The Dow Jones Industrial Average rose Wednesday after a speech from Federal Reserve Chair Jerome Powell. Meanwhile, Tesla stock moved up on an increase China vehicle insurance registrations for its vehicles.
Powell made opening remarks at a conference celebrating the 100th year since the Fed’s Division of Research and Statistics was created in 1923. The division is responsible for providing support to the Federal Open Market Committee on a broad range of economic and financial matters. Powell spoke at at 9:15 a.m. ET and didn’t comment on monetary policy or the economic outlook.
Early Wednesday, key earnings movers included Array Technologies (ARRY), Dutch Bros (BROS), eBay (EBAY), Gilead Sciences (GILD), Lucid Group (LCID), Mosaic (MOS), Occidental Petroleum (OXY), Rivian Automotive (RIVN) and Toast (TOST).
ARRY stock dived more than 17%, while BROS shares rallied 7% in morning action. EBay stock tumbled more than 7%, and Gilead shares declined 5%. LCID stock skidded 7.4%, as Mosaic stock moved down modestly. OXY stock rose 2.4%, as Rivian shares raced more than 5% higher. Finally, TOST stock plunged over 17%.
Dow Jones Today: Oil Prices, Treasury Yields
After Wednesday’s opening bell, the Dow Jones Industrial Average rose 0.25%, while the S&P 500 moved up 0.2%. The tech-heavy Nasdaq composite gained 0.2% in morning action.
The yield on the 10-year U.S. Treasury bond ticked lower to4.56%. On Tuesday, the benchmark settled at 4.57%, closing at its lowest level since late September.
Oil prices extended their recent losses, as West Texas Intermediate futures fell another 1.5%, trading below $77 a barrel. WTI is at its lowest level since late July.
Stock Market Rally
On Tuesday, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 gained 0.3%.
Tuesday’s Big Picture column commented, “The stock market continues to perform well after follow-through days for the Nasdaq composite and S&P 500 last week. More stocks are flashing buy signals, either by breaking out of new bases or finding support at key moving averages.”
Now is an important time to read IBD’s The Big Picture column after last week’s powerful gains. Be sure to read how to invest in the early stages of new stock market uptrend.
Stock Market Today: Best Stocks To Watch
IBD Leaderboard watch list stock Amazon (AMZN), along with DraftKings (DKNG), MercadoLibre (MELI) and Uber Technologies (UBER) — as well as Dow Jones stocks Intel (INTC), Walmart (WMT) and UnitedHealth (UNH) — are among the best stocks to watch in the current market rally.
Dow Jones Stocks To Watch
Chip giant Intel is in buy range past a 37.22 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. Intel stock climbed 2.2% Tuesday, further above the latest entry. INTC fell marginally early Wednesday.
Health care giant UnitedHealth is adding a handle to a massive consolidation, and showing a new buy point at 546.78. UNH stock gained 0.7% Wednesday.
Stocks To Buy And Watch: Uber Breaks Out
Amazon made a bullish move back above its 50-day line last week, as shares topped an early entry at 134.48. Now, AMZN stock is moving closer to a cup base’s 145.86 buy point. Shares inched higher Wednesday.
DraftKings surged above the 50-day line last week, and skated past two entries along the way — a trendline drawn from the Aug. 4 peak with an alternative entry at 31.10 and a 32.65 entry. On Tuesday, DKNG stock added another 2.4%, further above consolidation’s 34.49 buy point. Shares moved up 0.5% early Wednesday.
MercadoLibre rallied sharply last week, moving up the right side of a cup base with a 1,451.56 buy point, according to IBD MarketSmith pattern recognition. MELI stock fell more than 1% Wednesday morning.
Uber raced 3.7% higher Tuesday, taking out a buy trigger at 49.19, a double-bottom entry. Uber stock was down a fraction Wednesday morning.
Best Stocks In Today’s Stock Market Action
These are four best stocks to watch in today’s stock market, including a Dow Jones leader.
|Company Name||Symbol||Correct Buy Point||Type Of Buy Point|
|Uber Technologies||(UBER)||49.19||Double bottom|
Source: IBD Data As Of Nov. 6, 2023
Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among the so-called “Magnificent Seven” stocks, Tesla traded up 0.3% early Wednesday, while Meta Platforms (META) inched higher and Nvidia (NVDA) gained 0.4%. Meanwhile, Dow Jones tech icons Apple (AAPL) inched downward and Microsoft (MSFT) edged higher after today’s stock market open.
Meta stock regained its 50-day line last week, still looking to forge a new entry after a recent failed breakout.
Graphics-chip giant Nvidia rebounded another 0.45% Tuesday, extending a win streak to five sessions. NVDA stock is forming a double bottom that has a 476.09 entry.
Tesla stock rose 1.3% Tuesday, still fighting to decisively retake the long-term 200-day moving average. Shares are around 26% off their 52-week high. Reports say Tesla insurance registrations in China totaled 14,000 for the week ending Nov. 5, up nearly 30% vs. the week prior.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple rallied 1.45% Tuesday, moving further above its 50-day line. Apple shares rose 0.8% Wednesday.
Microsoft stock moved up another 1.1% Tuesday, rallying for an eighth-straight session. Shares are above an early buy trigger at 346.20 and moving closer to a cup base’s official buy point at 366.78. MSFT stock was up 0.75% Wednesday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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