The Dow Jones Industrial Average sold off 470 points Wednesday, as Wall Street digested inflation news with a surprise reading on the consumer price index, or CPI. An early earnings loser on the stock market today was GameStop, which plunged 14%.
After the opening bell, the Dow Jones Industrial Average fell 1.2%, while the S&P 500 dropped 0.7%. The tech-focused Nasdaq composite inched lower in early trading.
Early Wednesday, the 10-year Treasury yield ticked higher to 3.66%. Oil prices rebounded more than 2%, lifting West Texas Intermediate futures to around $67.30 per barrel, as Hurricane Francine caused production shutdowns in the Gulf of Mexico.
Among exchange traded funds, the Invesco QQQ Trust was down a fraction, as the SPDR S&P 500 ETF moved down 0.5% after the open.
Apple Seeks Support As Netflix Tries To Stop Buffering And Break Out
Stock Market Today: CPI Report, GameStop
Early Wednesday, the CPI rose 0.2% for the month of August, with an annual increase of 2.5%. Econoday estimates expected a 0.2% monthly rise, with a yearly increase of 2.6%. The core CPI, excluding food and energy, climbed 0.3% on the month, hotter than the 0.2% estimate. Year over year, the core CPI rose 3.2%, in line with estimates.
A broad array of stocks were in motion following Tuesday night's presidential debate between former President Donald Trump and Vice President Kamala Harris. Solar and some EV-related stocks rallied in early trade. Shares of Trump Media & Technology Group dived 13%.
Also early Wednesday, meme stock GameStop plunged around 14% after the company beat profit targets, but missed sales estimates in its second quarter. The company also disclosed an "at-the-market" stock offering of up to 20 million shares.
Nvidia Stumbles, Tesla Skids While This Mag 7 Stock Is Ripe For A Breakout
Dow Jones Falls
On Tuesday, the Dow Jones Industrial Average moved down 0.2%, while the S&P 500 moved up 0.5%. The tech-heavy Nasdaq composite gained 0.8%.
During Tuesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Nvidia Loses Ground To Apple And Microsoft. Tesla Takes Out Broadcom.
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Costco Wholesale, Netflix, Taiwan Semiconductor Manufacturing and Uber Technologies.
Notable Dow Jones components are Amazon.com, Apple, Home Depot, IBM and Microsoft, which regained its 200-day moving average Tuesday.
Apple and Uber were featured in the Stocks Near A Buy Zone column.
There was only one new stock on IBD MarketSurge's "Breaking Out Today" list Tuesday despite the stock market rebound. Tyler Technologies is trying to break out past a 593.50 flat-base entry.
Further, there are only a handful of stock ideas on the site's "Near Pivot" list. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Home Depot, IBM
Among Dow Jones components, Home Depot is approaching a new handle buy point at 378.58, according to MarketSurge pattern recognition. Shares were down 0.8% early Wednesday.
Meanwhile, IBM is trading at the top of its buy range past its latest entry, a cup-with-handle buy point at 196.26. IBM stock rose 0.4% Wednesday.
Outside the Dow Jones index, retailer Costco continues to flirt with a 896.67 cup-base entry. The stock edged down Wednesday morning.
Streaming giant Netflix remains under its late-stage base's 697.49 buy point following recent declines. Netflix stock was up a fraction Wednesday.
And Taiwan Semiconductor Manufacturing is building a cup with handle that has a 175.45 entry, and it gained 1.9% Wednesday morning.
Finally, Uber stock is about 5% away from a 75.40 double-bottom entry. Uber shares were off 0.5% early Wednesday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | 442.80 | Flat base | |
| Taiwan Semiconductor | 175.45 | Cup with handle | |
| ServiceNow | 850.33 | Flat base | |
| Uber Technologies | 75.40 | Double bottom |
Source: IBD Data as of Sept. 10
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Nvidia, Tesla, Alphabet
Among Magnificent Seven stocks, Alphabet, Nvidia and Tesla traded mixed in early trading.
Google parent Alphabet gave up support around the 200-day line in recent sessions. After falling Tuesday, shares bounced 0.4% in early trades Wednesday.
On Tuesday, Nvidia tried to rebound from its lowest level since its early August lows. Shares rallied 2.7% in Wednesday's action.
And Tesla fell 2.1% Wednesday morning, set to snap a two-day win streak. Shares of the electric-vehicle leader are attempting to regain their 50-day line.
Dow Jones Leaders: Amazon, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mixed after Wednesday's stock market open.
Amazon shares are again rebounding from support at their 200-day moving average. The stock was down 1% Wednesday morning.
Apple stock is forming a V-shaped cup with handle that has a 232.92 buy point. Shares rose 0.1% early Wednesday.
Microsoft shares closed back above the 200-day line Tuesday, and on Wednesday morning the stock inched higher.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
