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Dow Jones futures fell modestly Wednesday as overseas markets traded generally higher. U.S. action remained subdued ahead of Federal Reserve Chair Jerome Powell’s speech at the Brookings Institution, with monthly employment and quarterly GDP data out ahead of Wednesday’s stock market open.
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Wednesday’s early economic data includes the ADP National Employment Report, as well as revised third-quarter GDP estimates from the Commerce Department. At 1:30 p.m. ET, Fed chief Powell is scheduled to speak on the economy, inflation and the labor market at the Brookings Institution in Washington, D.C.
ADP’s November employment number fell to 127,000 vs. 239,000 in the previous month. Consensus estimates expected growth of 200,000 jobs in November. Meanwhile, the Commerce Department’s GDP estimate revision reflected stronger growth, at 2.9% vs. the initial 2.6% estimate for the quarter. Econoday estimates called for a slight rise to 2.7%.
Earnings movers include CrowdStrike (CRWD), Titan Machinery (TITN), Intuit (INTU) and Workday (WDAY). CrowdStrike shares plunged 17% after the company’s earnings outlook sharply missed Wall Street’s targets. Intuit shares declined less than 1% in early trade, while Workday stock jumped 9%. Titan rocketed 12% on a Q3 earnings beat.
Electric-vehicle giant Tesla (TSLA) traded up 0.6% Wednesday morning. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) were also higher ahead of today’s stock market open.
IPO Leader Array Technologies (ARRY), IBD Leaderboard stock Arista Networks (ANET), Celsius (CELH) and Chubb (CB) — as well as Dow Jones names Boeing (BA), Caterpillar (CAT) and Chevron (CVX) — are among the top stocks to buy and watch.
Arista Networks is an IBD Leaderboard stock and was a recent IBD Stock Of The Day. Boeing is an IBD SwingTrader stock and was one of the four leaders featured in this week’s Stocks Near A Buy Zone column. Celsius was Monday’s IBD 50 Stocks To Watch pick.
IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Wednesday’s opening bell, Dow Jones futures fell 0.1%, while S&P 500 futures gained 0.15% vs. fair value. Tech-heavy Nasdaq 100 futures traded 0.2% higher in morning action. International markets generally showed strength, with China and Europe continuing to rebound after Monday’s shakeup triggered by Covid-policy protests in China.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.4% early Wednesday, and the SPDR S&P 500 ETF (SPY) gained 0.2%. KraneShares CSI China Internet (KWEB) jumped 4.7%, and the iShares MSCI China (MCHI) popped 3.1% in premarket trade.
The 10-year Treasury yield held about steady at 3.74% Wednesday morning, pausing after a two-day win streak. Last week, the 10-year Treasury yield closed at 3.69%, its lowest close since Oct. 4. Meanwhile, U.S. oil prices added another 2%, continuing to rebound after touching their lowest level since December 2021 on Monday. West Texas Intermediate futures traded just below $80 a barrel.
Stock Market Rally
On Tuesday, the stock market posted mixed action, as the tech-heavy Nasdaq composite declined 0.6%. The Dow Jones Industrial Average inched higher, while the S&P 500 lost 0.2%.
Tuesday’s The Big Picture commented, “Growth screens haven’t been yielding much in recent weeks as value stocks, in general, continue to outperform growth stocks. While it’s true that the S&P 500 and Nasdaq composite are still in confirmed uptrends, the crop of actionable stocks has been disappointing. It hasn’t been easy increasing exposure. After some moves Tuesday, IBD Leaderboard is only around 50% invested at this point.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market volatility.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Boeing, Caterpillar, Chevron
Aerospace giant Boeing rallied 2% Tuesday, recapturing a cup base’s 173.95 buy point. Boeing shares tacked on 1.5% Wednesday.
Dow Jones member Caterpillar is close to retaking its cup base’s 238 buy point, according to IBD MarketSmith pattern recognition, and is about 1% below the entry. CAT stock lost 0.9% Wednesday.
CAT stock boasts an impressive 96 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.
Energy giant Chevron rebounded 1.5% Tuesday, but is still just below a 182.50 buy point in a consolidation base. CVX shares rose another 0.7% Wednesday morning, as oil prices chugged higher.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Buy And Watch: Array, Arista, Celsius, Chubb
Solar leader and IPO stock Array Technologies fell further below its 22.40 buy point in a cup with handle during Tuesday’s slide, according to IBD MarketSmith pattern recognition. Shares are about 6% below the entry. Further weakness would trigger the 7%-8% loss-cutting sell rule. ARRY stock swung 0.7% higher Wednesday morning.
IBD Leaderboard stock Arista Networks remains in buy range above a choppy base’s 132.97 buy point amid Tuesday’s slight rise. ANET stock slipped 0.8% Wednesday.
Energy-drink maker Celsius declined 4.7% Tuesday, as the stock continues to form a cup base with a 118.29 buy point. This week’s weakness is likely the start of a potential handle that will offer a lower entry. The stock shed 2.5% Wednesday.
Chubb is trading just above a cup-with-handle’s 216.10 buy point Tuesday after the session’s 0.6% gain. The 5% buy area tops out at 226.91. The insurance giant tacked on 0.6% Wednesday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock declined 1.1% Tuesday, but is still holding above its 52-week low price that it reached last week at 166.19. Shares are around 55% off their 52-week high and sharply below their 50- and 200-day moving average lines.
The EV giant traded up 0.7% Wednesday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares sold off another 2.1% Tuesday, falling further below its key 50-day line. The stock is around 23% off its 52-week high. Apple stock traded up 0.6% Wednesday.
Microsoft dropped 0.6% Tuesday, falling for a third straight session. Shares continue to hold above the 50-day line, which is an important level to watch The software giant remains about 30% off its 52-week high. Microsoft shares rose 0.8% Wednesday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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