Stocks started the day with the major indexes posting mixed results Wednesday. Artificial intelligence and chip leader Nvidia (NVDA) pulled back in the stock market today after jumping a day earlier and sank below a key level.
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The Nasdaq dropped 0.4% in recent action as the Dow Jones Industrial Average added 0.3%. Meanwhile, the S&P 500 was nearly flat after Tuesday’s record high close. The small-cap Russell 2000 edged 0.7% higher.
Volume fell on both the New York Stock Exchange and the Nasdaq compared with the same time on Tuesday.
The Invesco QQQ Trust (QQQ) exchange traded fund slumped 0.5%. The Innovator IBD 50 ETF (FFTY) bumped up around 0.6% on the stock market today.
The 10-year Treasury yield added 2 basis points to 4.17%.
West Texas intermediate crude oil jumped to $79.35 a barrel.
The S&P Gold Shares ETF (GLD) gained back 0.5% after Tuesday’s 1.1% pullback. The gold stock pulled back into the top of a buy zone of a double-bottom base with a 191.36 buy point.
Bitcoin’s price was above $72,600. MicroStrategy (MSTR), which owns a large amount of bitcoin, gained another 8.6% on the stock market today after Tuesday’s 7.4% pop.
Stock Market Today: Magnificent Seven Stock Action
IBD 50 and Leaderboard stock Nvidia retreated more than 2% even after BofA Securities raised its price target to 1,100 from 925 and maintained its buy rating on the chip and AI stock. Shares fell below the 900 price level after closing above it on Tuesday.
Tesla (TSLA) fell nearly 4% after Wells Fargo downgraded the electric-vehicle maker to underweight from equal weight and lowered its price target to 125 from 200. The stock dropped further below its 50-day and 200-day moving averages. Shares have lost around 30% thus far this year.
Stock Movers Today: Retail Stocks On The Move
Williams-Sonoma (WSM) gapped up more than 18% in heavy volume after the upscale home furnishings and accessories retailer reported fiscal fourth-quarter profit and revenue that topped views. It also announced it will raise its quarterly dividend 26% and authorized a $1 billion stock repurchase program.
The retail stock is on pace for its largest percentage increase since March 18, 2021, when it rose 18.46%, according to Dow Jones Market Data. Shares reached an all-time high on the stock market today.
Dollar Tree (DLTR) gapped down nearly 15% in heavy volume after the company reported lower-than-expected adjusted fiscal first-quarter earnings and sales. The discount retailer also gave a fiscal first-quarter profit outlook that was below analyst estimates. It also announced the closure of 600 Family Dollar stores in the first half of its 2024 fiscal year as part of a larger plan to close about 1,000 stores.
Dollar Tree stock sank below its 50-day line and 200-day moving lines, flashing a sell signal. The stock is on track for its largest one-day percentage decrease since May 18, 2022, when it plunged 14.42%, according to Dow Jones. Dollar Tree was the worst performer on the S&P 500 on the stock market today.
Competitor Dollar General (DG) fell nearly 3% in sympathy with Dollar Tree. It reports its fourth-quarter results Thursday before the market opens.
Stock Movers Today: Health Care Stock Drops
GE HealthCare Technologies (GEHC) sank nearly 5% after the medical technology company announced a secondary public offering of 14 million shares.
Texas Roadhouse (TXRH) got a 3% lift after Baird upgraded the restaurant chain to outperform from neutral and raised its price target to 175 from 160. Shares hit a record high. The stock formed a bullish four-weeks-tight pattern with a 152.55 entry, according to MarketSurge pattern recognition. This type of formation is best used to add to an existing position.
IBD 50 stock Celsius (CELH) popped more than 3% after Jefferies raised its price target to 105 from 98 and held its buy rating on the fitness beverage stock.
The chart shows a power-from-pivot flag. That indicates shares climbed at least 20% from a buy point in the last 15 days. The movement is noteworthy as this trait may appear in high-performing stock. Celsius reached an all-time high.
3M Pops Again
3M (MMM) added another 3.7% on top of Tuesday’s 5% gain and was the biggest gainer in the Dow Jones on Wednesday.
Carnival (CCL) advanced nearly 3% after Goldman Sachs initiated coverage on the cruise line stock with a buy rating and a 20 price target. The stock jumped above its 50-day line in an undefined base with a 19.74 buy point. Carnival reports its first-quarter results on March 27.
Finally, Royal Caribbean (RCL) increased more than 1% in sympathy with rival Carnival on the stock market today.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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