The Dow Jones Industrial Average and other major stock indexes traded sharply lower Wednesday, as Wall Street reacted to weaker-than-expected jobs data and GDP numbers. In stocks, Nvidia and Tesla sold off, while Super Micro crashed on the stock market today following the company's earnings report.
After the opening bell, the Dow Jones Industrial Average fell 1.7%, or 650 points. The S&P 500 dropped 2.1%, as the tech-heavy Nasdaq composite lost 2.7%. (For the latest report on the stock market today, click here.)
The 10-year Treasury yield ticked higher to 4.18% early Wednesday. Meanwhile, oil prices dropped, as West Texas Intermediate futures traded around $59.75 per barrel.
Among exchange traded funds, the Invesco QQQ Trust fell 2.7%, while the SPDR S&P 500 ETF moved down 2.1% after the open.
Tesla stock lost 6% in early action Wednesday, threatening to snap a six-day win streak. Shares have bullishly climbed above their 50-day moving average, and are now testing their 200-day line, the next resistance level to watch. Led by Chief Executive Elon Musk, the electric-vehicle maker remains around 40% off its record high of 488.54, reached on Dec. 18.
Nvidia stock sold off 4% in morning action Wednesday. Shares of the artificial intelligence giant are finding resistance around their 10-week line, an important area to watch.
Nvidia partner Super Micro released preliminary March-quarter sales and earnings figures that were well below Wall Street's targets late Tuesday. Super Micro stock plummeted nearly 20% in morning trading.
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Stock Market Today: Economic Data, Earnings Movers
On the economic front Wednesday, ADP's employment report showed that private payrolls rose just 62,000 in April, below the Econoday estimate for 125,000 and down from March's 155,000 reading. The ADP report is a precursor to Friday's payrolls report from the Labor Department.
Meanwhile, the Commerce Department said that first-quarter GDP fell 0.3%, below the Econoday estimate for 0.2% growth and down from 2.4% growth in the fourth quarter.
In stocks, Booking, Caterpillar, First Solar, Starbucks, Stride, Tradeweb Markets and Visa were key earnings movers Wednesday.
Shares of Booking slipped nearly 4% in morning trading, while Caterpillar stock added more than 2%. First Solar stock tumbled more than 12%, while Starbucks shares sold off nearly 10%. Stride stock gained 2%, as Tradeweb tumbled nearly 4%. Finally, Visa shares dropped 1.6% in early morning action.
Late Wednesday, Meta Platforms is set to report its first-quarter results. Shares finished Tuesday trading below their 200-day line. The stock was off nearly 3% in early action.
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Dow Jones Extends Rally
On Tuesday, blue chips on the Dow Jones Industrial Average moved up 0.8%, or 300 points, while the S&P 500 and Nasdaq both climbed around 0.6% each.
Due to current market volatility, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are CrowdStrike, MercadoLibre, Penumbra and Guidewire.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and Boeing.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Investor also can find potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones Stocks: Boeing Nears Buy Point
Shares of Dow Jones component Boeing slipped nearly 2% Wednesday, but remain within striking distance of a double-bottom entry at 184.40, according to MarketSurge chart analysis.
Outside the Dow, cybersecurity leader and new IBD Leaderboard stock CrowdStrike is adding to breakout gains past a 400.02 buy point in a cup with handle, according to IBD MarketSurge chart analysis. Shares dropped 2.6% Wednesday morning.
E-commerce giant MercadoLibre is squarely in buy range above a 2,202 entry in a double-bottom base, according to IBD MarketSurge. MercadoLibre stock declined nearly 2% Wednesday.
Penumbra also broke out last week, topping a 288.57 double-bottom entry. Its relative strength line is at new highs, triggering the blue dot on the IBD MarketSurge chart. That's a bullish indicator of market leadership. Shares dipped 0.3% early Wednesday.
Finally, Guidewire is breaking out past a 201 buy point in a double bottom, with a 2.7% rally Tuesday. Guidewire stock lost nearly 2% in early morning trades.
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Stock Market: Companies To Watch
These are four stocks in or near buy zones in Wednesday's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Boeing | 184.40 | Double bottom | |
| Spotify | 621.20 | Double bottom | |
| Penumbra | 288.57 | Double bottom | |
| MercadoLibre | 2,202.00 | Double bottom |
Source: IBD Data as of April 29
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks are rebounding from lows as Wall Street reacts to the fallout from President Donald Trump's tariffs. One of them, Dow Jones component Amazon, dropped nearly 4% early Wednesday. First-quarter earnings are expected late Thursday.
IPhone maker Apple sank nearly 2% Wednesday morning. Shares closed Tuesday at their highest level since early April. Earnings are due out Thursday after the close.
Finally, software giant Microsoft declined 1.9% Wednesday. Shares are above their 50-day line for the first time since late January, with the company set to report earnings Wednesday evening.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
