The Nasdaq composite held on to gains heading into the close Wednesday after the tech-heavy index cleared the 20,000 level for the first time ever, while the Dow Jones Industrial Average stumbled. Fittingly, Big Tech names dominated the market as Google-parent Alphabet and its Magnificent Seven cohort Tesla reached new highs on the stock market today.
Stocks on the Nasdaq cleared the 20,000 mark around noon ET and remained above that watershed all the way into the close. The index finished the day up 1.8%.
Conversely, the Dow Jones average dropped 0.2%. The blue-chip index was sitting on its 21-day exponential moving average.
The benchmark S&P 500 checked in with a 0.8% gain as it celebrated November inflation data, which met expectations. The small-cap Russell 2000 rebounded 0.8% after Tuesday's 0.4% drop.
Volume was slightly higher on the New York Stock Exchange and lower on the Nasdaq in preliminary numbers. On the Nasdaq exchange, rising stocks topped falling issues by 4-3. Gainers beat losers on the NYSE by nearly 4-3.
Bitcoin jumped 5.5% and was back over the $100,000 level, and surged past the $101,000 mark. The 10-year Treasury yield added five basis points to 4.27%. And U.S. crude oil climbed near $70.30 a barrel.
Stock Market Today: Big Tech Leads The Day
Tesla climbed nearly 6% and extended its rally to six straight days of gains. Shares reached a record high on the stock market today. The Magnificent Seven stock has gained around 69% so far this year. The electric-vehicle maker holds an impressive 97 IBD Relative Strength Rating.
Alphabet also bolted higher by more than 5% and topped the buy zone of a 182.49 cup-with-handle buy point. Alphabet stock also reached an all-time high, according to Dow Jones.
Nvidia advanced 3.1%, getting back to its 50-day moving average.
Elsewhere, Macy's pared heavy losses into a minor deficit after the retailer topped fiscal third-quarter adjusted earnings and sales but lowered its fiscal year profit outlook, which lagged views. The stock fell below its 50-day line but recovered to finish with a loss of less than 1%. The retailer also said its investigation into accounting problems found that a single employee was responsible for a $151 million gap.
3:26 p.m. ET
IBD 50 Winners And Losers
Reddit surged and was the biggest gainer on the IBD 50. Shares are recovering from Tuesday's 6.7% pullback. Wells Fargo initiated coverage on the social media stock with an overweight rating and a 206 price target.
Mobile banking app Dave rallied in another day of volatile trading.
On the bearish side, Hims & Hers sank and is on track for its third straight day of losses. Shares successfully tested their 21-day line.
The stock is extended after reaching the profit zone of a cup-with-handle base with a 23.74 buy point. Shares are taking a break after reaching new highs in early December and gaining 235% so far this year.
And Duolingo trimmed larger losses to around 5% in robust trading after BofA Securities downgraded the language learning app to neutral from a buy rating, but raised its price target to 375 from 355. Shares knifed below the 21-day line but remained above the 50-day average.
2:10 p.m. ET
Stock Market Today: Nasdaq Celebrates These Wins
As it closed in on finishing above 20,000 Wednesday, the tech-heavy Nasdaq was primed for its third-fastest 1,000-point advance, according to Dow Jones Market Data. The Nasdaq hit 19,000 on Nov. 7, or 23 sessions ago. The index went from 11,000 to 12,000 in September 2020 after just 19 sessions, and from 13,000 to 14,000 in February 2021 after 22 sessions.
The Nasdaq reached 10,000 in June 2020, and MicroStrategy is one of the big winners over that period, with a whopping 3,154% gain. Surprisingly, Nvidia ranked only 10th among the best performing stocks in the index since then, with a 1,378% increase. Results reflect preliminary results through today.
MicroStrategy jumped Wednesday and was back above the 400 level.
Meanwhile, C3.ai trimmed losses in heavy action after JPMorgan downgraded the stock to underweight from neutral and held its 28 price target.
12:15 p.m. ET
Consumer Price Index In Line With Views
The Labor Department's November consumer price index rose 0.3%, meeting economists' expectations, while the annual rate increased 2.7%, also meeting estimates.
The core CPI, which excludes food and energy, increased 0.3% month over month and 3.3% year over year. Those rates equaled projections.
Apple, Broadcom Unite And Rise
Broadcom bumped up after a report in The Information said Apple is working with the chipmaker on its own artificial-intelligence server chip. Broadcom stock is in a double-bottom base with a 185.05 buy point. The company reports its fiscal fourth quarter results Thursday after the market close.
Dow Jones name Apple tacked on 0.8% and topped the buy zone from a 237.49 entry at one point. The iPhone maker's stock hit a record high on the stock market today, before fading.
GE Vernova jumped in heavy volume after the company raised its long-term cash flow revenue guidance stretching to 2028 at its Investor Update Tuesday. The stock is finding support at its 21-day line.
10:44 a.m. ET
GameStop Rallies
GameStop surged in heavy volume after the video game retailer reported a surprise fiscal third-quarter adjusted profit and lower sales than expected. Revenue declined 20% vs. the prior's quarter. The meme stock retook its 21-day line on the stock market today.
Dave & Buster's Entertainment plummeted in huge volume, after the arcade-style restaurant chain reported a large fiscal third-quarter loss and lower sales than estimates. Its chief executive, Chris Morris, resigned. Estimates show the company's earnings for the fiscal year ending in January are forecast to drop 40%.
Nasdaq Tops 20,000 As Tesla, Titans Surge
Stock Market Today: Health Care Equipment Stock Soars
Photronics trimmed gains to around 10% in heavy trading after the company reported better-than-expected fiscal fourth quarter adjusted profit and revenue. It also provided a fiscal first-quarter revenue with its midpoint above forecasts. Shares reclaimed their 200-day moving average. The stock has underperformed and holds a mediocre 51 Relative Strength Rating.
Patterson rocketed on news it would be acquired by private equity company Patient Square Capital in a deal valued at $4.1 billion. The health care equipment supplier retook its 200-day line and reached levels not seen in a year.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
