Dow Jones futures and major stock indexes fell ahead of a shortened trading session on Wednesday as Wall Street reacted to a jobs report, with comments from the Federal Reserve later in the day. Showing more strength was the electric vehicle giant Tesla (TSLA), which today extended its gains on the stock exchange.
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Nasdaq leads market; Weatherford, Goldman Sachs, Novo Nordisk in focus
Before the opening bell, futures on the Dow Jones Industrial Average were down a fraction from fair value. Futures on the S&P 500 were down 0.1%, while the tech-focused Nasdaq 100 was down 0.2% in premarket trading.
On Wednesday morning, the 10-year Treasury yield fell to 4.42%. Oil prices paused after recent gains, with West Texas Intermediate futures trading around $82.80 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) were both slightly lower ahead of the open.
Tesla shares rose another 1.2% on Wednesday, on track to extend a winning streak to seven sessions. Tesla rose more than 10% on Tuesday on strong second-quarter deliveries. Shares closed further above their long-term 200-day line.
Stock Market Today: Jobs Numbers, Fed Minutes
Early Wednesday morning, the ADP jobs report unexpectedly showed jobs growth of 150,000 in June, below Econoday estimates for growth of 161,000 and below May’s figure of 152,000. The ADP report is a precursor to Friday’s monthly jobs report from the Labor Department.
Also, the Labor Department’s weekly jobless claims rose to 238,000, up from 233,000 the previous week. They had been expected to hold steady at 233,000.
Elsewhere, minutes from the Fed meeting that ended at 2 p.m. ET on June 12 are being released. Investors will be looking for further clues about what Chair Jerome Powell and other central bankers are thinking about the future path of interest rates.
One final note: the markets close at 1:00 PM ET on Wednesday and are closed for Independence Day on Thursday.
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Dow Jones rises
On Tuesday, the Dow Jones Industrial Average rose 0.4% and the S&P 500 rose 0.6%. The tech-heavy Nasdaq composite climbed 0.8%.
Investor’s Business Daily’s Big Picture column noted: “IBD Leaderboard is slightly below IBD’s recommended investment target of 80%-100%. But that’s only because we’ve done some trimming lately, shedding some dead weight and giving our winners more room to run. We’re still looking for new additions, but growth stocks are a mixed bag as some leaders are selling below their selling price.”
During Tuesday’s IBD Live broadcast, the IBD Live team discussed current trading conditions and how investors should approach the stock market today.
This is an important time to read The Big Picture column, amid the ongoing stock market action. Also read how to adapt to changing market conditions, with IBD’s new exposure levels.
Learn How to Time the Stock Market with IBD’s ETF Market Strategy
Stock Market Today: Best Stocks to Watch
Burlington stores (BURL), Caravan (CVNA) and Meta platforms (META) — plus Dow Jones components Amazon (AMZN), Apple (AAPL number) JPMorgan Chase (JPM) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.
In IBD MarketSurge’s “Breaking Out Today” list, Alkami technology (ALKT) breaks through a buy point of 29.28 in a cup base.
Check out the MarketSurge “Near Pivot” list for stocks nearing buy points in bases. For more stock ideas, check out IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones: JPMorgan breaks out
Dow Jones stocks worth watching include banking giant JPMorgan. Shares broke out past a 205.88 flat-base entry, according to MarketSurge pattern recognition. JPMorgan was IBD Stock Of The Day on Monday. Shares were down slightly in early trading.
Outside the Dow, Burlington Stores was flat in premarket trading. At Tuesday’s close, it was in a buy range above a 232.69 cup-base entry. Carvana is still below a 129 buy point in a cup base despite Tuesday’s gains. Carvana shares were down 0.6% Wednesday morning.
And Meta shares are attempting to break above a 514.01 buy point in a cup-with-handle base, but remain below that entry. The Facebook and Instagram parent is an IBD Leaderboard stock. Meta shares rose 0.5% Wednesday morning.
Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen Of The Day
Stock Market Today: Companies to Watch
These are four stocks that are in or near buy territory on the current stock market.
| Company Name | Symbol | Right point of purchase | Point of sale type |
|---|---|---|---|
| Caravan | (CVNA number) | 129 | Cup base |
| Dominoes | (DPZ area) | 542.75 | Flat base |
| Meta platforms | (META text) | 514.01 | Flat base |
| Amazon | (AMZN) | 191.70 | Flat base |
Source: IBD data as of June 27, 2024
Join IBD experts as they analyze the leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Nvidia
Among the Magnificent Seven stocks, Nvidia (NVDA) fell 0.8% in premarket trading today, Wednesday.
Nvidia shares fell 1.3% on Tuesday, giving up Monday’s gains. Shares remain well above a split-adjusted alternative buy point of 97.40. The artificial intelligence leader is also an IBD Leaderboard stock.
Dow Jones Leaders: Amazon, Apple, Microsoft
Of the Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft were mixed ahead of stock market open on Wednesday.
Amazon is well above a 191.70 buy point in a flat base after a recent breakout move. Amazon shares rose 0.1% premarket on Wednesday.
Apple shares rose 1.6% on Tuesday, hitting record highs. Shares have extended above the 199.62 buy point of a cup base. Apple fell 0.4% on Wednesday.
Microsoft shares rose 0.6 percent on Tuesday, rising above a flat base’s 430.82 buy point and hitting more new highs. And early Wednesday, the stock was down slightly.
Follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more information about growth stocks, the Dow Jones Industrial Average and today’s stock market.
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