The Dow Jones Industrial Average and other major indexes bounded toward record highs Wednesday as the likes of Amazon.com and Salesforce made headlines and big moves. Others making an impact on the stock market today included Toast and Marvell Technology.
The Dow Jones index set a new high mark with a 0.7% gain, topping the 45,000 level for the first time. Meanwhile, the S&P 500 advanced 0.6% for a record close as well. The benchmark index finished near the day's highs.
But it was the tech-heavy Nasdaq that won the day among the major indexes. The index surged 1.3% as the technology sector showed its muscle, pushing the Nasdaq to a record close as well. The Russell 2000 small-cap index joined the party, adding 0.5% by the time the closing bell rang.
Volume fell marginally on the New York Stock Exchange and rose on the Nasdaq vs. the same time Tuesday. On the Nasdaq exchange, rising stocks topped falling issues by 5-4. NYSE gainers made a charge at the close and inched ahead of losers.
The 10-year Treasury yield shed three basis points to 4.19%. U.S. crude oil dropped 1.6% to $68.82 a barrel. And bitcoin bumped up to around $98,600.
Powell Inspires The Markets
Market indexes picked up some traction after Fed Chair Jerome Powell gave remarks on various subjects at The New York Times DealBook conference. He said the economy has improved since September when it started cutting interest rates, easing the pressure for more immediate rate cuts.
"The economy is strong, and it's stronger than we thought it was going to be in September," he commented at the conference. The Fed's next meeting is Dec. 17-18 with futures markets seeing a 75% chance of a quarter-point cut, according to the CME FedWatch tool.
In stocks, online brokerage Robinhood Markets tacked on a 3.6% gain, lifting it to a record high on the stock market today. The move came after Robinhood said its funded customers increased by more than 400,000 in November. Robinhood Chief Executive Vlad Tenev also said the company is looking to break into the sports betting arena.
The IBD 50 stock is extended from a cup-with-handle base with a 21.54 buy point. The stock has gained around 213% so far this year.
3:36 p.m. ET
Stock Market Today: Toast Gets Burned
Toast cratered as the restaurant technology company presented at the UBS Global Technology Conference in Scottsdale, Ariz., Wednesday. Shares fell below their 21-day exponential moving average in heavy volume.
Magnificent Seven stock Amazon.com climbed to an all-time high, according to Dow Jones Market Data. Shares are extended from a skewed cup base with a 201.20 buy point.
2:17 p.m. ET
UnitedHealth Climbs Despite Shooting
Dow Jones stock UnitedHealth Group rose despite news that Brian Thompson, who headed the company's insurance division, was fatally shot in Manhattan Wednesday morning. The health care services company canceled its investor day shortly after it had begun. The stock trimmed morning gains.
Datadog popped and reached the 20% profit zone from a double-bottom base with a 134.80 buy point. The stock gained 23% from its buy point within 15 days, earning it a "power-from-pivot" flag on its MarketSurge chart. Shares reached a level not seen since March 2022.
Box tumbled more than 7% in heavy volume following the company's beat on fiscal third-quarter adjusted earnings and sales. Box's fourth-quarter profit and revenue outlook just met views. Shares fell 7% below the 33.95 buy point from a Nov. 7 breakout, triggering the 7% sell rule. Box also undercut the 50-day line.
12:04 p.m. ET
Stock Market Today: Roku Rallies To Buy Zone
Roku soared in heavy trading after Needham said Roku could be an acquisition target. Needham has a buy rating and 100 price target on the streaming device and services stock. Shares broke out of an erratic base with an 80.77 buy point. The stock is in the 5% buy zone up to 84.81.
Roku has been a laggard and has lost around 8% so far this year. Yet, its chart is improving fast. It holds a suboptimal 61 IBD Relative Strength Rating and a 65 Composite Rating.
SAP climbed another 4% and topped the 243.01 buy point of a flat base, according to MarketSurge pattern recognition. It is in a buy range up to 255.16. The enterprise software company announced a collaboration with Amazon Web Services Tuesday. Shares reached an all-time high on the stock market today.
GXO Logistics plunged in hefty volume on Tuesday's news CEO Malcolm Wilson notified the board of directors that he plans to retire in 2025. In addition, Barclays cut its price target to 52 from 60 and held an equal-weight rating on the logistics provider.
Shares fell from a flat base and sliced through the 50-day and 200-day moving averages, triggering a sell signal.
10:34 a.m. ET
Economic Headlines
The November ADP Employment Report showed 146,000 private sector jobs were added vs. the 165,000 expected, while October's reading was revised down to 184,000 from 233,000.
In November, the Institute for Supply Management Services Index fell to 52.1 vs. the 55.5 projected and lagged the 56.0 in October. A reading above 50 indicates the services economy is expanding.
Investors will be listening as Fed Chair Jerome Powell delivers comments Wednesday afternoon at The New York Times DealBook Summit. The event is set to start at 1:40 p.m. ET.
The Investors Intelligence Advisors Sentiment report showed that stock market bulls rose to 62.9% from 61.3% one week ago. The firm considers a reading above 60% is considered an elevated risk of a market top. This is the eighth week above the 55% danger zone, the report said.
Market Hits New Highs; Is AI Leader Nvidia Ready For New Run?
Dow Jones Stocks: Salesforce Stock In Buy Zone
Salesforce popped in huge volume after the company reported lower-than-expected adjusted third-quarter earnings and higher sales than views. It also provided fourth quarter earnings and fiscal 2025 profit guidance.
The bottom line results included a one-time investment loss. Salesforce stock topped the buy zone of a long deep cup base with a 318.71 buy point. The customer relationship management stock reached a record high and was the biggest gainer on the Dow Jones and S&P 500 Wednesday.
IBD 50 name Nvidia stock climbed and is in a buy zone from a 50-day moving average pullback and topped the 140.76 entry of an undefined base.
Stock Market Today: Okta, Marvell Jump After Earnings
Okta gained in giant volume after the website security provider topped fiscal third quarter earnings and sales estimates. It also gave full-year profit and revenue guidance above views. The stock jumped above its 200-day moving average before retracing some gains, but it has underperformed as seen in its 33 IBD Relative Strength Rating.
Marvell Technology bolted in heavy volume following the company's better-than-expected fiscal third quarter adjusted profit and sales results. Shares have topped the 20% profit target from a buy point of 85.76 in the stock market today.
Pure Storage rocketed in heavy trading after the data storage company beat fiscal Q3 adjusted earnings and revenue forecasts. Shares retook the 200-day line as they work on a cup-type base.
Other Earnings Movers: Chewy Sinks
Chewy sank after the online pet supplies retailer missed third-quarter adjusted earnings and modestly beat FactSet estimates.
Foot Locker stumbled, extending a downtrend, after the footwear retailer missed fiscal third quarter adjusted earnings and sales forecasts.
Daktronics bolted after the company exceeded fiscal second-quarter profit and revenue estimates. Shares are extended from a cup-with-handle buy point of 15.40. Shares reached a level not seen since 2008.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
