Stocks closed mixed on Wednesday's shortened trading session, as the S&P 500 and Nasdaq both set records with more gains, but the Dow Jones Industrial Average fell slightly. Among the winners was IBD 50 component Nvidia, which popped after a slow start on the stock market today.
The Dow showed weakness and closed the day with a fractional loss. But the S&P 500 gained 0.5% and the Nasdaq advanced 0.9%, leaving both at record highs for the second straight day. On Tuesday, the tech-heavy Nasdaq cracked the psychological level of 18,000 while the S&P 500 penetrated the 5,500 level in the same session.
Meanwhile, the small-cap Russell 2000 trimmed gains and closed 0.1% higher on the stock market today.
Elsewhere, the Innovator IBD 50 exchange traded fund added 0.6%. It sits below its 21-day exponential moving average but above its 50-day moving average.
In bonds, the 10-year Treasury yield shed nine basis points to 4.35%. And U.S. crude oil prices ticked up to around $83.20 a barrel.
Volume was higher on the Nasdaq and the New York Stock Exchange compared with the same time Tuesday, in preliminary numbers. The U.S. stock market ended trading at 1 p.m. ET Wednesday and will be closed in observance of the July 4 holiday on Thursday.
Stock Market Today: Nvidia Wakes Up
Among stocks, IBD Leaderboard stock Nvidia jumped 4.6% in light volume after a slow first hour of trading on Wednesday. The stock bounced off its 21-day line on the stock market today.
The stock had been trading tightly for several days, calming down after its June 20-24 sell-off. Shares are extended from the 20% profit zone of a 92.22 buy point and an entry at 97.40.
Early in Wednesday's session, Check Point Software broke out of an early stage flat base with a 168.82 buy point. It was in a buy zone, but retreated by the close to post a fractional gain just below the entry.
Shares of the cybersecurity stock still enjoyed their sixth straight day of gains to reach a record high. Check Point is due to report its second-quarter results on July 24.
Constellation Brands dropped more than 3% after whipsaw action at the start of the session. Shares tapped the 265.75 cup-with-handle base buy point before retracing lower. The alcoholic beverages company topped fiscal first-quarter adjusted earnings estimates but modestly missed sales views.
Tesla Keeps Rally Alive As Cathie Wood Sells
Tesla gained more than 6% Wednesday following Tuesday's 10.2% jump. Shares of the electric-vehicle giant posted their seventh straight day of gains.
Tuesday's excitement came after the company delivered more cars than expected in the second quarter. Further, several analysts lifted their price targets on the stock. Among them was Wedbush Securities analyst Dan Ives, who raised his price target to 300, up from 275.
The EV stock is above its 200-day moving average but is extended and not showing a buy point at this time. Also, Tesla stock was the best performer in the Nasdaq 100 today, according to Dow Jones Market Data.
Cathie Wood and Ark Invest sold a total of 62,867 shares of Tesla stock on Tuesday, according to daily trade updates from the firm. In exchange, Wood and ARK purchased 406,912 shares of drone maker Archer Aviation on Tuesday worth $1.51 million, based on a 3.72 closing price. Archer stock jumped more than 9% on Wednesday.
Updated 12:07 p.m. ET
Stock Market Today: ASML Hits Buy Point
ASML Holding climbed more than 2% and revisited the 1,056.34 buy point of a Stage two irregular base. Shares are in the 5% buy zone up to 1,109.16. The stock also formed a bullish four-weeks-tight pattern with a 1,077.22 entry. ASML is a leading manufacturer of chip-making equipment.
Updated 10:44 a.m. ET
Economic News: Job Market Shows Signs Of Slowing
The ADP Employment report showed June private payrolls increased 150,000 and fell short of the 161,000 expected and lagged the revised 157,000 from May.
Meanwhile, initial weekly jobless claims for the week ending June 29, came in at 238,000 vs. the 233,000 expected and higher than the revised 234,000 from the prior week. Stay tuned for Friday's jobs report, which is expected to show nonfarm payrolls rising 189,000 in June.
In other economic news, the final June Purchasing Managers' Index reading rose to 54.8 from 54.5 in May. Meanwhile, the Institute for Supply Management Services Index increased to 55.3 and topped the 55.1 estimate from economists.
That came in higher than the 54.8 reading in May with steep increases in both business activity and new orders. The boost in activity prompted companies to increase their workforces for the first time in three months, according to S&P Global US Services PMI.
Finally, the June Institute for Supply Management Services index came in at 48.8 vs. the 53.0 projected and lower than the 53.8 from May. A reading above 50 percent indicates that the services economy is expanding.
Market Hits Highs Ahead Of Holiday, Jobs Data; 7 Stocks In Buy Areas
Media Stock Jumps On Deal News
Media and entertainment stock Paramount Global gapped up in heavy volume on news that Skydance Media reached a preliminary agreement to buy privately held National Amusements and combine it with Paramount Global.
Paramount stock is not in a base and has lost around 19% even after today's jump. But the stock topped its 50-day line and was the biggest S&P 500 gainer on the stock market today.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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