The Dow Jones Industrial Average rebounded from a big stock market sell-off with solid gains Wednesday. Meanwhile, Lyft (LYFT) soared more than 35% after the company made a “clerical error” in its press release on the stock market today. And Uber Technologies (UBER) rallied more than 11% after declaring a $7 billion stock buyback program.
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After the opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 was up 0.7%. The tech-heavy Nasdaq composite advanced 0.9% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was up 0.8%, while the SPDR S&P 500 ETF (SPY) rose 0.6%.
The 10-year Treasury yield was down at 4.29%. Further, oil prices moved higher, as West Texas Intermediate futures added 0.7%. WTI futures traded above $78.30 a barrel.
Stock Market Today: Lyft Soars On Earnings
Late Tuesday, Lyft reported better-than-expected earnings results, along with margins that were set to expand this year by an incredible 500 basis points. Shares soared 67% in extended trade. But they quickly pared those gains after the Lyft finance chief said the company is expecting margins to expand by 50 basis points, not 500. A company spokesperson later called the mistake a “clerical error.”
Still, Lyft stock was up more than 35% in Wednesday morning trades.
Other key earnings movers include Airbnb (ABNB), Global Payments (GPN), Instacart (CART) and Robinhood Markets (HOOD).
Airbnb shares declined more than 4%, while Global Payments dropped nearly 1%. Instacart shares tumbled more than 8%. And Robinhood stock jumped 11% in morning action.
Dow Jones Slides
On Tuesday, the Dow Jones Industrial Average sank 1.35% while the S&P 500 plunged 1.4%. The tech-heavy Nasdaq composite sold off 1.8%.
Tuesday’s Big Picture column commented, “Despite sharp losses for many growth leaders in the stock market Tuesday, sell signals were few and far between. Arista Networks and Leaderboard stock ServiceNow (now) fell sharply below their 21-day lines early in the session. But both stocks pared losses and closed in the upper half of their intraday ranges.”
Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
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Best Stocks To Buy And Watch In Stock Market Today
Lennar (LEN), MongoDB (MDB), Samsara (IOT) and UiPath (PATH) — plus Dow Jones members Procter & Gamble (PG) and Walmart (WMT) — are among the best stocks to buy and watch in the current market rally.
Samsara and UiPath were featured in this Stocks Near A Buy Zone column.
Get Real-time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: P&G At Buy Point
Consumer products giant Procter & Gamble declined 0.5% Tuesday, extending a losing streak to four sessions and falling further below a 158.38 buy point in a cup base, according to IBD MarketSmith pattern recognition. Procter shares were down 0.6% Wednesday.
Discount retail leader Walmart is in buy range past a 163.57 entry in a cup with handle, as the stock dropped 0.7% Tuesday. The stock dipped 0.8% early Wednesday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Lennar Gives Up Up Buy Point
Homebuilder Lennar tumbled below its flat base’s 156.01 buy point during Tuesday’s 4% drop. Lennar shares were up 0.4% early Wednesday.
Software leader MongoDB remains out of buy range past a 442.84 buy point, despite a 3.2% drop Tuesday, according to IBD MarketSmith. MongoDB shares climbed around 2.5% Wednesday.
Despite recent bullish gains, Samsara again conceded its 50-day line amid Tuesday’s 5.5% tumble. The stock continues to trace a base that has an official entry at 36.91. Samsara shares rose 4.8% Wednesday morning.
UiPath skidded 7.2% Tuesday, falling sharply below a 26.53 cup-base entry. UiPath shares rebounded more than 4% early Wednesday.
Best Bets On Stock Market Today
These are four best stocks to watch in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Novo Nordisk | (NVO) | 105.69 | Flat base |
| Merck | (MRK) | 119.65 | Cup base |
| DraftKings | (DKNG) | 39.35 | Cup base |
| Spotify | (SPOT) | 202.88 | Flat base |
Source: IBD Data As Of Feb. 12, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia (NVDA) and Tesla (TSLA) rose 2.5% and 1.5%, respectively, in morning action Wednesday.
Nvidia shares paused just off record highs Tuesday, still closing more than 40% past a 505.48 buy point in a flat base after a Jan. 8 breakout move.
Tesla extended Monday’s losses with a 2.2% drop Tuesday, back near its recent lows after a short-lived rebound attempt.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded mixed after Wednesday’s stock market open.
Apple is forming a new double-bottom base with a new buy point at 196.38. But Apple stock must first retake the key 50-day moving average, a potential resistance level. Shares fell 0.4% Wednesday.
Microsoft shares remain out of buy range past a 384.30 buy point in a flat base. The software giant moved up 0.1% Wednesday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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