The Dow Jones Industrial Average finished near the day's highs Wednesday as it and other indexes set new records. Meanwhile, Nvidia erased earlier gains on the stock market today.
Blue chips on the Dow Jones index rose 431 points, or more than 1%, to set closing and intraday records. The benchmark S&P 500 did the same, as it added 0.7% and set all-time intraday and closing highs. The Nasdaq climbed 0.5% and finished about 400 points off its record, which was set on July 11.
Volume was higher on the New York Stock Exchange but lower on the Nasdaq. Advancers led decliners on the NYSE 4-to-3. Decliners finished the day slightly ahead on the Nasdaq.
The small-cap Russell 2000 rose 0.3% while the Innovator IBD 50 exchange traded fund saw a 0.7% gain.
The yield on the benchmark 10-year Treasury note rose four basis points to 4.07%.
3:16 p.m. ET
Dow Jones Stocks: Boeing Down, Apple, Nike Up
Apple was one of the top gainers on the Dow Jones index, along with IBM. Boeing lagged the most after talks with union workers broke down. Nike was among top gainers on the stock market today.
2:31 p.m. ET
Fed Minutes Show Concern Over Data
Minutes from the Federal Reserve's September meeting showed policymakers more confident about the pace of inflation slowing, but more concerned about the labor market.
The panel noted "total and core PCE price inflation were expected to decline further as supply and demand in labor and product markets continued to move into better balance; by 2026, total and core inflation were expected to be 2%."
The committee voted on an important clause that "recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee's 2% objective but remains somewhat elevated. "
1:52 p.m. ET
Tesla Slightly Lower Ahead Of Robotaxi Event
Tesla fell within a cup-with-handle base that has a buy point of 264.86. Volume was lighter on the stock market today as investors await its robotaxi event on Thursday and remarks from Chief Executive Elon Musk. Tesla's third-quarter earnings are due Oct. 23.
12:40 p.m. ET
Stock Market Today: Taiwan Semi, Nvidia Switch Gears
In stocks, Nvidia partner Taiwan Semiconductor reversed lower and gave up opening gains after reporting strong third-quarter sales. The artificial intelligence chipmaker comfortably beat its own forecast as well as analyst estimates. Shares are in a buy zone from a cup-with-handle base that has a buy point of 175.45.
Meanwhile, Nvidia was wavering after five straight days of gains. Shares initially dipped, then reversed higher quickly and cleared a trendline entry near 133.
But then shares fell again in the afternoon, as Nvidia stock was trying to reach its all-time high of 140.76. The stock is on such Investor's Business Daily growth stock lists as the IBD 50, IBD Leaderboard and IBD SwingTrader.
Elsewhere, cruise stocks all sailed ahead despite the threat of Hurricane Milton bearing down on Florida. Norwegian Cruise Line soared more than 10% on an upgrade while Royal Caribbean jumped nearly 5% on a price-target hike. Carnival Cruise also joined in the festivities with a surge exceeding 7%.
And in transportation, Trinity Industries broke out of a cup with handle with a buy point of 34.97.
11:38 a.m. ET
Investors Await Fed Minutes
Investors await the Fed minutes for more insights on its decision to cut rates by 50 basis points at its September meeting. Meanwhile, Dallas Federal Reserve chief Lorie Logan called out for a more gradual path in future rate cuts.
Also in economic news, inflation data for September is due on Thursday. Economists estimate a 0.1% monthly increase and a 2.3% annual rise, according to Econoday.
10:56 a.m. ET
Magnificent Seven On Stock Market Today
Among other stocks in the Magnificent Seven, Google-parent Alphabet fell nearly 2% as the Department of Justice readied its proposal in an antitrust case against the search giant. Shares are dropping below the 50-day moving average in heavy volume — a sell signal.
Also on the Magnificent Seven, KeyBanc analysts increased their price target for Meta to $655 from $560 as the "ad market appeared solid throughout Q3."
Meanwhile, bank stocks are on watch as earnings season kicks off. Wells Fargo and JPMorgan Chase report their results on Friday. Wells Fargo is in a consolidation with a buy point of 62.55 while JPMorgan stock is in a flat base with a buy point of 225.48.
In mining and metals, Rio Tinto gapped down after news that the company will acquire Arcadium Lithium. Terms call for $5.85 per share in an all-cash deal.
In technology, data security player Veronis Systems attempted to break out of a cup with handle base at a buy point of 57.86. Byrna Technologies, a maker of personal security products, triggered a round-trip sell signal by falling below a buy point of 15.34 after gaining 27%.
And in insurance, Brown and Brown was breaking out of a flat base on the stock market today with a buy point of 106.02.
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