The Dow Jones Industrial Average and other major stock indexes traded higher Wednesday as investors looked ahead to Nvidia earnings, set for after the market close. In other earnings news, Axon Enterprise and Super Micro Computer were big winners on the stock market today after reporting their results, while AppLovin plunged on a short report.
After the opening bell, the Dow Jones Industrial Average traded up 0.1%, while the S&P 500 added 0.3%. The tech-heavy Nasdaq composite moved up 0.4% in early morning trades.
The 10-year Treasury yield edged lower to 4.29% early Wednesday. And oil prices dipped, as West Texas Intermediate futures traded around $68.85 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rallied 0.6%, while the SPDR S&P 500 ETF added 0.4% after the open.
AppLovin plunged 14% Wednesday after short-seller Fuzzy Panda issued a short report that accuses the company of engaging in "Ad Fraud."
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Nvidia Earnings; Axon, Super Micro Soar
Nvidia earnings are due Wednesday after the market close, along with comments from Chief Executive Jensen Huang. Investors will be scrutinizing Nvidia's earnings and sales outlook, particularly what the artificial intelligence leader says about its Blackwell chip. Now Nvidia's showcase AI chip, Blackwell began shipping late last year. Any sign of an unimpressive Blackwell sales ramp could spell trouble for Nvidia.
Nvidia tumbled 2.8% Tuesday, falling further below its 50-day moving average and hitting its 200-day line. But Nvidia stock rebounded 3% in Wednesday's morning action.
Elsewhere, Cava stock plunged in extended trading Tuesday as the Mediterranean restaurant chain gave a light outlook after missing lofty earnings expectations for the fourth quarter. Cava stock lost 3% in early trading.
Other big earnings movers Wednesday were Axon Enterprise, InstaCart, Intuit, Oddity, Super Micro, Workday, Lowe's and TJX.
Axon stock jumped nearly 19% in morning action, while InstaCart shares plunged more than 10%. Intuit moved up more than 13%, as Oddity stock sold off 3%. Super Micro soared by nearly 21%, while Workday surged 7%. Lowe's jumped almost 3%. Finally, TJX moved up 1% in morning trading.
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Stock Market Today: Dow Jones Rises
On Tuesday, the Dow Jones Industrial Average rose 0.4%, while the S&P 500 lost 0.5% and the Nasdaq sold off 1.4%. Check out IBD's The Big Picture column for an updated recommended exposure level for the current stock market conditions.
Among the best companies to watch in the current stock market are eBay, Pinterest and Wells Fargo.
Along with Apple and Nvidia, Dow Jones components making notable moves were Amazon, Microsoft and Goldman Sachs.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. 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: Goldman Sachs In Buy Range
Dow Jones component Goldman Sachs is trying to find support around a flat base's 612.73 buy point, according to MarketSurge pattern recognition. Shares were up 0.3% in early action Wednesday.
Outside the Dow, IBD Leaderboard name Wells Fargo is just below a cup base's 78.13 buy point amid a string of losses. Wells Fargo stock gained 0.2% early Wednesday.
EBay stock is approaching a cup base's 71.52 buy point, with a 1.3% rally Tuesday. Shares gained 0.1% Wednesday morning.
And Pinterest stock is adding a handle to a big cup base following the earnings-fueled surge of 19% on Feb. 7. The buy point is 40.90. Shares rose more than 1% 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 |
|---|---|---|---|
| Toast | 41.50 | Cup with handle | |
| Goldman Sachs | 612.73 | Flat base | |
| Wells Fargo | 78.13 | Cup base | |
| 40.90 | Cup with handle |
Source: IBD Data as of Feb. 21
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Tesla Stock Bounces
Tesla plunged 8.4% Tuesday, closing at its lowest level since early November. Shares are 38% off their 52-week high, sharply below their 50-day line, and approaching their long-term 200-day line.
Tesla stock rebounded by nearly 1%, however, in early morning trading Wednesday.
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Dow Jones Leaders: Amazon, Apple, Microsoft
Dow Jones component and Magnificent Seven stock Amazon triggered a sell signal below a 233 buy point last week. And Amazon stock added 0.8% early Wednesday.
Apple stock, which inched lower Tuesday, is trying to move above an early buy point at 247.19 — its high on Jan. 31 — while building the right side of a new base that offers a 260.10 entry. But shares dropped 1.3% Wednesday.
Finally, software giant Microsoft moved down 0.8% Wednesday. Shares sold off further Tuesday, hitting their lowest level since early August.
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.
