The Dow Jones Industrial Average reversed lower Wednesday after the Labor Department's pivotal CPI inflation report. Meanwhile, oil prices hit a new high for 2023.
The Consumer Price Index rose 0.6% on the month in August, in line with estimates, with a 3.7% year-over-year increase that topped the 3.6% estimate. Core CPI rose 0.3% for the month, above the 0.2% estimate, with a 4.3% annual pop that met estimates.
On the earnings front, RV and emergency vehicle maker Rev Group was a key earnings mover. REVG stock soared 8% in early trade, nearing a 14.25 buy point.
Stock Market Today
Electric-vehicle giant Tesla traded up more than 1% Wednesday, while Nvidia rose 0.8%. Dow Jones tech icons Apple and Microsoft traded mixed, after today's stock market open.
Other stock market leaders include Alphabet and Meta Platforms. GOOGL stock fell 0.5% and Meta shares gained 0.7% in early action.
Adobe, Amazon, Netflix and Shopify — as well as Dow Jones stocks Caterpillar, Intel and Visa — are among the best stocks to watch in the struggling stock market uptrend.
Adobe is an IBD Leaderboard stock and was featured in this Stocks Near A Buy Zone column. Amazon is an IBD SwingTrader stock.
Dow Jones Today: Oil Prices, Treasury Yields
After Wednesday's opening bell, the Dow Jones Industrial Average dropped 0.1%, while the S&P 500 was down a fraction. The tech-heavy Nasdaq composite rose 0.1% in morning trade.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust was up 0.1%, while the SPDR S&P 500 ETF traded up a fraction early Wednesday.
Early action Wednesday also showed the 10-year U.S. Treasury yield at 4.28%, again approaching its 52-week high.
Also, oil prices hit new 2023 highs as West Texas Intermediate futures rose nearly 1% in morning action. WTI futures traded above $89 a barrel Wednesday ahead of the Energy Information Administration's weekly inventory report.
Early Wednesday, the International Energy Agency said Saudi Arabia's decision to extend production cuts until the end of the year is likely to lead to a significant supply shortfall for the rest of the 2023, keeping prices higher at the pump.
Five Best Dow Jones Stocks To Buy And Watch Now
Stock Market Struggles
On Tuesday, the Dow Jones Industrial Average edged lower, while the S&P 500 dropped 0.6%.
The Nasdaq composite was under pressure for most of the session as software stocks bore the brunt of the selling. The index fell 1% in higher volume, giving the Nasdaq another distribution day — its third in eight sessions. The Nasdaq closed below its 50-day moving average after reclaiming it just Monday.
Tuesday's Big Picture column commented, "But the stock market uptrend remains under pressure, with IBD's recommended invested percentage at 20% to 40%. Why such a cautious stance? For starters, the Nasdaq composite suffered a stalling session on Aug. 31, just two days after the follow-through day. That was a clue that the uptrend might not have staying power."
Now is an important time to read IBD's The Big Picture column as the stock market looks to rebound from recent losses.
Dow Jones Stocks: Caterpillar, Intel, Visa
Dow Jones leader Caterpillar is approaching a new flat base's 293.88 buy point after posting strong gains from early June through early August. CAT stock edged lower Tuesday, just 4% away from the latest buy point. Shares dropped a fraction Wednesday morning.
Chip giant Intel is at the top of its 5% buy range past a 37.19 flat-base entry, after last week's breakout move. INTC stock inched higher Wednesday.
And Dow Jones payments leader Visa is still above its latest entry, a flat base's 245.37 buy point, according to IBD MarketSmith pattern recognition. V stock edged lower early Wednesday.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
Stocks To Watch: Adobe, Amazon, Netflix, Shopify
IBD Leaderboard stock Adobe gave up its 552.94 buy point in a short consolidation during Tuesday's 3.95% sell-off, according to IBD MarketSmith. Adobe announces its fiscal third-quarter results on Thursday. ADBE stock jumped 1.9% Wednesday morning.
E-commerce giant Amazon is approaching a 143.63 buy point in a flat base. Shares are in a new buy area, as they rebound from their 50-day line and move above a trendline entry just below 140. The IBD SwingTrader stock rose 0.6% early Wednesday.
Streaming giant Netflix continues to build a cup with handle with a 453.45 buy point. Shares are testing their 50-day line, a key level to watch. NFLX stock dropped 1.2% Wednesday morning.
Shopify shares are adding a handle to a cup base, taking the buy point to 67.60. They are trying to rebound from support around their key 50-day line. SHOP stock moved down 1.8% in morning trade Wednesday.
Learn How To Time The Market With IBD's ETF Market Strategy
Best Stocks In Stock Market Action
These are four best stocks to buy and watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Amazon | 143.63 | Flat base | |
| Visa | 235.57 | Flat base | |
| Netflix | 485.00 | Cup base | |
| Shopify | 67.60 | Cup base |
Source: IBD Data As Of Sept. 11, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock skidded 2.2% Tuesday, giving back a part of Monday's surge that saw shares jump above a recent high of 261.18, which was an early entry. And TSLA stock has a 299.29 official buy point, but could now be adding a handle to a cup base.
On Wednesday morning, TSLA stock rose 1.3%, looking to bounce back from Tuesday's losses.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock declined 1.8% Tuesday on the company's iPhone 15 event. Shares are near their recent lows. Despite the recent weakness, AAPL stock is building a flat base with a 198.23 buy point. AAPL stock dropped 0.8% early Wednesday.
Microsoft shares snapped a two-day win streak, losing 1.8% Tuesday and falling back below their 50-day line. Still, MSFT stock is rallying up the right side of a cup base that has a 366.78 buy point. And on Wednesday morning, the stock moved up 0.3%.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
