The Dow Jones Industrial Average briefly rallied 300 points Wednesday, as stocks looked to rebound from consecutive losses. Meanwhile, former President Donald Trump’s social media platform Truth Social surged as much as 23% in its second day of trading on the stock market today.
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The Dow Jones Industrial Average moved up 0.7% in morning action, while the S&P 500 rose 0.3%. The two indexes were trying to reverse a three-day losing streak. The tech-heavy Nasdaq composite turned slightly lower after the opening bell in the hopes of ending its two consecutive days of losses.
The 10-year Treasury yield ticked lower to 4.22%. Further, oil prices dropped 0.7%, as West Texas Intermediate futures traded around $81.10 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.3%, while the SPDR S&P 500 ETF (SPY) rose 0.5%.
Stock Market Today
Trump Media & Technology (DJT) soared more than 23% Wednesday morning before paring gains to about 8% in morning action. The Donald Trump stock finished Tuesday just below a 58.72 buy point.
The full value of Trump’s stake in the company at Tuesday’s closing price was about $4.57 billion.
Key earnings movers Wednesday include Carnival (CCL) and Cintas (CTAS).
Carnival shares dropped 1% in morning action, still building the right side of a cup base. And Cintas stock leapt nearly 10%, hitting new highs.
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 0.1% and the S&P 500 fell 0.3%. The tech-heavy Nasdaq composite lost 0.4%.
Tuesday’s Big Picture column commented, “Sellers came into the final hour of stock market trading Tuesday, resulting in another distribution day for the Nasdaq composite and S&P 500.”
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.
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Best Stocks To Watch On Stock Market Today
Alphabet (GOOGL), Arista Networks (ANET), Duolingo (DUOL) and DraftKings (DKNG) — plus Dow Jones components Disney (DIS), IBM (IBM) and Verizon Communications (VZ) — are among the best companies to watch on the stock market today.
Google and DraftKings were 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. There were no new breakouts Tuesday.
Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Disney, IBM, Verizon
Disney is extended past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. And shares closed further out of buy range, with a 0.5% gain Tuesday. Shares added 1.2% Wednesday morning.
IBM stock remains below a flat base’s 196.90 buy point, with a 0.2% fall Tuesday. Shares ticked up 0.4% in Wednesday’s morning trading.
Telecom giant Verizon is building a flat base with a 43.21 entry, as the stock battles for support at its key 50-day moving average. Verizon shares were up 1% Wednesday.
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Stock Market Today: Google Nears Breakout
Google parent Alphabet is rapidly nearing a consolidation’s 153.78 buy point, as the stock gained 0.4% Tuesday. Google stock rose 0.2% Wednesday.
Arista shares declined 2.5% Tuesday, still in buy range above a 292.66 flat-base buy point, according to MarketSurge charts. And Arista stock was down 1.9% early Wednesday.
IPO Leader Duolingo triggered the 7% loss rule below a cup-with-handle’s 241.86 entry. That means the latest breakout attempt has failed. The stock lost another 1.1% Wednesday morning.
Finally, DraftKings jumped out of buy range past a 46.52 buy point in a short consolidation, with a 2.9% rally Tuesday. And on Wednesday morning, the sports-betting giant dipped 0.5%.
Stocks To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Disney | (DIS) | 112.92 | Cup with handle |
| Arista Networks | (ANET) | 292.66 | Flat base |
| DraftKings | (DKNG) | 45.62 | Consolidation |
| Duolingo | (DUOL) | 241.86 | Cup with handle |
Source: IBD Data As Of March 25, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia (NVDA) sold off nearly 3%, while Tesla (TSLA) dropped 0.6% in Wednesday’s morning action.
Nvidia reversed down 2.6% Tuesday, snapping a six-day win streak. Shares remain about 5% off their record highs. Nvidia is an IBD Leaderboard stock.
Tesla shares rallied 2.9% Tuesday, testing its 50-day line, which is a key resistance level to watch. Shares remain about 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded higher after Wednesday’s stock market open.
Apple stock moved down 0.7% Tuesday, approaching its recent lows. Shares remain sharply below their long-term 200-day line. Apple shares gained 1.7% Wednesday morning.
Microsoft shares found support at the 50-day line in recent weeks, sending them to new highs. But shares have retreated over the current three-day losing streak. And the stock added 0.1% 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.
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Barbara Terrio is a seasoned business journalist, delving into the world of finance, startups, and entrepreneurship. With a knack for demystifying complex economic trends, she helps readers navigate the business landscape. Outside of her reporting, Barbara is an advocate for financial literacy and enjoys mentoring aspiring entrepreneurs.
