Futures for the Dow Jones Industrial Average and other major indexes swung Wednesday as investors awaited a new key inflation report for further guidance on interest rates.Meanwhile, meme stocks game stop (GME) and AMC Entertainment (AMC) calmed down on the stock market today after posting strong gains for two consecutive sessions.
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In premarket trading, Dow Jones futures fell relative to fair value, as did S&P 500 futures. Nasdaq 100 futures, which are dominated by tech stocks, fell 0.1% before the opening bell.
Early Wednesday, the 10-year U.S. Treasury yield fell to 4.41%. Oil prices also fell, with West Texas Intermediate futures trading around $77.50 a barrel.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) fell 0.1%, and the SPDR S&P 500 ETF (SPY) fell slightly.
GameStop shares plunged 11% Wednesday morning, pausing after rising 179% this week through Tuesday. Meanwhile, AMC stock fell more than 9% in premarket trading.
Stock Market Today: CPI Inflation Report
Early Wednesday morning, the Department of Labor will release Consumer Price Index numbers at 8:30 a.m. ET. Consumer inflation is expected to rise 0.3% in April and rise at an annual rate of 3.4%, according to Econoday estimates. Core CPI is also expected to rise 0.3% from the same month and 3.6% year-on-year.
Additionally, the Department of Commerce is scheduled to report retail sales figures at 8:30 a.m. ET. U.S. retail sales are expected to rise 0.4% in April, according to Econoday. Sales excluding automobiles are expected to increase by 0.2%, and sales excluding automobiles and gasoline are expected to increase by 0.1%.
In the market on Wednesday morning, the main earnings movements include: boot barn (boot), Monday.com (MNDY) and next tracker (NXT).
Bootburn shares fell 6.6% in early trading, while Monday.com shares rose more than 19%. And NextTracker shares rose nearly 14% in premarket trading.
Be sure to read how to adapt to changing market conditions with IBD's new exposure levels.
dow jones rise
On Tuesday, the Dow Jones Industrial Average rose 0.3% and the S&P 500 rose 0.5%. The Nasdaq Composite Index, which has a high proportion of high-tech stocks, rose 0.8%.
Investors Business Daily's Big Picture column on Tuesday said, “IBD's current recommended allocation ratio remains between 40% and 60%.'' “While the 2% rise was not, the attempt to move higher still appears to be working.” Since the production volume is slightly lower, it qualifies for follow-through days. ”
On Tuesday's IBD Live show, the IBD Live team discussed the current trading situation. The team discussed a wide range of stocks, but focused on sectors such as gold and silver mining, semiconductors, aerospace and defense, power generation, and restaurants.
As the stock market continues to move, now is an important time to read The Big Picture column. Also, 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
Stock Market Today: Stocks to Watch
netapp (NTAP), P.D.D. (PDD), taiwan semiconductor manufacturing industry (TSM) and trade web market (TW) — Plus Dow Jones Component JP Morgan Chase (JPM) and Merck (MRK) — one of the most interesting companies on the stock market today.
JP Morgan and Taiwan Semi are featured in this “Stocks Near the Buy Zone” column.
An essential resource for daily breakouts is IBD MarketSurge's Breakouts of the Day list. This indicates that the MarketSurge Growth 250 stocks are breaking through a new buy point. especially, pure storage (PSTG) broke through the double-dip buy point at 148.43. Meanwhile, MarketSurge's “Near Pivot” list shows stocks that are nearing buy points on base.
To find more stock ideas, check out our IBD stock lists, including the IBD 50, Big Cap 20, and stocks near buy zones. These features identify bullish patterns and allow you to purchase points and check them daily.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones: JP Morgan, Merck
JP Morgan is breaking above the flat base entry of 200.94 after a strong rally in recent weeks. Stock prices rose slightly on the stock market today.
Meanwhile, pharmaceutical giant Merck is building a flat base of 133.10 entries. Merck shares rose 0.3% Wednesday.
4 Top Growth Stocks to Watch stock market today
Outside of the Dow Jones index, NetApp is trading just above its double-dip buy point at 108.82, according to IBD MarketSurge. NetApp stock rose 0.7% ahead of Wednesday's move.
Tem's parent stock PDD is just below Cup With Handle's buy point of 142.32 following Tuesday's 1.3% decline. The stock rose 0.8% on Wednesday.
Chipmaker Taiwan Semiconductor is in a buy range above the 148.43 buy point on a double bottom basis after Friday's strong monthly sales. The stock rose 0.4% on Wednesday.
Tradeweb is squarely in buy range above the flat-based buy point of 108.04 and is up 1.4% on Tuesday. Shares were unchanged Wednesday.
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Stock Market Today: Companies to Watch
These are four stocks in the buy zone or near the buy zone on the stock market today.
| Company Name | symbol | correct purchase point | Types of purchase points |
|---|---|---|---|
| american express | (AXP) | 231.69 | integration |
| texas roadhouse | (TXRH) | 157.12 | flat base |
| chipotle pepper | (CMG) | 3,023.98 | integration |
| trade web market | (TW) | 108.04 | flat base |
Source: IBD data as of May 6, 2024
IBD experts analyze today's top stocks on the stock market on IBD Live.
Magnificent Seven stocks: Nvidia, Tesla
Among the Magnificent Seven brands, Nvidia (NVDA) and tesla (TSLA) Both were flat Wednesday morning.
Nvidia stock rose further above its 50-day moving average on Tuesday, nearing a handle entry of 922.20. The leader in artificial intelligence is his IBD leaderboard stock.
Tesla stock rose 3.3% on Tuesday, regaining its 50-day line following last week's decline.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) traded mixed ahead of stock market trading on Wednesday.
On Tuesday, Apple shares rose 0.6% to close at their highest since February 9th. The stock is above its 200-day moving average, forming the right side of the new norm. Shares fell slightly on Wednesday morning.
On Tuesday, Microsoft stock rose 0.7%, regaining its 50-day line. The software giant is building a flat base with a buy point of 430.82, and the 50-day line will be a key hurdle. And Microsoft stock rose 0.1% on Wednesday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter. @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and today's stock market.
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