The stock market remained sluggish Wednesday afternoon, with all major indexes holding on to minor losses. Stocks inched off the lows of the day but had nothing to excite them.
The Dow Jones Industrial Average retreated 0.3% and the Nasdaq composite fell 0.1% in the stock market today. The S&P 500 also trimmed 0.1%. All three major indexes remained solidly above their 50-day moving averages. But the small-cap Russell 2000 shed 1.2% and remained below its 50-day line.
Volume fell on the New York Stock Exchange and rose on the Nasdaq from Tuesday's levels at the same time of day.
The Invesco QQQ Trust exchange traded fund, which tracks the Nasdaq 100, edged 0.1% lower. The Innovator IBD 50 ETF slid 0.4%.
The 10-year Treasury yield shed 7 basis points to 4.51%.
Fed Chair Jerome Powell spoke at the Division of Research and Statistics Centennial Conference in Washington, D.C., Wednesday morning. Powell didn't comment on monetary policy or the economic outlook.
Stock Market Action: Cloud Services Stock Hits A High
Akamai Technologies is in the 5% buy zone reaching to 112.84 of a flat base with a 107.47 buy point. Shares hit a 52-week high on Wednesday. The network content delivery service provider reported a beat on its third-quarter earnings and sales estimates on Tuesday.
IBD 50 stock Ryanair had another strong day, rising 3.5%. It is on pace for a six-day winning streak. The stock is building an irregular cup base with a 112.75 buy point.
RYAAY continues to climb above its 50-day and 200-day moving averages lines in heavy volume. The Irish low-cost airlines reported a positive September quarter earnings report on Monday, which fanned its rally. The airline is the biggest gainer on the IBD 50 today.
Warren Buffett holding Occidental Petroleum added around 2% after the oil and gas company reported better-than-expected third-quarter earnings and revenue late Tuesday. Quarterly profit fell 52% on a 22% sales drop. The energy stock unsuccessfully tested its 200-day line and is back below the level.
Robinhood sold off after the online trading company reported a smaller-than-expected Q3 loss and lower revenue vs. estimates. Investors focused on the 11% decline in its transaction revenue volume and lower monthly active daily users. Shares fell further below the 50-day and 200-day lines. The stock is on track for its largest one-day decrease since exactly one year ago, when it fell 19%.
Gilead Sciences improved from larger morning losses, now down 3.9% after the biotech beat third-quarter profit and sales estimates, but sales were flat. GILD fell below its 50-day line earlier today but has since reclaimed the key level.
Upwork gapped up in heavy volume following the company's better-than-expected third-quarter earnings and sales. The freelance-work platform operator also raised its fourth-quarter and full-year 2023 EPS and revenue forecast. The stock jumped above its 50-day line on Wednesday. Shares are not currently in a base.
Roblox Stock Rallies
Roblox soared more than 15% in heavy volume following the company's smaller-than-expected loss and higher-than-expected sales for the third quarter. Its average daily active users rose 20% vs. last year, to 70.2 million. Shares of the online gaming developer reclaimed the 200-day line on the leap.
Rivian reversed lower nearly 4% as it met resistance at the 200-day line. The electric-vehicle maker announced a smaller-than-expected loss and higher revenue for Q3. Meanwhile, rival Tesla pulled back 1% in stock market action.
Take-Two Interactive gapped up more than 6% in huge volume on a Bloomberg report that it may announce its new "Grand Theft Auto" video game this week. The company reports earnings for its September quarter on Wednesday after the market close. Shares retook the 50-day line on today's move and are in an undefined base with a 153.84 buy point.
AeroVironment shares broke out of a cup-with-handle base after hitting the 123.34 buy point. AVAV is back in the buy zone after volatile trading.
Shares of Datadog pulled back 2.2% after yesterday's 28.5% gap-up in heavy volume. The cloud software company Tuesday reported third-quarter earnings and sales that beat estimates. The company also raised its full-year 2023 net income and revenue guidance. DDOG stock reclaimed its 50-day line on Tuesday's move.
Nasdaq Won't Go Down, Nvidia In Buy Area; 7 Earnings Movers
Big Stock Losers: Toast Gets Toasted
Upstart plunged more than 25% in heavy volume after the cloud-based lending company reported a larger-than-expected third-quarter loss and missed sales estimates. Upstart forecast an adjusted Q4 loss of $14 million and revenue lower than analysts' forecasts.
Shares fell deeply below the 50-day line and flashed a sell signal. It was already in a long correction.
Array Technologies plunged 18% after the maker of solar trackers beat on its Q3 profit estimates but missed on sales. Array also lowered its full-year 2023 adjusted earnings and revenue estimates.
Toast plummeted 13% after the restaurant-management technology company reported a smaller September quarterly loss than expected and slightly higher revenue, and lowered its full-year revenue guidance range.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
