The Dow Jones Industrial Average and other major indexes reversed lower Wednesday as the postelection Trump rally sputtered ahead of the Thanksgiving holiday. Indexes fell in the stock market today after the release of the Federal Reserve's preferred inflation gauge for October but erased some losses before the closing bell.
Dow stocks fell 0.3% as blue chips broke a five-day winning streak, a resumption of the rally after voters picked President-elect Donald Trump. That same rally also lifted the Dow and the S&P to a record high on Tuesday.
The S&P 500 and the Nasdaq saw a more robust recovery as the day progressed but finished lower. The S&P 500 ended the day 0.4% lower while the Nasdaq lagged with a 0.6% loss amid tech earnings.
Small caps climbed after they broke a six-day winning streak on Tuesday. The Russell 2000 traded 0.1% higher. The Innovator IBD 50 exchange traded fund fell 0.5%.
Volume on both the New York Stock Exchange and Nasdaq was lower compared with the same time on Tuesday. Advancers led by nearly 5-3 on the NYSE and 3-to-2 on the Nasdaq.
The yield on the benchmark 10-year Treasury note fell five basis points to 4.25%.
Stocks Fall Into Thanksgiving; Nvidia Fights Back
Nvidia Falls Below Key Level On Stock Market Today
In stocks, Nvidia fell after earnings from Dell and HP contributed to weakness in the tech sector. According to reports, Dell was the first to ship AI servers based on Nvidia's Blackwell system to enterprise customers.
A Magnificent Seven stock, Nvidia fell nearly 3% Wednesday in early action after attempting a rebound on Tuesday, according to IBD MarketSurge. Though they staged a recovery, shares of the Dow Jones component were just a notch below their 50-day moving average and well below a 140.76 buy point.
Outside the Dow Jones index, Autodesk plunged on earnings. Shares fell throughout the day and are just above the 50-day moving average. Sales and earnings decelerated from the prior quarter. Autodesk was the worst performer on the Nasdaq on Wednesday.
3:16 p.m. ET
Buffett's Firm Hits All-Time High
Warren Buffett's Berkshire Hathaway nearly broke out of a flat-base buy point of 484.82 in heavy trading. Shares are on track for their fourth week of gains, a move that has tracked the Trump rally that started Nov. 6.
On that date, shares gapped up and cleared the 50-day moving average in the base. The stock rose to an all-time high on Wednesday and currently sits on IBD SwingTrader.
1:52 p.m. ET
Mag 7 Stocks That Didn't Fare Well
Besides Nvidia, others in the Mag 7 didn't fare well. Fellow Dow Jones stock Apple traded a notch lower, while Microsoft, Amazon, Meta and Tesla recorded losses of 0.1% to 2%. Alphabet eked out a gain after trading lower in the morning.
Elsewhere, Super Micro Computer hit resistance at its 50-day moving average. Shares trimmed gains to 2%.
12:20 p.m. ET
Stock Market Today: Real Estate, Financials Break Out Of Bases
Several real estate investment trusts and financial stocks broke out of bases, too.
Essential Property Realty nearly broke out of a double bottom base with a buy point of 34.37. Agree Realty cleared a flat base's buy point of 77.30 as well as an alternative buy point of 77.47. AvalonBay Communities broke out at 236.26, also from a flat base, while Regency Centers cleared a 75.26 entry.
However, all those breakouts came in light or merely average volume.
In insurance, Hartford Financial broke out at 123.23 from a flat base, also in light trading.
10:36 a.m. ET
Inflation Gauge Meets Views
The Fed's preferred inflation gauge, the Personal Income and Outlays, or PCE price index, met views with a 0.2% month-on-month increase and a 2.3% annual increase in October. Core inflation also was on target, rising 0.3% on a monthly basis and 2.8% annually.
A second estimate of GDP showed that the economy grew 2.8% in the third quarter, as expected. However annual personal consumption expenditures fell to 3.5%. Economists had expected it to remain unchanged from an earlier reading of 3.7%. Weekly jobless claims of 213,000 were lower than views for 217,000.
Among other Dow Jones stocks, techs were generally lower while Merck and Walt Disney led blue chips.
Are These Magnificent Seven Stocks A Buy Now?
Alphabet | Amazon | Apple | Meta | Microsoft | Nvidia | Tesla
Stock Market Today: Dell, HP Tumble
Shares of Dell fell after a mixed report late Tuesday. Sales of $24.4 billion missed estimates of $24.7 billion while earnings of $2.15 per share beat views of $2.06. Shares dipped below the 50-day moving average in heavy volume but are holding above the 200-day line.
Shares of HP also fell below the 50-day line after fiscal fourth quarter results were announced. Sales grew 2% to $14.1 billion while earnings of 93 cents per share were 3% higher than the prior year. Shares broke out of a handle buy point of 38.67 but have fallen 11% from the buy point, triggering the 7% sell rule.
Super Micro rose after news that the AI server company had prepaid loans with Cathay Bank and Bank of America.
Workday fell after its third-quarter sales and earnings bested views. Sales of $2.16 billion and earnings of $1.89 per share were higher than estimates of $2.13 billion and per-share earnings of $1.76. However, its fiscal 2026 revenue outlook from subscriptions disappointed.
Outlook Pressures CrowdStrike
A weak outlook for a key metric in the current quarter pressured cybersecurity software stock CrowdStrike. Despite the global service outage in August, sales of $1.01 billion and earnings of 93 cents per share topped analysts' estimates of 81 cents per share on $983 million in revenue.
But the incident is expect to have a lingering effect on "net new" annual recurring revenue in the current quarter and beyond. Shares remain above a buy point of 323.94. But they have erased much of a 17% gain from the buy point.
In retail, Urban Outfitters soared after a strong third-quarter report and an analyst upgrade. Earnings of $1.10 per share and sales of $1.36 billion were higher than estimates of 85 cents on $1.34 billion.
Citi upgraded Urban Outfitters stock to a buy with a price target of 51, up from 40. Shares rose past the 200-day moving average. The stock is in a consolidation with a buy point of 48.90.
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