The Dow Jones Industrial Average and other major stock indexes fell Wednesday as Treasury yields kept climbing. Investors were awaiting a Federal Reserve economic report and Tesla earnings, both due later in the day. And McDonald's was a big loser on the stock market today amid reports of an E. coli outbreak at its restaurants.
After the opening bell, the Dow Jones Industrial Average fell 0.6%, while the S&P 500 dropped 0.3%. The tech-heavy Nasdaq composite moved down 0.5% in early trading.
Early Wednesday, the 10-year Treasury yield ticked higher to 4.24%. Oil prices dropped, with West Texas Intermediate futures trading around $71 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was down 0.5%, while the SPDR S&P 500 ETF fell 0.3% after the open.
McDonald's stock plunged 6.3% Wednesday after the Centers for Disease Control and Prevention linked the fast-food chain's Quarter Pounder burgers to an E. coli outbreak. Shares have nearly erased their gains from a 292.21 cup-with-handle entry.
Elsewhere, electric-vehicle giant Tesla declined 0.2% Wednesday morning, threatening to extend a losing streak to five sessions. Tesla's third-quarter earnings are due out after the close Wednesday. Analysts see Tesla's quarterly profit falling 9% to 60 cents per share while revenue is expected to increase about 9% to $25.47 billion, according to FactSet.
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Key earnings movers Wednesday morning include AT&T, Boeing, Coca-Cola and Texas Instruments.
AT&T shares rebounded 1%, while Boeing stock reversed up 0.6% in morning trading. Coca-Cola fell 2.7%, as shares of Texas Instruments jumped 4% in early action.
Later in the day, the Fed's Beige Book is anticipated out at 2 p.m. ET. This book is released about two weeks before the Fed's next monetary policy meeting. The book is a compilation of the 12 Fed banks' anecdotal evidence on economic conditions.
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On Tuesday, the Dow Jones Industrial Average and the S&P 500 both edged lower. And the tech-heavy Nasdaq composite rose 0.2%.
During Tuesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are MercadoLibre, Texas Roadhouse, Uber Technologies and United Therapeutics.
Notable Dow Jones components are Amazon.com, Apple, JPMorgan Chase and Microsoft.
Apple and MercadoLibre featured in this Stocks Near A Buy Zone column.
There were no new stocks on IBD MarketSurge's "Breaking Out Today" list Tuesday. Check for more names on the site's "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: JPMorgan Nears Buy Point
Dow Jones financial leader JPMorgan closed below a flat base's 225.48 buy point, according to MarketSurge pattern recognition. Shares were down 0.1% on the stock market today.
Outside the Dow Jones index, restaurant leader Texas Roadhouse decisively reclaimed a 177.72 flat-base entry during last week's gains. Shares declined 0.4% Wednesday.
Retail giant MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is also finding support along the 50-day moving average. Shares edged lower Wednesday.
Uber Technologies has fallen sharply below an 82.14 buy point in a consolidation amid a five-day losing streak. Following Tuesday's dip, Uber stock skidded 0.7% Wednesday morning.
Finally, United Therapeutics is in buy range above a 366.08 buy point following last week's breakout. The biotech holds high scores from Investor's Business Daily, placing it in an elite trifecta: The Big Cap 20, IBD Leaderboard and SwingTrader. Shares declined 1.5% Wednesday.
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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 | 498.23 | Flat base | |
| Taiwan Semiconductor | 175.45 | Cup with handle | |
| ServiceNow | 850.33 | Flat base | |
| Uber Technologies | 82.14 | Consolidation |
Source: IBD Data as of Oct. 14
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Magnificent Seven Stocks: Alphabet, Meta, Nvidia
Among Magnificent Seven stocks, Alphabet and Meta Platforms both fell modestly on the stock market today.
Google-parent Alphabet is finding support around the 50-day moving average. The stock remains well below prior highs. Meta stock hit a new high in recent weeks, rising further above a 544.23 alternate entry.
Nvidia touched new highs Tuesday before reversing slightly lower. Shares declined another 1.8% Wednesday morning, but remained squarely above a 131.26 alternate entry.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon shares are bouncing from their 50-day line, near a 195.37 buy point in a cup with handle. The stock lost 0.7% Wednesday.
Apple stock broke out last week above a 233.09 cup-with-handle entry and is above that buy trigger. Shares moved 0.5% lower Wednesday.
Microsoft shares bullishly regained their 50-day line during Tuesday's 2.1% rally and are near a handle buy point at 441.85. And on Wednesday morning, the stock lost a fraction.
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.
