Major stock indexes eased from morning highs Wednesday amid a two-day recovery following three days of steep declines. Fortinet (FTNT) surged while Nvidia (NVDA) partner Super Micro Computer (SMCI) tumbled on the stock market today.
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The Nasdaq trimmed larger morning increases to 1.2%, and remains solidly below its 50-day moving average. The S&P 500 added 1%, but the benchmark index also sits under its 50-day line.
The Dow Jones Industrial Average advanced 0.7%. The blue-chip index is right at its 50-day level after bumping up to it and retreating slightly Tuesday. Meanwhile, the small-cap Russell 2000 trimmed its gains to 0.4% in its comeback attempt.
Markets got a lift Wednesday with the help of comments from Bank of Japan Deputy Gov. Shinichi Uchida. Uchida said overnight that the Bank of Japan won’t raise rates further when markets are unstable. That sent the yen solidly lower vs. the dollar. A rising yen following last week’s BoJ rate hike helped trigger the recent global sell-off.
Fund Gets A Lift From Japan News
Among those getting a lift from the Bank of Japan news was exchange-traded fund iShares MSCI Japan (EWJ) as it rocketed 3.6% higher in heavy trading. The stock is on pace for its largest increase since Nov. 10, 2022, when it rose 5.59%, according to Dow Jones Market Data.
While the major indexes started the session in positive territory, they have a long journey to get back to pre-August levels. Tuesday marked Day One of a stock market rally attempt. Look for a follow-through day beginning Friday to confirm the rally attempt.
Volume on the stock market today was lower on the Nasdaq and the New York Stock Exchange vs. the same time on Tuesday.
In the bond market, the 10-year Treasury yield added six basis points to 3.95% Wednesday. U.S. crude oil prices jumped up to near $75.50 a barrel.
Stock Market Today: Cybersecurity Stock Soars
Fortinet gapped up around 25% in huge volume after the cybersecurity provider beat second-quarter adjusted profit and revenue forecasts. The stock retook its 50- and 200-day lines and Wednesday’s is showing its largest increase on record.
Halozyme Therapeutics (HALO) rallied 7% in heavy action after the biotech firm topped second-quarter adjusted earnings and revenue projections. The stock broke a five straight day losing streak and reclaimed its 10-week moving average on the stock market today. Shares topped a 20% profit zone of a cup-with-handle base with a 42.64 buy point.
But Dow Jones component Amgen (AMGN) sank 4.4%. The company reported second-quarter sales that came in higher than analysts expected but profits fell short of expectations. The biotech tested its 50-day line but was below it in recent trades. The stock was the biggest loser on the Dow.
10:44 a.m. ET
Nvidia Partner Tanks
Super Micro Computer plummeted more than 14% in heavy volume after the company missed fiscal fourth-quarter adjusted earnings and sales estimates. It also gave a fiscal first-quarter profit outlook that was below analyst projections, plus the board recently authorized a 10-for-1 stock split. The stock fell further below its 200-day moving average on the stock market today.
Nvidia, a partner of Super Micro Computer, wasn’t rattled by its ally’s plunge as Nvidia stock popped 1.8%. This marks Nvidia’s second straight day of increases but it remains below its 50-day line.
Shopify (SHOP) soared around 24% on the stock market today after the e-commerce firm topped second-quarter profit and revenue estimates. Shopify said it expects “revenue to grow at a low-to-mid-twenties percentage rate on a year-over-year basis.”
Axon Enterprise (AXON) jumped more than 18% in huge volume after the company handily beat second-quarter adjusted earnings and sales estimates. The Taser and law enforcement body camera company raised its full-year 2024 revenue outlook. The stock broke out of an undefined base and reached the 329.87 buy point.
Shares are in the 5% buy zone up to 346.36. The stock and its relative strength line reached 52-week highs on the stock market today. The stock is on track for its largest increase since June 1, 2020, when it rose 18.15%, according to Dow Jones Market Data.
Stock Market Today: Airbnb Plunges
Airbnb (ABNB) plummeted more than 14% in heavy volume after the company missed second-quarter adjusted earnings estimates but topped sales projections. The vacation rental booking company also gave third-quarter revenue projections below analyst views.
Wednesday’s jump erased Tuesday’s 4.1% pop before the earnings report came out after the market close. Shares are deep below the 200-day line and hit a 52-week low on the stock market today.
Lyft (LYFT) plunged nearly 14% in huge volume following the company’s second-quarter earnings and sales projections that both came in better than expected. But it had lower gross bookings than analysts had forecast. The ride-sharing company also gave a third-quarter bookings outlook that disappointed. The stock has lost 39% so far this year.
Novo Nordisk (NVO) sank around 5% after the weight-loss drugmaker missed second-quarter earnings and sales expectations.
Magnificent Seven stocks Apple (AAPL), Amazon.com (AMZN) and Alphabet (GOOGL) all gained around 2% on the stock market today.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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