The Dow Jones Industrial Average traded lower Wednesday, as Wall Street digested employment data and the GDP report. Meanwhile, Google parent Alphabet was a big earnings winner on the stock market today, but Advanced Micro Devices plunged.
After the opening bell, the Dow Jones Industrial Average dropped 0.1%, while the S&P 500 fell 0.2%. The tech-heavy Nasdaq composite moved down 0.2% in morning trading.
Early Wednesday, the 10-year Treasury yield ticked lower to 4.22%. Oil prices remained near this week's lows, as West Texas Intermediate futures traded around $68 per barrel.
Among exchange traded funds, the Invesco QQQ Trust fell 0.2%, as the SPDR S&P 500 ETF inched lower after the open.
Super Micro Computer plunged 30% Wednesday morning after the company's auditor Ernst & Young resigned over governance and transparency concerns. Shares are set to hit a new 52-week low.
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Google Stock Surges On Earnings
Shares of Alphabet jumped nearly 6% Wednesday after the company reported strong third-quarter earnings and sales results as the core internet search advertising business delivered better-than-expected results.
Google stock is moving up the right side of a cup base that shows a 191.75 buy point. Keep an eye out for a handle to offer a lower entry.
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On the earnings front, AMD, Caterpillar, Eli Lilly, Garmin and Reddit were on the move Wednesday morning. The latter soared 29% in morning trading after the company beat views and posted a profit earlier than expected.
AMD stock tumbled 9%, as Caterpillar shares sank 4.4%. Eli Lilly stock dived 11%. Garmin leapt almost 13%, breaking out past a 184.42 flat-base entry.
In economic data, ADP's employment report came in stronger than expected. Private payrolls increased by 233,000 in October, higher than the 115,000 Econoday estimate. The ADP report is a precursor to Friday's jobs report from the Labor Department.
Finally, the Commerce Department said that third-quarter GDP rose 2.8%, below estimates for a 3% increase.
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Best Stocks To Watch
On Tuesday, the Dow Jones Industrial Average fell 0.4%, while the S&P 500 gained 0.2%. And the tech-heavy Nasdaq composite climbed 0.8% to hit a new high.
During Tuesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are Costco Wholesale, MercadoLibre, On Holding and Uber Technologies.
Notable Dow Jones components are Amazon.com, Apple, Goldman Sachs and Microsoft.
Goldman and Tesla were featured in the Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge's "Breaking Out Today" list Tuesday, including Aspen Technology, which topped a 240.82 buy point. 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: Goldman Sachs Reclaims Buy Point
Dow Jones financial leader Goldman Sachs regained its 517.26 buy point during this week's gains, according to MarketSurge pattern recognition. Shares edged lower on the stock market today.
Outside the Dow Jones index, Costco is forming a flat base with a 923.83 buy point but it threatens to give up support around the 50-day moving average. Costco stock traded down 0.4% early Wednesday.
Online retailer MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is also right below the 50-day moving average. Shares declined 2% early Wednesday.
Footwear company On Holding is again finding support at its 50-day line. Shares are just below an early entry at 50.11 from the Oct. 17 high. The stock fell 1.6% Wednesday morning.
Finally, Uber Technologies has fallen below an 82.14 buy point in a consolidation. But following Tuesday's 2% jump, Uber stock rose 0.1% in Wednesday's trading. The company reports earnings Thursday morning.
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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 |
|---|---|---|---|
| Ferrari | 498.23 | Flat base | |
| Costco Wholesale | 923.83 | Flat base | |
| MercadoLibre | 2,161.73 | Flat base | |
| Uber Technologies | 82.14 | Consolidation |
Source: IBD Data as of Oct. 28
Join IBD Experts As They Analyze Leading Stocks On IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among Magnificent Seven stocks, Meta Platforms rose 0.3% in morning trading on the stock market today, just shy of new highs. Meta stock had pulled back from its highs before finding support around the 10-week line.
Artificial intelligence giant Nvidia rose 0.5% Tuesday, just off record highs. It's now back above a 140.76 buy point in a consolidation. Shares dropped 2.1% Wednesday.
Last week, electric-vehicle giant Tesla broke out past a 264.86 buy point in a cup with handle. But shares fell further below that entry Tuesday, with a 1.1% decline. Tesla stock fell another 0.8% Wednesday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon shares are holding above their 50-day line, near a 195.37 buy point in a cup with handle. The stock added 2.3% Wednesday.
Apple stock broke out above a 233.09 cup-with-handle entry Oct. 15 but is just above that buy trigger and attempting to find support around the 50-day line. Shares fell 0.5% early Wednesday.
Microsoft shares bullishly regained their 50-day line during last week's bounce and are near a handle buy point at 441.85. And on Wednesday morning, the stock climbed 1.2%.
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.
