Dow Jones rises ahead of economic data; Tesla slips when cutting production; Next Nvidia earnings

Dow Jones rises ahead of economic data;  Tesla slips when cutting production;  Next Nvidia earnings

The Dow Jones Industrial Average rose Wednesday morning ahead of the release of key economic data. Meanwhile, Tesla shares traded lower after the report He said the company’s German plant had lowered its production target. Nvidia’s earnings are scheduled to come out after the close.


Key economic data released Wednesday morning includes the S&P Global Purchasing Managers’ Index, or PMI, of manufacturing and services indices. The manufacturing index is expected to decline to 48.8 in August, down from July’s reading of 49.0. Moreover, the Services Index is expected to decline in August to 52.0 from 52.3 in July. The Purchasing Managers’ Index (PMI) is due at 9:45 AM ET.

Finally, more housing data is expected at 10 AM ET, when the Commerce Department will release the New Home Sales. New home sales in July are expected to rise to 705,000 from 697,000 in June.

early Wednesday, Abercrombie & Fitch (ANF), Advance auto parts (aap), analog devices (adi) And foot locker (fl) – along with kohl (KSS), Peloton Interactive (baton,) Toll Brothers (TOL) And Urban Outfitters (Urban) – were the main drivers of earnings.

ANF ​​stock was up 19% in morning trade, while AAP stock was up nearly 1%. Analog Devices shares are down nearly 4%, and Foot Locker shares are down 32%. Kohl’s stock advanced more than 4%, while Peloton stock collapsed 26% in early trade.

Finally, Toll Brothers rose 2.5%, while URBN jumped nearly 3%.

Stock Market Today: Nvidia Earnings

Graphics Slideshow Maker nvidia (NVDA) rose 0.9% Wednesday morning ahead of the chip designer’s late earnings report. After four consecutive quarters of declining earnings, adjusted earnings are expected to jump to $3.04 per share, with revenue up 65% to $11.04 billion. There is no doubt that the earnings report could move the Nasdaq strongly, one way or another.

electric car giant Tesla (TSLA) fell 1% Wednesday morning. Technology icons in the Dow Jones index apple (AAPL) And Microsoft (MSFT) were higher after the stock market opened today.

Among other stock market leaders the alphabet (Google) And Meta platforms (meta). GOOGL shares rose 1.5%, while Meta shares rose 0.7% in early trade.

See also  The Yale barometer shows that fears of a stock market crash among investors are the highest since the start of the pandemic

Costco wholesale (it costs), lululemon (lulu), Arista Networks (Anita) And inspiration (ORCL) – as well as Dow Jones shares Boeing (Bachelor’s) And visa (Fifth) — one of the best stocks to watch in the ongoing stock market correction.

Tesla and Costco are IBD Leaderboard stocks, while Boeing was among IBD’s most recently selected stocks. Arista is displayed in the stocks column near the Buy area.

IBD MarketDiem’s ​​latest newsletter gives you actionable stock, options and cryptocurrency insights straight into your inbox.

Dow jones today: oil prices and treasury yields

After the opening bell on Wednesday, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 rose 0.3%. The Nasdaq Composite Heavy added 0.4% in morning trade.

Among the US exchange-traded funds is the Nasdaq 100 Invesco QQQ Trust (QQQ(up 0.4%, while the SPDR S&P 500 ETF rose)spy) rose 0.3% early Wednesday.

Also on Wednesday, the 10-year US Treasury yield fell to 4.24%, after settling at 4.32% on Tuesday, far from the highest level since 2007.

West Texas Intermediate oil prices threatened to extend their losing streak into three sessions, as they fell 1.5% on Wednesday. WTI futures settled at just under $78.50 a barrel in morning trade ahead of the Energy Information Administration’s weekly inventory report at 10:30 a.m. ET.

The work of the stock market

On Tuesday, the Dow Jones Industrial Average fell 0.5%, while the S&P 500 fell 0.3%. The Nasdaq Composite Index, which was dominated by technology stocks, closed up 0.1%.

The Big Picture column commented on Tuesday: “The Nasdaq attempted to extend gains after Monday’s lower bounce from oversold conditions. The index climbed above its 10-day moving average early Tuesday, up more than 0.7%, but sellers pushed the index back. DOWN TO THE SESSION “The Nasdaq remains submerged below its 10, 21 and 50 day moving averages, which are potential resistance levels worth watching.”

