The Dow Jones Industrial Average and other major indexes traded higher Wednesday, after a report showed slower hiring than expected during November and ahead of a talk from Federal Reserve Chairman Jerome Powell. Among the leaders was software giant Salesforce, an early earnings winner on the stock market today.
After the opening bell, the Dow Jones Industrial Average rose 0.6%, or 280 points, as the S&P 500 gained 0.3%. The tech-heavy Nasdaq composite climbed 0.6% in morning trades.
Early Wednesday, the 10-year Treasury yield ticked higher to 4.27%. Oil prices edged higher, as West Texas Intermediate futures traded around $70.30 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 0.7%, while the SPDR S&P 500 ETF was up 0.3% after the open.
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Dow Jones component Salesforce soared more than 10% Wednesday after the company reported third-quarter earnings that missed estimates amid a one-time investment loss, while revenue and a key metric came in above expectations.
Salesforce said the metric — current remaining performance obligations, or CRPO — rose 10% to $26.4 billion vs. estimates of $26.1 billion. CRPO bookings are an aggregate of deferred revenue and order backlog.
Other earnings movers Wednesday morning include Chewy, Dollar Tree, Foot Locker, Marvell Technology, Okta and Pure Storage.
Chewy stock sank more than 9%, while shares of Dollar Tree rallied more than 1%. Foot Locker plunged 18%, as Marvell leapt 14%. Okta stock surged more than 7% and Pure Storage shares soared 13% in morning trading.
On the economic front, ADP's national employment report for November showed that private payrolls rose 146,000, below estimates that called for growth of 165,000, according to Econoday. That was lower than the 233,000 growth in October.
Later in the day, Fed chief Powell will participate in a moderated discussion at the New York Times DealBook Summit. The event is set to start at 1:40 p.m. ET.
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Dow Jones Falls
On Tuesday, the Dow Jones Industrial Average fell 0.2%, while the S&P 500 inched higher and the Nasdaq composite climbed 0.4%.
Among the best companies to watch on the stock market today are Embraer, Cloudflare, TJX and Tradeweb Markets.
Dow Jones components making notable moves were Amazon.com, Apple, Microsoft and Travelers.
Apple featured in this Stocks Near A Buy Zone column.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that moving above correct buy point. Check for potential breakouts on the "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: Travelers Eyes Buy Point
Dow Jones leader Travelers is just below a 269.56 buy point in a flat base, according to MarketSurge pattern recognition. Shares dipped 0.5% Wednesday.
Outside the Dow Jones index, Cloudflare has broken out in recent weeks, topping a 99.17 buy point in a cup with handle. The 5% buy zone runs up to 104.13, so shares are just out of buy range following Tuesday's slight decline. Cloudflare stock climbed 2.2% Wednesday.
Embraer gave up an alternative entry at 39.46 following Tuesday's drop. Shares were down 1.2% early Wednesday.
Retailer TJX is above a 121.13 flat-base entry following strong gains. TJX stock inched lower in early Wednesday trading.
Finally, Tradeweb closed Tuesday further below a 136.13 entry in a flat base amid a four-day losing streak. Tradeweb stock rose 0.4% in morning action 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, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Tradeweb | 136.13 | Flat base | |
| Sherwin-Williams | 392.57 | Flat base | |
| Broadcom | 186.42 | Consolidation | |
| TJX | 121.13 | Flat base |
Source: IBD Data as of Nov. 26
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Magnificent Seven Stocks: Alphabet, Meta, Tesla
Among Magnificent Seven stocks, Alphabet rose 0.9% after the opening bell. Shares had plunged below their 50-day line in recent weeks, but are now rebounding.
Meta Platforms is breaking out past a flat base's 602.95 entry and in buy range. Shares fell 0.1% Wednesday.
Tesla moved down 0.5% Wednesday, threatening to add to Tuesday's drop. Shares are holding near their 52-week high.
Dow Jones Leaders: Amazon, Apple, Microsoft, Nvidia
Among Dow Jones components in the Magnificent Seven, Amazon stock rallied sharply in recent sessions, decisively retaking a 201.20 buy point and moving out of buy range. It added 1.5% in early trading Wednesday.
Shares of Apple are breaking out above a flat base's 237.49 entry. The stock was up 0.1% Wednesday morning.
Microsoft shares climbed 0.9% Wednesday morning. The stock reclaimed its 50-day line, a key level to watch, during recent gains.
Nvidia stock rallied 0.6% Wednesday, with the artificial intelligence titan further rebounding from its 50-day moving average line. That places Nvidia stock in a new buy area.
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.
