Dow Jones futures and other major stock indexes fell Wednesday, as Wall Street awaited the Federal Reserve’s interest rate decision and Fed Chairman Jerome Powell’s comments. Meanwhile, Amazon (AMZN), Advanced Micro Devices (AMD) and Super Micro Computer (SMCI) had mixed results on the stock market today after reporting earnings.
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Dow Jones futures fell 0.1% vs. fair value in premarket action, as S&P 500 futures dropped 0.3%. Tech-focused Nasdaq 100 futures lost 0.4% before the opening bell.
Early Wednesday, the 10-year Treasury yield ticked lower to 4.66%. Further, oil prices dropped as West Texas Intermediate futures traded around $80.60 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down 0.3%, as the SPDR S&P 500 ETF (SPY) lost 0.2%.
Stock Market Today: Fed Meeting
The Federal Reserve’s two-day meeting concludes Wednesday, with an interest rate decision at 2 p.m. ET. Fed chief Powell is set to speak at 2:30 p.m. ET. The Fed meeting statement and Powell’s comments Wednesday afternoon are expected to offer signals on when rate cuts could take place, depending on economic data.
In other economic news, ADP said early Wednesday that private employers added 192,000 jobs in April, above the 175,000 Econoday estimate.
Amazon reported first-quarter earnings and sales that exceeded expectations, helped by strong growth for its cloud-computing and advertising businesses. Amazon shares rallied 3.8% in premarket trading.
AMD matched Wall Street’s earnings target for the first quarter but sales were a tad light. Its sales outlook for the current quarter was roughly in line with estimates. AMD stock sank more than 5% Wednesday morning.
Super Micro beat estimates for earnings in its fiscal third quarter but sales came in light. However, its outlook for the current period was well above views. Super Micro stock plunged 8.5% Wednesday.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Dow Jones Sells Off
On Tuesday, the Dow Jones Industrial Average sold off 1.5%, while the S&P 500 declined 1.6%. The tech-heavy Nasdaq composite tumbled 2%.
Tuesday’s The Big Picture column commented, “For now, IBD’s invested percentage stays at 20%-40%. It was raised to that level Friday after the Nasdaq composite rallied 2%. But the day’s action fell short of a follow-through day because volume came in slightly lower than Thursday.”
Now is an important time to read Investor’s Business Daily’s The Big Picture column amid the ongoing stock market action. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Best Stocks To Watch On Stock Market Today
Chipotle Mexican Grill (CMG), NXP Semiconductors (NXPI), Texas Roadhouse (TXRH) and Tradeweb Markets (TW) — plus Dow Jones component American Express (AXP) — are among the best companies to watch on the stock market today.
Texas Roadhouse is featured in this Stocks Near A Buy Zone column.
An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. Also, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: American Express
American Express is bouncing back in heavy volume from support around its 50-day moving average. The bullish rebound placed the software leader in a new buy area, while shares are climbing above a 231.69 entry in a short consolidation. Shares were flat on the stock market today.
3 Top Growth Stocks To Watch In The Stock Market Today
Outside the Dow Jones index, Chipotle slipped 1.7% Tuesday, falling back into buy range past a 3,023.98 buy point in a short consolidation, according to IBD MarketSurge. Chipotle shares slid 0.3% before the open on Wednesday.
NXP Semiconductors is breaking out past a double-bottom buy point at 251.96. Shares slipped 2% Wednesday
Texas Roadhouse is squarely above a flat base’s 157.12 buy point, with a 1% gain Tuesday. And shares added 0.1% Wednesday morning.
Tradeweb remains below its 50-day moving average, as it forms a flat base with a 108.04 buy point. Shares lost 0.7% Wednesday.
Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| American Express | (AXP) | 231.69 | Consolidation |
| Texas Roadhouse | (TXRH) | 157.12 | Flat base |
| Chipotle | (CMG) | 3,023.98 | Consolidation |
| Tradeweb Markets | (TW) | 108.04 | Flat base |
Source: IBD Data As Of April 22, 2024
Join IBD experts as they analyze leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia (NVDA) and Tesla (TSLA) fell 1.4% and 1%, respectively, in Wednesday’s premarket action.
Nvidia stock slipped 1.5% Tuesday, snapping a three-day win streak. With the stock back above its 50-day line, a new buy point has emerged at 974 as a result of consolidation, while aggressive investors can use 906.13 as an early entry.
Tesla stock dived 5.6% Tuesday after The Information reported that the electric-vehicle giant dismissed two senior executives and plans to lay off hundreds more employees, frustrated by falling sales and the pace of job cuts so far. Shares remain above their 50-day line following Monday’s 15% surge.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded mixed ahead of Wednesday’s stock market open.
Apple stock declined 1.8% Tuesday, sliding back below its 50-day line. Apple was down 0.2% on the stock market today.
Microsoft shares slipped 3.2% Tuesday, still below their 50-day line. The software giant is building a new flat base that has a 430.82 buy point. Shares moved up 0.8% Wednesday.
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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