Now is an important time to read IBD’s “Big Picture” column, as the stock market attempts to stabilize after a sharp pullback from its highs this year.

See also  Dow futures: Nvidia's earnings are all for the market rally attempt, these AI stocks

Top five Dow stocks to buy and watch right now

Dow Jones shares: Boeing, Visa

Aviation giant Boeing has broken out in recent weeks, surpassing the entry flat level of 223.91 points. Stocks are testing the overbought point and the 50-day line, adding 0.1% on Tuesday. BA shares fell 0.2% Wednesday morning.

Visa, the Dow Jones payments leader, continues to hold a buy range of more than 235.57 fixed buy points, according to IBD MarketSmith’s pattern recognition. Meanwhile, another entry is available, as the stock forms another flat base containing the entry level of 245.37. Stocks are bouncing back from support around the 50-day line. V stock rose 0.4% on Wednesday.

4 top growth stocks to buy and watch at stock market correction

Stocks to watch: Arista, Lululemon, Costco, and Oracle

Leading AI stocks Arista Networks is trying to break out of the buying range beyond the 178.36 buy point on the consolidation, up 1.5% on Tuesday. The RS line is at its highest level since late March, showing significant outperformance in recent weeks. ANET stock rose 0.1% Wednesday morning.

Lululemon is once again testing its main 50-day line as shares fell 1.4% on Tuesday. LULU’s RS line has reached its highest level since May, according to IBD MarketSmith. Lulu shares fell 1.8% in morning trading. The company reports second quarter results on August 31.

In the IBD leaderboard, Costco has been added as a half-size mall in recent weeks. The mega retailer is threatening to close decisively below the 50-day support level. At the same time, a handle entry at 571.16 looms. COST stock fell by a fraction early Wednesday.

Oracle continues to track a flat bottom with a buy point of 127.54. An early entry is also in place at 118.06, where the program leader tries to maintain support around the 50-day line. ORCL stock was up 0.3% in premarket trading.

Learn how to time the market with IBD’s ETF Market Strategy

Best stocks in the stock market business

These are the top four stocks to buy and watch in the stock market today, including the leader in the Dow Jones index.

Company Name Code The right point of purchase Point of purchase type
inspiration (ORCL) 127.54 Flat base
visa (Fifth) 235.57 Flat base
slb (slb) 58.70 mug with handle
Costco (it costs) 571.16 mug with handle
See also  Cybertruck tease: Elon Musk posts 'production candidate' photo as TSLA faces resistance
Source: IBD data as of August 22, 2023

Join IBD experts as they analyze the leading stocks in the current stock market correction on IBD Live

Tesla shares

Tesla stock rose 0.8% on Tuesday, adding to Monday’s sharp gains. However, stocks are still well below the 50 day line. Amid the recent sell-off, the stock clearly requires more time to consolidate before a new entry emerges. Wait for a decisive move back above the 21- and 50-day moving averages before considering a new purchase of TSLA shares.

Early Wednesday, Tesla stock threatened to give up Tuesday’s gains, down 1%.

According to a Business Insider report, Tesla lowered the production target for its German factory to 4,350 per week in July and August after reaching 5,000 per week in March, and plans to lower it further.

Dow Jones Index Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple rose 0.8% on Tuesday, extending its winning streak to three sessions. The stock is still below its 50-day line after sharp losses in recent weeks. AAPL stock rose 0.9% early Wednesday.

Microsoft shares are also trading near their recent lows, which is a sign that the stock needs more time to consolidate before a new buy point emerges. While the recent gains are bullish, the stock is still below the 21 and 50 day lines, so no buy signal yet. On Wednesday morning, the stock was up 0.8%.

Be sure to follow Scott Lehtonen on Twitter at @tweet Learn more about growth stocks and the Dow Jones Industrial Average.

You may also like:

The best growth stocks to buy and watch

Learn how to time the market with IBD’s ETF Market Strategy

Find the best long-term investments with IBD’s long-term leaders

MarketSmith: Research, charts, data and training in one place

How to Find Growth Stocks: Why This IBD Tool Simplifies Your Search for the Best Stocks

Leave a Reply

Your email address will not be published. Required fields are marked *