The Dow Jones Industrial Average struggled for gains late Wednesday as investors weighed a new U.S. trade deal, along with a surprise drop in private jobs numbers. In stocks, Adobe fell after a rival filed for an initial public offering while quantum computing players soared. And Tesla jumped on the stock market today after a report on deliveries.
Blue chips on the Dow were down fractionally, while the S&P 500 moved up 0.4%, to a record-high close. The tech-heavy Nasdaq composite recovered from an initial fall and gained 0.8%. Next on tap for this holiday-shortened trading week is another crucial jobs report.
Volume ran lower on both the Nasdaq and the New York Stock Exchange compared with the same time Tuesday. Advancers outnumbered decliners by nearly 5-to-2 on the NYSE and roughly 2-to-1 on the Nasdaq.
The 10-year Treasury yield ticked up to 4.29%. Oil prices climbed, with West Texas intermediate futures trading around $67.25 a barrel.
The small-cap Russell 2000 index added 1.2%, while the Innovator IBD 50 exchange traded fund increased by 1.3%.
S&P 500 sectors were mixed, with six groups gaining while five fell. Technology and energy advanced, while utilities and health lost ground.
Among Investor's Business Daily's 197 industry groups, energy stocks were winners with the coal and solar group gaining more than 5%. Managed care and health insurance groups lagged.
2:47 p.m. ET
Quantum Computing Stocks Soar
Quantum computing stocks got a boost after analysts at Cantor Fitzgerald initiated coverage on Rigetti Computing with an overweight rating and a 15 price target, according to CNBC. Rigetti stock jumped 9% and rebounded from the 50-day moving average. IonQ and D-Wave Quantum also rose.
S&P 500 Hits High; Tesla, Oracle, These Stocks Lead
1:48 p.m. ET
Stock Market Today: Adobe Rival Files For IPO
In stocks, design software maker and Adobe rival Figma became the latest company to file for an IPO. Shares will trade under the ticker FIG on the New York Stock Exchange.
Earlier, Adobe's efforts to acquire Figma for $20 billion did not pass muster with regulators in the UK and Europe. Adobe shares were off 4.5% in recent action.
Elsewhere, Reddit jumped nearly 5% after the social media company filed an amended credit agreement that extends the maturity of its revolving credit facility to 2030.
Reddit stock was the latest to join the IBD Leaderboard Watchlist Wednesday. Shares are forming a deep cup base with a buy point of 230.41. Further, the Relative Strength Rating sits at 96.
Some merger talks and deals in Wednesday's stock market involved Verint Systems. Shares soared on news that the software company may be a target for a buyout by Thoma Bravo.
Verint provides customer relationship management automation software and is an artificial intelligence play. Reports also said the company has been working with banks in seeking a buyer.
Also, apparel stock Lands' End soared at first. Then shares reversed and fell amid reports that Authentic Brands Group and WHP Global had submitted bids to acquire the company.
12:33 p.m. ET
Trump Announces Vietnam Deal
Trump on Wednesday said he made a trade deal with Vietnam.
"Details to follow," Trump said about the pact on his Truth Social social media site. The announcement arrived before a 90-day U.S. tariff exemption on certain levies was set to expire on July 9. American goods will enter Vietnam duty-free while the U.S. will cut tariffs on Vietnam exports to 20% from 46%, The Wall Street Journal reported.
The news lifted apparel and footwear stocks. Dow component Nike and On Holding jumped in the early going before trimming gains to under 4%. Nike makes half its footwear in Vietnam, according to a Reuters report.
Nike extended gains after an earnings surge on Friday.
11:36 a.m. ET
Banks Rise On Dividend Increases
In stocks, banks rose after several financial institutions announced plans to increase their dividends after they passed a Federal Reserve stress test last week.
JPMorgan Chase, Wells Fargo, Citigroup, Bank of America and Goldman Sachs all rose between 0.4% and 2%.
10:43 a.m. ET
More Jobs Data On The Way
Thursday's jobs report from the labor department is expected to show that the economy added 110,000 jobs in June. The unemployment rate is expected to tick up to 4.3% after May's 4.2%.
Jeffrey Roach, chief economist at LPL Financial, noted that any downside surprise in the upcoming data could strengthen the case for three Fed rate cuts. According to the CME FedWatch Tool, the odds of a rate cut in the July meeting are just 25% but go up to 72% in September with a 56.4% chance of a further rate cut in October.
