The Dow Jones Industrial Average took a breath but other major indexes continued to touch new heights during a relatively quiet session Tuesday. Apple and Nvidia hovered near buy points, while Meta Platforms broke out. And Tesla fell on the stock market today amid a controversy over Elon Musk's pay package.
Blue chips on the Dow lost 0.2% at the market close. The index remained in a tight range for most of the session, its second consecutive down day.
But the S&P 500 managed to eke out a meager gain and hit another record high for the second-straight day. And the tech-heavy Nasdaq was the leader among the major indexes, rising 0.4% and hitting yet another record high as well.
The small-cap Russell 2000 trimmed losses to 0.7%. The Innovator IBD 50 exchange traded fund held a 0.7% gain.
Volume turned lower on the New York Stock Exchange at midday and continued to be lower on the Nasdaq compared with the same time on Monday. Decliners outnumbered advancers by roughly 3-2 on the NYSE and 5-3 on the Nasdaq.
Finally, the yield on the 10-year Treasury note rose four basis points to 4.23%.
Futures Rise As Salesforce Leads Earnings Winners; 3 Hot AI Stocks
Dow Jones Stocks: Salesforce Moves On Earnings
Salesforce jumped nearly 4% in extended trading Wednesday, after the company reported third-quarter results. The company said sales rose 8% to $9.44 billion, slightly ahead of estimates of $9.4 billion. Earnings came in at $2.41 a share, a bit below estimates for $2.44 a share.
The software giant snatched the spotlight in October with its foray into autonomous artificial intelligence agents, but the road map to monetizing it will likely be discussed on the earnings call. Salesforce is among the AI stocks to watch. Shares were in a buy zone from an entry of 318.71 during Tuesday's regular session.
Among other Dow stocks, Procter & Gamble and Johnson & Johnson lagged with losses of 2.4% and 1.6%, respectively. Meanwhile, Verizon and Merck were among the leaders with gains of more than 1% on the stock market today.
3:27 p.m. ET
Job Openings Up, Tesla Down
In economic news, job openings in October rose to 7.74 million vs. estimates of 7.49 million.
Investors were also awaiting comments from Federal Reserve Chairman Jerome Powell, expected on Wednesday. Powell will be part of a panel discussion on Wednesday at the New York Times DealBook Summit, according to the Federal Reserve's website. Along with Powell's comments, investors also await the Beige Book, which will have anecdotal evidence of economic activity in the Fed's regions.
Meanwhile, Tesla fell roughly 2% on Tuesday. On Monday, a Delaware court rejected for the second time Chief Executive Elon Musk's 2018 pay package after shareholders had approved it.
The stock also came under pressure after news that the electric-vehicle giant shipped 79,000 vehicles out of its Shanghai factory during November. That brought the total for October and November to 147,000 — 5% lower than last year.
1:51 p.m. ET
Cancer Drug Stock Soars On Stock Market Today
Shares of Janus Therapeutics soared Tuesday after analysts called out "unprecedented results" for its prostate cancer treatment experiment. Shares had gapped up, rising past a buy point of 58.06 from a cup-with-handle base.
12:15 p.m. ET
Meta Breaks Out
Magnificent Seven stocks Apple and Nvidia hovered near buy points. Apple broke out of a flat base with a 237.49 buy point on Monday. Nvidia remained below a buy point of 140.76.
Meta broke out a few minutes before noon ET. Shares topped a 602.95 buy point, also from a flat base. Volume was running 27% above average.
Meta holds outstanding Composite and EPS Ratings of 96 from Investor's Business Daily. Its Relative Strength Rating is 87. More significantly, the relative strength line has started to rise and is near a new high. The stock's move above the 50-day moving average Monday could have been an earlier entry.
10:33 a.m. ET
Stock Market Today: AI Stock Soars
Among earnings movers, Zscaler plunged after its earnings report, while artificial intelligence player Credo soared on a strong outlook. Cloud-based cybersecurity provider Zscaler beat views with sales of $628 million and earnings of 77 cents per share while its revenue outlook was in line with estimates.
Credo reported second quarter earnings of 7 cents per share, up 600% from the prior year. Sales for the maker of AI components grew 64% to $72 million. Shares soared more than 40% to an all-time high, according to IBD MarketSurge.
Are These Magnificent Seven Stocks A Buy Now?
Alphabet | Amazon | Apple | Meta | Microsoft | Nvidia | Tesla
Third quarter revenue outlook of $120 million blew past estimates of $104.6 million. Strong demand for its data center components from customers such as Microsoft and Amazon.com had analysts turning bullish on Credo stock.
Analysts at Mizuho raised their price target to 70 from 49 and noted that the AI stock could be an "outsize beneficiary of AI-driven tailwinds."
Artificial Intelligence News And AI Stocks To Watch
Also among AI-chip makers, Marvell Technology is due to report after market close. Analysts expect a 3% increase in sales to $1.5 billion with a 1% decline in earnings to 41 cents per share. Shares have rallied ahead of the report and are extended from an 85.76 buy point.
According to reports, Marvell is a small player in accelerator chips that data centers use but has started making custom chips for Amazon. Analysts at Oppenheimer raised their price target to 108 from 90 last week.
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