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The Dow Jones Industrial Average fell 525 points on Wednesday, as Wall Street reacted to a higher-than-expected CPI inflation report. while, Nvidia (NVDA) the opposite of higher, and Tesla (TSLA) sold on the stock market today.
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The Dow Jones Industrial Average was down 1.3% in morning trading, while the S&P 500 was down 1%. The technology-focused Nasdaq Composite sold off 1% after the opening bell.
The Labor Department said the Consumer Price Index for March rose 0.4% month-on-month, with a 3.5% year-over-year increase. The monthly rise was hotter than the 0.3% estimate, while the yearly increase matched Econoday estimates. Core inflation rose 0.4% in March, above estimates of 0.3%, with a 3.8% increase year-on-year. This exceeded expectations by 3.7%.
Investors are now awaiting the minutes of the Federal Reserve's March monetary policy meeting. This is scheduled to take place on Wednesday at 2 p.m. ET.
As the market declined, the 10-year Treasury yield jumped to 4.49%. Furthermore, oil prices rose after Tuesday's losses, with WTI futures trading around $85.90 per barrel.
Among the US exchange-traded funds is the Nasdaq 100 Tracker Invesco QQQ Trust ETF (QQQ(down 1%, SPDR S&P 500 ETF)spy) decreased by 1.1%.
Stock Market Today: Nvidia declines, Tesla sinks
Among Magnificent Seven stocks, Nvidia reversed early losses to rise 1.3%, while Tesla shares fell 2.3% in early trading on Wednesday.
Nvidia is close to completing a flat base that would create a buying opportunity at 974. The stock is in the fifth week of a flat base, meaning the entry will be valid after this week. Meanwhile, stocks are approaching the 50-day moving average line. The artificial intelligence giant is an IBD Leaderboard stock.
Tesla stock rose another 2.3% on Tuesday, adding to Monday's gains. Shares are still down more than 40% from their 52-week highs.
while, Taiwan Semiconductor Manufacturing Co., Ltd (TSM), a major supplier to Nvidia and apple (Camel), said revenue jumped nearly 17% from a year earlier, the biggest rise since 2022. TSMC was modestly higher in morning traffic, holding on to new highs.
in another place, Delta Airlines (D) rose 2% early Wednesday after better-than-expected first-quarter results. Shares could be set to go beyond the 49.20 buy point.
Also, first quarter earnings season heats up later this week with reports from major banks C. B. Morgan Chase (JBM), Wells Fargo (WFC) And Citigroup (C).
Be sure to read about how to adapt to changing market conditions, with IBD's new exposure levels.
Dow Jones declines
On Tuesday, the Dow Jones Industrial Average fell, while the S&P 500 rose 0.1%. The Nasdaq Composite Index, which is dominated by technology stocks, rose 0.3%.
“The stock market jumped in the final 45 minutes of trading Tuesday as investors braced for the Labor Department's upcoming inflation report,” commented Tuesday's Big Picture column.
Now is an important time to read IBD's “Big Picture” column amid the ongoing stock market rally. Be sure to read about how to adapt to changing market conditions, with IBD's new exposure levels.
Learn how to time the stock market with IBD's ETF market strategy
Top stocks to watch in today's stock market
Arista Networks (network), Broadcom (Afgo), Kings Project (DKNG) And Service now (now) – in addition to the components of the Dow Jones Index Sales force (Customer relationship management), IBM (IBM) And Verizon Communications (VZ) – is among the top companies to watch in the stock market today.
ServiceNow is displayed in the column of stocks close to the buy zone.
An essential resource for your daily escape IBD MarketSurge Check out today list. He appears Market growth 250 Stocks breaking through new buy points, e.g HubSpot (Axes). Also, the MarketSurge “Near Pivot” list shows stocks that are approaching buy points in the bases.
To find more stock ideas, check out lists of IBD stocks like… Bahraini dinar 50, Large cap 20 The stock is near the 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 the IBD Leaderboard
Dow Jones: Salesforce, IBM, Verizon
Salesforce is trying to find support around its 50-day moving average, according to Marketsorg Graphs. The recovery will put the software leader into a new buying zone. But investors will have to wait for a decisive rebound. Shares also show a flat bottom entry at 318.72. Salesforce stock fell 1% in morning trading on Wednesday.
IBM stock is looking for support at the 50-day line, with shares remaining below a steady buy point of 196.90. IBM stock fell 1.3% on Wednesday.
Telecom giant Verizon's latest hack attempt faltered on Tuesday amid four straight days of losses. Verizon shares were down 1% Wednesday morning.
4 Higher Growth Stocks to Watch in Stock market pool
Stock Market Today: DraftKings Abandons Buy Point
Arista shares closed Tuesday in a buying range above a flat buy point of 292.66, according to Marketsorg charts, although down about 1%. On Wednesday, the stock fell 1.9% in morning trading.
AI player Broadcom is building a short consolidation with a buy point of 1,438.17. The price action looks like a flat base, but it is a bit deep, with a depth of just over 16%. The maximum depth of the flat base is 15%. Broadcom stock lost 1% on Wednesday.
DraftKings is back below its 46.52 buy point in a short consolidation after early losses this week. The sports betting giant was down 0.5% on Wednesday morning.
Finally, ServiceNow is approaching a flat entry level at 815.32, but shares are down 0.4% on Tuesday. The stock lost 1.6% on Wednesday.
Stocks to watch
These are four stocks that are in or near buy zones in the stock market today.
| Company Name | Code | Correct point of purchase | Point of purchase type |
|---|---|---|---|
| Disney | (Dis) | 112.92 | Cup with handle |
| Arista Networks | (network) | 292.66 | Flat base |
| Kings Project | (DKNG) | 45.62 | Merger |
| Service now | (now) | 815.32 | Flat base |
Source: IBD data as of April 1, 2024
Join IBD experts as they analyze the leading stocks in the current stock market rally on IBD Live
Dow Jones leaders: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven, Apple and Microsoft (MSFT) fell after the stock market opened on Wednesday.
Apple shares rose 0.5% on Tuesday, still at recent lows. Shares remain sharply below their long-term 200-day line. The stock fell 1.4% on Wednesday morning.
Microsoft shares rose on Tuesday, still holding above its 50-day line. The stock was down 1.2% early Wednesday.
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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