Major indexes were mixed in the stock market today after Fed Chair Jerome Powell’s comments on Tuesday. Tesla (TSLA) rose, while chip leader ASML (ASML) plunged on lower first-quarter sales.
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The Dow Jones Industrial Average gained 0.2% and tried to break a six-day losing spree. The S&P 500 also gained 0.1% after adding a distribution day on Tuesday while the Nasdaq fell slightly.
Anecdotal evidence of current economic activity will be released later Wednesday in the Federal Reserve’s Beige Book. It is one of the data points the Fed will look at before its rate decision on May 1.
Volume on the NYSE and on the Nasdaq was lower compared with the same time on Tuesday. Breadth was strong, however, with four advancers for every decliner on the NYSE and 2-to-1 on the Nasdaq. But fewer stocks have been making new highs and more stocks have been hitting new lows on average, especially on the Nasdaq.
The small-cap Russell 2000 rose 0.6% while the Innovator IBD 50 ETF (FFTY) remained flat.
The yield on the benchmark 10-year Treasury note eased 2 basis points to 4.63%. Bitcoin fell as its halving event draws near.
Dow Jones Stocks
Travelers (TRV) has triggered a sell signal by falling below 50-day moving average after first-quarter results missed Wall Street expectations.
Apple (AAPL) rose modestly amid news that the iPhone maker may start manufacturing in Indonesia. Other tech leaders in the Dow were mixed, with Intel (INTC) and Salesforce (CRM) down slightly while Microsoft (MSFT) rose 0.3%.
Stocks Market Today
United Airlines (UAL) rose 11% after the company announced first-quarter results. Losses came in lower than estimates.
Chip gear maker ASML sold off after first-quarter sales were lower than expected and its outlook for the current quarter disappointed. The company also shipped its second “High NA” lithography machine that can create chip design features at 10 nanometers. The stock gapped below its 50-day moving average.
Meanwhile, Tesla fell over 1% after the company’s board set a shareholder vote to reinstate Chief Executive Elon Musk’s pay package of $56 billion. The package was set in 2018, but was voided by a Delaware court in January. Shareholders will also vote on incorporating the EV leader in Texas rather than Delaware.
Shares of Eli Lilly (LLY) rose 1.4% after its weight-loss drug was found to help with sleep disorders. Eli Lilly is in a flat base with a buy point of 800.78.
Children’s Place (PLCE) soared over 50% after the retailer landed a $90 million unsecured term loan. The stock has been in a downtrend since late 2021.
Magnificent Seven stock and AI play Nvidia (NVDA) fell but remained within a flat base with a buy point of 974, according to IBD MarketSurge.
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