears and turned a loss into a 1.7% gain by the close after beating analyst estimates. Occidental reported sales of $7.17 billion and earnings of $1 per share. Analysts had expected 74 cents earnings per share on $7.12 billion in revenue.
3:12 p.m. ET
Paymentus Soars On Earnings
Paymentus soared after its third-quarter report late Tuesday. The stock is extended from an Oct. 16 breakout at 23.77.
12:16 p.m. ET
Inflation Matches Views; Heico Breaks Out
Inflation as measured by the Labor Department's consumer price index matched economists' views for October. Month to month, prices rose 0.2%, and climbed 2.6% on an annual basis. Core inflation also met views, increasing 0.3% on the month and 3.3% annually.
In stocks, Heico broke out of a flat base at a buy point of 269.38. IBD MarketSurge's daily and weekly charts also show a rising relative strength line.
The aerospace and defense stock holds a near-ideal Composite Rating of 98. It also touched an all-time high on Wednesday. Heico stock was the latest addition to IBD Leaderboard.
10:58 a.m. ET
Stock Market Today: Nvidia-Backed Firm Plunges
AI play SoundHound plummeted even though the company posted an earnings beat. Nvidia is an investor in the company.
The maker of AI voice technology lost 6 cents a share for its fiscal third quarter, ahead of the 7-cent loss analysts expected. SoundHound also said sales were $25.1 million, ahead of views for $23 million.
Elsewhere, Super Micro Computer continued its downward spiral on the stock market today. The AI server maker said in a filing with the Securities and Exchange Commission that it would not be able to file its quarterly 10-Q form on time "without unreasonable effort or expense" after its accounting firm resigned in October.
The company also faces a Nov. 16 deadline to submit a plan for becoming compliant with the listing rules on the Nasdaq exchange. Shares fell more than 3% in recent trades.
Musk Rival Soars, Spotify Jumps
Artificial Intelligence News And AI Stocks To Watch
A rival of Elon Musk's SpaceX, Rocket Lab, soared. It reported lower losses per share and higher revenue than analysts expected.
Spotify jumped after the company reported an increase in premium subscribers that beat Wall Street's target. Spotify's subscribers rose to 6 million in its September-ended quarter, vs. estimates of 5.19 million. Revenue for the music streaming service topped views at $4.38 billion vs. estimates of $4.29 billion. But earnings of $1.59 per share missed by 21 cents.
Shares cleared the 20% profit zone from a buy point of 359.38 on the stock market today.
Meanwhile, Instacart fell. The company's fourth-quarter profit outlook came in lower than analysts expected.
Stock Market Today: Nvidia Stays In Buy Zone
Are These Magnificent Seven Stocks A Buy Now?
Alphabet | Amazon | Apple | Meta | Microsoft | Nvidia | Tesla
Among the Magnificent Seven, Nvidia remained in a buy zone from a 140.76 buy point while Meta fell, testing the 21-day moving average. Shares are in a base with a buy point of 602.95.
Google-parent Alphabet fell but remained near a buy point of 182.02.
Microsoft tested the 50-day moving average while Apple fell below that line of support.
Tesla gained but shares are above a profit zone.
Meta, Nvidia and Alphabet are on IBD SwingTrader. Nvidia is also on IBD Leaderboard and the IBD 50.
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