Dow Jones futures and the other major indexes tried to keep the party going Wednesday, a day after the S&P 500 closed at a new record high. Meanwhile, Nvidia (NVDA) rallied on a price-target hike, but a downgrade left Tesla (TSLA) stock falling sharply on the stock market today.
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Dow Jones futures rose 0.1% vs. fair value in morning action, as did S&P 500 futures. Tech-heavy Nasdaq 100 futures dropped 0.1% lower before the opening bell.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down less than 0.1%, while the SPDR S&P 500 ETF (SPY) rose a fraction.
The 10-year Treasury yield ticked higher to 4.18%. Further, oil prices climbed in early trades, as West Texas Intermediate futures rose 1.5%, trading around $78.70 a barrel.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Stock Market Today: Tesla Stock Downgraded
Among Magnificent Seven stocks, Nvidia rallied nearly 1% in premarket trading after BofA Securities maintained its buy rating and hiked its price target from 925 to 1,100. Nvidia is an IBD Leaderboard stock.
Shares of Tesla stock sold off more than 2% early Wednesday after Wells Fargo downgraded the stock from equal weight to underweight and lowered its price target from 200 to 125. Tesla is sharply below its 50- and 200-day moving averages and more than 40% off its 52-week high.
Early Wednesday, key earnings movers included Dollar Tree (DLTR) and Williams-Sonoma (WSM).
Dollar Tree plunged more than 7% in premarket action, while Williams-Sonoma shares lost 0.9% ahead of its earnings report.
Dow Jones Rises
On Tuesday, the Dow Jones Industrial Average moved up 0.6% and the S&P 500 gained 1.1%. The tech-heavy Nasdaq composite advanced 1.5%.
Tuesday’s Big Picture column commented, “The confirmed uptrend continues to show signs of strength. But there’s no shortage of yellow flags, including three distribution days for the Nasdaq last week.”
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.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Best Stocks To Buy And Watch On Stock Market Today
Duolingo (DUOL), Fifth Third Bancorp (FITB), Fortinet (FTNT) and Block (SQ) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.
Block was featured in this Stocks Near A Buy Zone column. And Fifth Third is a recent addition to the IBD Leaderboard portfolio.
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 was one new breakout Tuesday: Coupang (CPNG). The stock broke out past a 19.27 buy point in a cup with handle.
Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like FleetCor Technologies (FLT), which is approaching an 298.48 flat-base entry. Shares were unchanged Wednesday.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: Disney Attempts Breakout
Disney is trying to break out past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. Disney stock inched lower on the stock market today.
IBM stock regained a flat base’s 196.90 buy point, with a 3.2% gain Tuesday. IBM shares moved up 0.4% Wednesday.
Consumer products giant Procter & Gamble rose 0.2% Tuesday, further above a 158.38 buy point in a cup base. P&G stock was up 0.2% Wednesday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Duolingo Nears Buy Point
IPO Leader Duolingo added a handle to a cup base, taking the buy point to 241.86. Duolingo shares were up 3.1% Tuesday, closing about 5% away from the buy trigger. The stock added 0.6% Wednesday.
Fifth Third Bancorp inched lower Tuesday, still in buy range above a 35.73 buy point. Shares were down 0.1% Wednesday.
Cybersecurity leader Fortinet is adding a handle to a long cup base, taking the buy point to 73.91. The stock was slightly down Wednesday.
Square-parent Block is adding a high handle to a cup base, taking the correct buy point to 83.29. A short-lived breakout past an 80.29 entry failed last week when the stock fell 7% from the buy trigger. Square stock rose 0.5% Wednesday, less than 2% away from the buy trigger.
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Best Bets On Stock Market Today
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 |
|---|---|---|---|
| Novo Nordisk | (NVO) | 105.69 | Flat base |
| Merck | (MRK) | 119.65 | Cup base |
| DraftKings | (DKNG) | 39.35 | Cup base |
| Spotify | (SPOT) | 202.88 | Flat base |
Source: IBD Data As Of Feb. 28, 2024
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Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded mixed ahead of Wednesday’s stock market open.
Apple stock climbed 0.3% Tuesday, rising for the third day in a row. Shares remain sharply below their long-term 200-day line. The stock was down 0.4% Wednesday morning.
Microsoft shares found support at the 50-day line Tuesday, with a 2.7% gain. That places the software giant in a new buy area. Microsoft shares rose 0.7% on the stock market today.
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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Source: investors.com
