Futures for the Dow Jones Industrial Average and major stock indexes fell ahead of a shortened trading session Wednesday as Wall Street reacted to a jobs report followed by comments from the Federal Reserve later in the day. The electric vehicle giant showed more strength You’re here (TSLA), which extended its gains on the stock market today.
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Nasdaq leads the market; Weatherford, Goldman Sachs and Novo Nordisk in the spotlight
Before the session opened, futures for the Dow Jones Industrial Average were down a fraction from their fair value. Futures for the S&P 500 fell 0.1% while the tech-heavy Nasdaq 100 was down 0.2% in premarket trading.
The yield on the 10-year Treasury note fell to 4.42% on Wednesday morning. Oil prices paused after recent gains, with West Texas Intermediate futures trading around $82.80 a barrel.
Among us exchange traded fundsInvesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (TO SPY) both were slightly lower before the open.
Tesla shares rose 2% on Wednesday, on track to extend their winning streak to seven sessions. On Tuesday, Tesla jumped more than 10% on strong second-quarter deliveries. Shares closed again above their 200-day long-term line.
Stock Market Today: Jobs Data, Fed Minutes
The ADP employment report Wednesday morning showed unexpected growth of 150,000 jobs in June, below Econoday’s estimate of 161,000 jobs and below May’s 152,000 jobs. The ADP report is a precursor to the Labor Department’s monthly employment report, which will be released Friday.
Separately, the Labor Department’s weekly jobless claims rose to 238,000 from 233,000 the previous week. They were expected to remain steady at 233,000.
Separately, the minutes of the Fed’s meeting that ended June 12 are scheduled to be released at 2 p.m. ET. Investors will be looking for fresh clues about what Chairman Jerome Powell and other central bankers are thinking about the future path of interest rates.
One final note: The markets will close early Wednesday, at 1 p.m. ET, and will be closed for the Independence Day holiday on Thursday.
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The Dow Jones is rising
On Tuesday, the Dow Jones Industrial Average rose 0.4% and the S&P 500 rose 0.6%. The tech-heavy Nasdaq Composite gained 0.8%.
Investor’s Business Daily’s “Big Picture” Column said, “IBD Rankings “IBD’s recommended investment percentage is slightly lower at 80-100%. But that’s only because we’ve made some cuts recently, shedding some dead weight while giving our winners more room to run. We’re always looking for new additions, but growth stocks are painting a mixed picture, with some leaders down.”
During Tuesday’s IBD Live showThe IBD Live team discussed current trading conditions and how investors should handle the stock market today.
It’s the perfect time to read The “Big Picture” column amidst the ongoing stock market action. Also be sure to read how to adapt to changing market conditions, with New levels of exposure to MII.
Learn How to Time the Stock Market with IBD’s ETF Market Strategy
Stock Market Today: Top Stocks to Watch
Burlington Stores (BURL), Carvana (CVNA) And Meta-platforms (META) — plus the components of the Dow Jones Amazon (AMZN), Apple (AAPL) JPMorgan Chase (JPM) And Microsoft (MSFT) — are among the best companies to watch on the Stock market today.
In IBD Market Surge “Going out today” list, Alkami Technology (ALKT) breaks above a 29.28 buy point in a cup base.
Check MarketSurge “Near Pivot” List for stocks near buy points in the bases. For more stock ideas, check out IBD Stock Lists as MII 50, Large cap 20 And Stocks near buy zone.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones: JPMorgan makes a breakthrough
Among the Dow stocks to watch is banking giant JPMorgan. Shares are above a flat base of 205.88, according to MarketSurge Pattern Recognition. JPMorgan was on Monday IBD Action of the Day. Shares were down slightly in early trading.
Outside of the Dow Jones Index, Burlington Stores Carvana shares were trading unchanged before the market opened. At Tuesday’s close, they were in a buy range above a 232.69-basis cup entry point. Carvana remains below a 129-basis cup buy point despite Tuesday’s rally. Carvana shares fell 0.6% Wednesday morning.
And Meta-stock tries to exceed 514.01 buy points in a cup base with handle, but remains below this entry. The Facebook and Instagram parent is a IBD Stock RankingsMeta shares rose 0.5% Wednesday morning.
Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen Of The Day
Stock market today: companies to watch
Here are four stocks that are in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct purchase point | Type of point of purchase |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup base |
| Domino’s | (DPZ) | 542.75 | Flat base |
| Meta-platforms | (META) | 514.01 | Flat base |
| Amazon | (AMZN) | 191.70 | Flat base |
Source: IBD data as of June 27, 2024
Join IBD experts as they analyze the top stocks in the stock market today on IBD Live
The Seven Magnificent Actions: Nvidia
Among the seven magnificent actions, Nvidia (NVDA) fell 0.8% in pre-market trading today on Wednesday.
Nvidia shares fell 1.3% Tuesday, giving up Monday’s gains. Shares remain well above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader is also a IBD Rankings action.
Dow Jones leaders: Amazon, Apple, Microsoft
Among Dow Jones Components In the Marvelous Seven, Amazon, Apple and Microsoft were mixed before Wednesday’s press conference. stock market opening.
Amazon is well above the 191.70 buy point in a stable base after a recent breakout move. Amazon shares were up 0.1% before the market open on Wednesday.
Apple shares rose 1.6% on Tuesday, hitting all-time highs. Shares are extended above the 199.62 buy point. Apple was down 0.4% on Wednesday.
Microsoft shares rose 0.6% Tuesday, breaking the 430.82 buy point and hitting new highs. And early Wednesday, the stock edged lower.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and today’s stock market.
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