The Dow Jones Industrial Average fell while the other major stock indexes were mixed leading into the close in market action Wednesday afternoon. Nvidia managed to buck the trend with its second straight day of gains past a key benchmark, while Trump Media & Technology soared on the stock market today.
The Dow slipped nearly 300 points, or 0.7% while the S&P 500 fell 0.2%. The Dow snapped a four-day win streak, and both it and the S&) had closed at record highs on Tuesday. The Nasdaq flirted with break-even territory throughout the session and ended the day slightly up.
Among the S&P sectors, energy and health lagged while utilities and communication services gained the most.
Volume on the New York Stock Exchange and Nasdaq appeared to be slightly lower compared with the same time on Tuesday. Decliners beat advancers by roughly 5-to-2 on the NYSE and more than 2-to-1 on the Nasdaq exchange.
Small caps on the Russell 2000 fell 1.1%, while the Innovator IBD 50 ETF slipped 0.2%.
The yield on the benchmark 10-year Treasury note rose four basis points to 3.77%.
3:22 p.m. ET
Dow Jones Stocks: Amgen Lags
Amgen lagged on the Dow Jones index and slid more than 4% in heavy volume, falling below its 50-day moving average. While that's a bearish sign, the stock is still forming a flat base.
Shares fell after analysts at JP Morgan found that two drugs the company is developing are not as competitive as rival drugs by competitors.
Technology and financial stocks were mixed as well on the Dow Jones index. Intel rose amid news of a new artificial intelligence chip after recent talks of a takeover by Qualcomm.
12:11 p.m. ET
Stock Market Today: Trump Media Tries To Climb Back
Trump Media & Technology soared 8%, adding to Tuesday's 5% gains after the six-month lockup on shares issued in its initial public offering expired on Friday. Shares also gained on reports that no insiders sold the stock as the lockup expired.
Progress Software broke out at 62.34 after a long consolidation. The AI-powered software provider reported its August-quarter results on Tuesday and increased its midpoint full-year sales outlook to $750 million from $730 million.
Flowserve broke out past a 52.09 buy point from an irregular base. Volume was running more than 250% above its average, and the relative strength line is near highs. Those are positive signs for the breakout.
Pegasystems rose past a 72.74 buy point from a flat base on the stock market today. The work-management software maker's volume was 40% above average. Its relative strength line also is near new highs.
10:44 a.m. ET
Nvidia Keeps Climbing
Nvidia added to Tuesday's 4% rally, adding 3% in morning action. Shares have also cleared a trendline entry near 118. Nvidia is a holding on the IBD 50, IBD Leaderboard and IBD SwingTrader.
Among other Magnificent Seven stocks, Tesla rose ahead of its robotaxi event in October. Tesla will report its third quarter global deliveries next week.
Stock Market Today: KB Home Triggers Sell Signal
In economic news, new-home sales for August rose to 716,000 vs. consensus estimates of 700,000, according to Econoday.
But KB Home plunged and triggered a sell signal after it announced fiscal third-quarter results and gave a weak outlook. Shares fell 7% from a buy point of 88.31 before paring some losses on the stock market today.
Earnings also moved Cintas, which climbed over 1% as it rebounded from its 21-day exponential moving average. Cintas beat expectations and raised its full-year forecast. Shares are extended.
Ahead of its fourth-quarter earnings report at market close, Micron rose 1%, trying to reverse a downtrend. The chart looks bearish however, with a downward sloping 50-day moving average.
Among retail stocks, Costco made progress in a buy zone from a 896.67 buy point with its quarterly results due Thursday.
Futures Rise On Surging Micron, Fresh Chinese Stimulus Buzz
Auto Stocks Take A Hit From Downgrades
Auto stocks got hit with a downgrade early Wednesday. Morgan Stanley analyst Adam Jonas downgraded General Motors to sell from hold and cut the price target to 42 from 47.
Ford and Rivian also got a reduced rating of hold from buy and lower price targets of 12 and 13, respectively. Earlier price targets for both auto stocks was 16.
GM stock fell below its 50-day moving average, although it remains within a cup with handle. Ford and Rivian fell further in their downtrends.
Flutter Entertainment jumped 5% after the sports-betting platform announced a $5 billion buyback program.
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