In stocks, health insurers called in sick. Centene crashed with a 40% drop after the managed care company withdrew its earnings outlook for 2025. Shares broke a four-day winning streak as they plunged below their 50-day moving average.
Other managed health care stocks fell. Molina Healthcare plummeted more than 20% while Elevance Health tumbled 9% after each hit resistance at their 50-day moving average. Dow component UnitedHealth also got turned away at that level and fell nearly 3%.
Stock Market Today: First Solar Shines; Strategy, Tesla Surge
Elsewhere, First Solar lifted the S&P 500. Shares of the maker of solar technology jumped nearly 4%.
Also, Strategy, formerly called MicroStrategy, and Tesla were big winners in the Nasdaq, with each climbing more than 3%.
But Adobe fell 4% on an analyst downgrade. Rothschild & Co Redburn analysts downgraded Adobe stock to neutral and slashed the price target to $280 from $420. The brokerage also says the software giant's generative artificial intelligence tools are taking away its capabilities in content creation.
Earnings moved Constellation Brands nearly 2% higher on Wednesday. Shares extended a three-day winning streak after first-quarter results.
Sales declined 6% to $2.5 billion while earnings per share of $3.22 also came in lower than the prior year's $3.57. The company said that tariffs on aluminum made a dent on margins. Shares have retaken their 21-day moving average but remain in a downtrend.
9:15 a.m. ET
Tesla Jumps On Surprise Production Numbers
Tesla stock jumped nearly 6% Wednesday morning after the company reported total production of 410,244 vehicles during the second quarter, above estimates for just over 400,000, with deliveries of 384,122 during the period.
Analysts polled by FactSet predicted Tesla vehicle deliveries of 387,180, but many recent forecasts were closer to 350,000.
8:52 a.m. ET
Dow Jones Winners And Losers: Apple, Microsoft, Nvidia, UnitedHealth
On the Dow Jones index, Apple was one of the biggest gainers in premarket trading. Apple stock rallied 1.1% Wednesday, on pace to extend a win streak to four sessions.
On the downside, Microsoft, Nvidia and UnitedHealth Group were early losers.
Microsoft stock dipped 0.7%, continuing its decline from Monday's record high. Nvidia stock dropped more than 1%, threatening to fall below a 153.13 buy point.
Also, UnitedHealth lost 2%. It fell as health insurance market provider Centene plunged more than 31% after pulling its 2025 outlook.
8:26 a.m. ET
Stock Market Today: Payroll Figures Make A Surprising Drop
Early Wednesday, ADP said private payrolls unexpectedly dropped by 33,000 in June. They were expected to rise by 103,000 during the month, according to Econoday estimates, after increasing 37,000 in May.
8:02 a.m. ET
Tesla Stock: Delivery Numbers On The Way
Tesla stock gained 0.6% in premarket trading Wednesday ahead of the company's second-quarter vehicle delivery and production data.
A consensus of analysts polled by FactSet predict Tesla vehicle deliveries of 387,180, which is 13% below a year ago but about 15% above the first-quarter total. Since the beginning of June, analyst delivery forecasts have ranged from 342,000 to 404,000.
On Tuesday, Tesla stock dived more than 5% after Chief Executive Elon Musk rekindled his feud with President Donald Trump. Musk and Trump traded salvos online Monday and early Tuesday, sparring over the president's "One Big Beautiful Bill" act.
The Senate passed the legislation on Tuesday, moving it to a House vote. Then it goes to Trump's desk by the end of this week, presuming the bill passes. The current version of the legislation takes a tougher line on renewable energy tax credits and also eliminates the $7,500 tax credit for electric vehicles on Sept. 30, which will have a significant impact on Tesla sales.
Shares extended their losing streak to six sessions, tumbling below their 50-day and 200-day moving averages.
Stock Market Today: Jobs Data Due
Early Wednesday, the national employment report from ADP is due out at 8:15 a.m. ET. The report is a precursor to Thursday's jobs report from the Labor Department.
Private payrolls are expected to rise by 103,000 in June, according to Econoday estimates, after rising only 37,000 in May.
Sorry, Microsoft. Nvidia Stock Now Wears This Crown.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
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.
