Markets Anticipate Declines Prior to Release of Job Data and Powell’s Speech

Markets Anticipate Declines Prior to Release of Job Data and Powell’s Speech

Dow Jones futures, along with the other major stock indexes, struggled Wednesday as Wall Street digested payroll data from ADP and awaited another speech from Federal Reserve Chairman Jerome Powell. Meanwhile, Intel (INTC) tumbled on the stock market today after the company said its chipmaking factories lost $7 billion in 2023.


Dow Jones futures fell 0.1% vs. fair value in morning action, while S&P 500 futures dropped 0.2%. Tech-focused Nasdaq 100 futures lost 0.4% vs. fair value ahead of the opening bell.

The 10-year Treasury yield held steady at 4.36%. Further, oil prices added to Tuesday’s gains, as West Texas Intermediate futures traded around $85.70 a barrel.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down 0.4%, while the SPDR S&P 500 ETF (SPY) was off 0.2%.

Intel shares dived 5.5% Wednesday morning after the company disclosed a $7 billion loss in its chipmaking operations for 2023, widening from a loss of $5.2 billion in 2022. Revenue from that business, known as its foundry operations, fell 37% in 2023 to $18.9 billion.

Stock Market Today: Jobs Data, Powell Speech

Ahead of Wednesday’s stock market open, ADP’s employment data showed March jobs growth of 184,000, above estimates for 150,000, and up from February’s 140,000 reading.

Later in the morning, Fed Chief Powell will provide comments on the economic outlook at the Stanford Business, Government, and Society Forum in California. His speech is expected at 12:10 p.m. ET.

Key earnings reports include Cal-Maine (CALM) and Dave & Buster’s (PLAY).

Cal-Maine shares jumped nearly 7%, while Dave & Buster’s stock rallied nearly 6% in premarket trading.

Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

Dow Jones Falls

On Tuesday, the Dow Jones Industrial Average moved down 1% and the S&P 500 dropped 0.7%. The tech-heavy Nasdaq composite lost 1%.

Tuesday’s Big Picture column commented, “Despite a late attempt to regain some lost ground, the S&P 500 held just above its 21-day exponential moving average. The Nasdaq also closed just above it after dipping below that level much of the day.”

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.

Learn How To Time The Stock Market With IBD’s ETF Market Strategy

Best Stocks To Watch On Stock Market Today

Google-parent Alphabet (GOOGL), Arista Networks (ANET), DraftKings (DKNG) and ServiceNow (NOW) — plus Dow Jones components Disney (DIS), IBM (IBM) and Verizon Communications (VZ) — are among the best companies to watch on the stock market today.

ServiceNow 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, like Google. Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.

To find more stock ideas, check IBD Stock Lists like IBD 50Big 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: Disney, IBM, Verizon

Disney — the strongest performer on the Dow in the first quarter — is extended past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. And shares moved further out of buy range, with a 1.1% rally Tuesday. The company faces a critical shareholder vote at its annual meeting Wednesday. Shares edged higher Wednesday morning.

IBM stock remains below a flat base’s 196.90 buy point, with a 0.5% fall Tuesday. Shares are trying to find support around their 50-day line. IBM stock lost 0.3% Wednesday.

Telecom giant Verizon is building a cup base with a 43.21 entry, as the stock bullishly rebounds from its 50-day line. Verizon shares inched higher Wednesday morning.

4 Top Growth Stocks To Watch In The Stock Market Rally

Stock Market Today: Google Nears Breakout

Alphabet is breaking out past a 153.78 buy point in a consolidation, even as the stock lost 0.6% Tuesday. Google stock was flat Wednesday.

Arista shares once again gave up a 292.66 flat-base buy point, according to MarketSurge charts, with a 3% drop Tuesday. And on Wednesday, the stock lost 0.6% in morning action.

Last week, DraftKings tumbled below its 46.52 buy point in a short consolidation. And the sports-betting giant fell further below that entry Tuesday, dropping 0.5%. DraftKings stock edged lower Wednesday morning.

Finally, ServiceNow found resistance at the 50-day line Tuesday, falling 1.5%. Shares are building a flat base with an 815.32 entry. The stock moved down 0.5% Wednesday.

IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox

Stocks To Watch

These are four stocks in or near buy zones in today’s stock market.

Company NameSymbolCorrect Buy PointType Of Buy Point
Disney (DIS)112.92Cup with handle
Arista Networks (ANET)292.66Flat base
DraftKings (DKNG)45.62Consolidation
ServiceNow (NOW)815.32Flat base
Source: IBD Data As Of April 1, 2024

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Magnificent Seven Stocks: Nvidia, Tesla

Among Magnificent Seven stocks, Nvidia (NVDA) and Tesla (TSLA) fell 0.9% and 1.4%, respectively, in premarket action Wednesday.

On Tuesday, Nvidia snapped a two-day win streak, falling 1%. The AI giant is an IBD Leaderboard stock.

And Tesla dived 4.9% Tuesday after the company missed first-quarter delivery targets. Shares are back near their recent lows.

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 moved down 0.7% Tuesday, back at its recent lows. Shares remain sharply below their long-term 200-day line. The stock inched up Wednesday morning.

Microsoft shares slipped 0.7% Tuesday, still holding above their 50-day line. The software giant is just off new highs. And the stock moved down a fraction early 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.


Top Growth Stocks To Buy And Watch

Learn How To Time The Market With IBD’s ETF Market Strategy

Find The Best Long-Term Investments With IBD Long-Term Leaders

Nvidia Partner Rides AI Megatrends To 3,594% Gain — With More To Come

Spot Buy Points And Sell Signals With MarketSurge Pattern Recognition

Source Reference

Latest stories