April 24, 2024

Major indexes tried to rebound in morning trades Wednesday as the Dow Jones Industrial Average and S&P 500 looked to break three-day losing streaks. Nvidia got off to a poor start in the first hour of trading while Cathie Wood holding Robinhood soared on the stock market today. And Tesla fell on an analyst downgrade amid expectations of a first-quarter delivery miss.




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Dow Jones stocks led the charge with a 0.6% rise, or 230 points, while the S&P 500 added 0.3%. Both are trying to rebound after three consecutive days in the red. On the S&P, technology and communication services lagged while other sectors rose.

The Nasdaq hovered near break-even territory. This comes after it and the S&P posted yet another mild distribution day on Tuesday, flashing warning signs of market tops.

Volume on the New York Stock Exchange was higher, but lower on the Nasdaq compared with the same time on Tuesday. Breadth was strong with advancers outnumbering decliners by more than 3-to-1 on the NYSE and nearly 2-to-1 on the Nasdaq.

Small caps on the Russell 2000 rose 0.7% but the Innovator IBD 50 (FFTY) exchange traded fund slipped 1.2% on the stock market today. The yield on the benchmark 10-year Treasury note fell 1 basis point to 4.22%.

Retail Sales, Dow Jones Stocks

One thing for investors to watch for in coming days is the Commerce Department’s Personal Income and Outlays report for February, which will include the Personal Consumption Expenditures index, a key inflation gauge that the Federal Reserve uses to determine interest rates. Core PCE is seen staying unchanged at 2.8% year over year, according to Econoday.

Another thing that should be on investors’ radar is retail sales heading into the Easter holiday. The holiday’s early arrival could put a dent in retail sales, according to a report from MarketWatch. The National Retail Federation sees a potential 7% decline in retail sales as a result, MarketWatch says.

Meanwhile, a majority of stocks in the Dow Jones index gained ground. Walgreens (WBA) rose 1.4% and will report its second-quarter results on Thursday. Shares are in a downtrend, below the 50-day moving average.

Also, Apple (AAPL) and Microsoft (MSFT) rose while Salesforce (CRM) and Chevron (CVX) fell.

Stock Market Today: Semtech, Carnival, Cintas

Elsewhere, analysts at Baird gave semiconductor stock Semtech (SMTC) an outperform rating and a price target of 40 ahead of earnings on Thursday. That is a 59% upside based on Tuesday’s closing price. Shares have rebounded from the 10-week moving average while also clearing a recent resistance level at the 200-day line.

Carnival (CCL) fell 4% and Cintas (CTAS) rose 9% after their earnings reports. Carnival raised its outlook but expects to take a hit to earnings due to rerouting around the Red Sea conflict.

Among the Magnificent Seven, Google-parent Alphabet (GOOGL) is approaching a buy point of 153.78. Nvidia (NVDA) continued to tumble for the second straight day, dropping nearly 3% after falling 2.6% on Tuesday.

Further, Tesla (TSLA) rose on the stock market today after analyst Itay Michaeli at Citi lowered his price target to 196 from 224 with a neutral rating. The analyst also expects lower first-quarter deliveries of 429,900 vs. earlier estimates of 473,300.

HubSpot, Monday.com Setting Up

Some software stocks are in bases. HubSpot (HUBS) is in a flat base while IBD 50 holding Monday.com (MNDY) is close to a buy point.

Shares of Robinhood (HOOD) rose 3% after the brokerage firm launched its first credit card. Robinhood is a holding in Cathie Wood’s Ark Innovation ETF (ARKK).

Tuesday’s Stock Of The Day ServiceNow (NOW) is in a flat base with a buy point of 815.32. The enterprise software company has an ideal IBD Composite Rating of 99.

Finally, Vericel (VCEL) broke out from a flat base with a buy point of 50.09.

Please follow VRamakrishnan on X/Twitter for more news on the stock market today.

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Source: investors.com

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