Stocks Rise On Stock Market Today – Investor’s Business Daily

4 minutes, 0 seconds Read
image

Major indexes struggled to hold early gains late Wednesday afternoon despite encouraging comments from the Fed. Nvidia (NVDA) slipped even though foundry partner Taiwan Semiconductor (TSM) shook off effects from the Taiwan earthquake. And Tesla (TSLA) gained despite negative analyst views on the stock market today.



Industry Insights, we’re counting down to 2024 with new investment themes and strategies. Blackrock U.S.’ Jay Jacobs discusses the role big tech incorporating artificial intelligence will play in the markets. We also break down how potential interest rate cuts will influence investors.” vid-name=”From Artificial Intelligence To Interest Rate Cuts, Here’s How Investors Can Win Big In 2024″ vid-cat=”Industry Insights” vid-date=”12/22/2023″ vid-date-tmsp=”1703245977″ vid-image=”https://www.investors.com/wp-content/uploads/2023/12/vUZ3ScDt-640×360.jpg” vid-authors=”MEREDITH HEYMAN”>
X



The Dow Jones Industrial Average reversed and was down 0.3% in afternoon deals. The index struggled to hold its 21-day exponential moving average after dipping below the line Tuesday.

The S&P 500 was flat. Most of the S&P sectors gained while consumer staples and utilities lagged. Meanwhile, the Nasdaq composite led the major indexes with a 0.1% gain.

The small-cap Russell 2000 rebounded 0.6% after two days of heavy selling. The Innovator IBD 50 (FFTY) exchange traded fund rebounded from its 50-day moving average with a 0.4% gain. And the yield on the benchmark 10-year Treasury note edged down to 4.36%.

Volume on the New York Stock Exchange was lower and higher on the Nasdaq compared with the same time Tuesday. Breadth remained positive as advancers slightly outnumbered decliners on both exchanges.

Powell: Risks Balancing Out

At a meeting of the Stanford Business, Government and Society Forum in California Wednesday, Federal Reserve Chairman Jerome Powell noted continued solid growth, a strong labor market and inflation moving down along a bumpy path in the economy.

Powell mentioned that risks are balancing out regarding rate cuts coming too early or too late. The recovery of the supply side after the pandemic was an atypical “outside force” that has temporarily changed the way higher interest rates usually curb demand and growth.

The Fed chief added indicators showed inflation would return to a target of 2% over time. On Monday, Powell had said February’s inflation data was in line with expectations. But MarketWatch reported that Atlanta Fed President Raphael Bostic said Wednesday the Fed should wait until the fourth quarter before cutting rates.

In other economic news, the ADP employment report showed that the economy added 184,000 jobs in March, above views for 150,000, according to Econoday.

Dow Jones Stocks

Intel (INTC) plunged 8% on the stock market today after the bellwether chipmaker said its foundry operations lost $7 billion in 2023. The company expects to break even on its operating margins “midway between now and 2030.”

Among other tech stocks in the Dow, Microsoft (MSFT) is getting support at its 21-day moving average, according to IBD MarketSurge chart analysis tools. Microsoft stock is on the IBD Long Term Leaders list.

Salesforce (CRM) is rebounding from its 50-day moving average and appears to be building a base with a buy point of 318.71. Further, Caterpillar (CAT) and IBM (IBM) were among the biggest gainers in the index.

Apple (AAPL) rose 0.4% but its 50-day moving average has fallen below the 200-day line. Also Disney (DIS) fell over 2% after winning a boardroom battle with activist investor Nelson Peltz.

Stocks Market Today: Tesla Reverses Higher

Tesla reversed and rose 0.7% despite a negative report from Deutsche Bank analyst Emmanuel Rosner. The analyst observed that slowing demand could be compounding the electric-car maker’s high inventory problem.

Meanwhile, Nvidia reversed course and was down slightly late Wednesday afternoon. Nvidia’s key contract manufacturer is Taiwan Semiconductor (TSM), which had to halt some work following a powerful earthquake in Taiwan early today. But shares of Taiwan Semi were up 0.9% in recent action. Nvidia, a Magnificent Seven stock, is a holding on IBD Leaderboard and the IBD 50.

Among earnings movers, game arcade and restaurant operator Dave & Buster’s (PLAY) has gapped up and broken out from a three-weeks-tight base with a buy point of 64.90. Fourth-quarter sales grew 6% while earnings were 21% higher from the year-ago period.

Cal-Maine (CALM) gapped up after getting support around the 10-week moving average. It is extended from a cup-with-handle entry of 57.95.

Warren Buffett holding Ally Financial (ALLY) got a downgrade from JPMorgan to underweight. Finally, IBD 50 stock ELF Beauty (ELF) triggered a sell signal by falling below the 50-day moving average in heavy volume on the stock market today.

Please follow VRamakrishnan on X/Twitter for more news on the stock market today.

YOU MAY ALSO LIKE:

Is Nvidia A Buy?

IBD Live: Learn And Analyze Growth Stocks With The Pros

Learn How To Time The Market With IBD’s ETF Market Strategy

MarketSurge: Research, Charts, Data And Coaching All In One Place

How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks

This post was originally published on 3rd party site mentioned in the title this site

Similar Posts