Stocks started Wednesday’s shortened trading session with the three major indexes scratching out meager gains. But Tesla (TSLA) stood out and kept its rally going on the stock market today.
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The Dow Jones Industrial Average gained less than 0.1% while the S&P 500 notched 0.2% higher. The Nasdaq edged up by 0.1%. The small-cap Russell 2000 outshone the other indexes and bumped up 0.6%.
The tech-heavy Nasdaq remained above the psychological level of 18,000, after closing above it for a record high Tuesday. The S&P 500 also ended Tuesday’s session at a new high, finishing above the 5,500 level for the first time.
The Innovator IBD 50 (FFTY) exchange traded fund added 0.4%. It sits below its 21-day exponential moving averageĀ but above its 50-day moving average.
Volume was higher on the Nasdaq and lower on the New York Stock Exchange on the stock market today compared with the same time Tuesday. The U.S. stock market will end trading at 1 p.m. ET today and close in observance of the July 4 holiday on Thursday.
The 10-year Treasury yield shed 7 basis points to 4.37%. U.S. crude oil prices held rose to $83.20 a barrel,
Economic News: Job Market Shows Signs Of Slowing
The ADP Employment report showed June private payrolls increased 150,000 and fell short of the 161,000 expected and lagged the revised 157,000 from May.
Meanwhile, initial weekly jobless claims for the week ending June 29, came in at 238,000 vs. the 233,000 expected and higher than the revised 234,000 from the prior week. Stay tuned for Friday’s jobs report, which is expected to show nonfarm payrolls rising 189,000 in June.
In other economic news, the final June Purchasing Managers’ Index reading rose to 54.8 from 54.5 in May. Meanwhile, the Institute for Supply Management Services Index increased to 55.3 and topped the 55.1 estimate from economists.
That came in higher than the 54.8 reading in May with steep increases in both business activity and new orders. The boost in activity prompted companies to increase their workforces for the first time in three months, according to S&P Global US Services PMI.
Finally, the June Institute for Supply Management Services index came in at 48.8 vs. the 53.0 projected and lower than the 53.8 from May. A reading above 50 percent indicates that the services economy is expanding.
Stock Market Today: Tesla Keeps Rally Alive As Cathie Wood Sells
Tesla (TSLA) gained more than 4% following Tuesday’s 10.2% jump. Shares of the electric-vehicle giant are on track for their seventh straight day of gains.
Tuesday’s excitement came after the company delivered more cars than expected in the second quarter. Several analysts lifted their price targets on the stock. Among them was Wedbush Securities analyst Dan Ives, who raised his price target to 300, up from 275.
The EV stock is above its 200-day moving average but is extended and not showing a buy point at this time. Tesla stock was the best performer in the Nasdaq 100 today, according to Dow Jones Market Data.
Cathie Wood and Ark Invest sold a total of 62,867 shares of Tesla stock on Tuesday, according to daily trade updates from the firm. In exchange, Wood and ARK purchased 406,912 shares of drone makerĀ Archer Aviation (ACHR) on Tuesday worth $1.51 million, based on a 3.72 closing price. Archer stock jumped more than 9% on Wednesday.
IBD Leaderboard stock Nvidia (NVDA) pulled back 0.3% but is finding support at its 21-day line on the stock market today.
Stock Movers: Media Stock Jumps On Deal News
Media and entertainment stock Paramount Global (PARA) gapped up around 9% in heavy volume on news that Skydance Media reached a preliminary agreement to buy National Amusements and combine it with Paramount Global.
Paramount stock is not in a base and has lost around 19% even after today’s jump. The stock bumped breached its 50-day line and was the biggest S&P 500 gainer on the stock market today.
Constellation Brands (STZ) climbed around 1% after whipsaw action at the start of the session. Shares tapped the 265.75 cup-with-handle base buy point before retracing lower. The alcoholic beverage company topped fiscal first-quarter adjusted earnings estimates but modestly missed sales views.
Social news stock Reddit (RDDT) gave back around 2% of Tuesday’s explosive 10.4% gain.
Follow Kimberley Koenig for more stock market news on X/TwitterĀ @IBD_KKoenig.
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