The Dow Jones, S&P 500 and Nasdaq composite rose Wednesday morning, as the stock market rally continues to show strength. Snap crashed, but several other stocks rallied on earnings, with some signaling buying opportunities.
The Dow Jones Industrial Average added 0.4% while the S&P 500 gained 0.7% and the Nasdaq climbed 0.7%. The S&P 500 set a new record high with the Dow just below its recent all-time peak levels. The Nasdaq set a new two-year high.
The Russell 2000 fell 0.3%, in part due to regional banks sliding.
The 10-year Treasury yield held at 4.09% amid ongoing regional bank concerns. U.S. crude oil futures rose slightly near $74 a barrel.
Chipotle Mexican Grill, Fortinet, Tenable, Ford Motor, Azek, Enphase Energy and Hilton Worldwide rose slightly following overnight earnings.
Fortinet stock and Tenable flashed buy signals, along with Ford and Azek.
Snap Stock Takes A Plunge
Snap stock plunged 34% after the open. The Snapchat parent topped earnings views for the fourth quarter, but revenue and the company's sales forecast fell short. Shares had flirted with a trendline entry within a shallow consolidation on Tuesday ahead of earnings.
Meanwhile, Uber Technologies fell lightly following earnings while Intapp and Freshworks fell back from near a buy signal. Alibaba retreated solidly despite beating views and announcing a $25 billion buyback. ELF Beauty fell but came well off early lows.
Walt Disney, Qualys and Arm Holdings report Wednesday after the close.
Late Tuesday, Disney's ESPN, Fox and Warner Bros. Discovery announced that they will launch a joint sports streaming service this year.
Disney stock fell slightly early Wednesday after rising within a buy zone Tuesday. Fox and Warner Bros. stock also declined.
ELF Beauty and Uber stock are on IBD Leaderboard. ELF stock is on the IBD 50. Fortinet stock is on the IBD Big Cap 20.
The Dow Jones Industrial Average climbed 0.4% in Tuesday's stock market trading. The S&P 500 index rose 0.2%. The Nasdaq composite edged up less than 0.1% after trading lower for most of the session. The small-cap Russell 2000 climbed 0.85%, retaking its 50-day line.
Stocks Flashing Buy Signals
Fortinet stock rose 4% in morning trade after the company's earnings beat views. Fortinet did clearly move past a 67.36 cup-with-handle buy point after closing just above that entry on Tuesday. But shares are well off opening highs.
Tenable stock leapt 4% to nearly 50 after easily beating fourth-quarter views. The cybersecurity firm has a 48.51 handle buy point in a six-month consolidation.
Ford stock popped 2% early Wednesday as earnings doubled estimates. Shares cleared the 200-day moving average, but have fallen back below a short-term high of 12.50 and a long-term trendline.
Azek stock is gapping up 12% after racing past fiscal first-quarter views. The fake wood building products maker had closed slightly above a 39.04 buy point from a flat base, base-on-base pattern.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
