The Dow Jones Industrial Average reversed higher Wednesday ahead of minutes from this month's Federal Reserve meeting. Chip giant Nvidia will report its quarterly earnings results after the close.
Intuit, Nordstrom, Toll Brothers and Urban Outfitters reported late Tuesday, while Dick's Sporting Goods is among the companies reporting Wednesday morning.
Intuit stock rose 4%, while Nordstrom shares climbed 6%. TOL stock rallied 4%, as Urban Outfitters stock was up almost 5%. And DKS shares dived 7% on lowered guidance.
Electric-vehicle giant Tesla traded up around 1% Wednesday morning. Elsewhere, Dow Jones tech leaders Apple fell 0.6% and Microsoft rose 0.1% in today's stock market.
Amid a new stock market correction, Dow Jones leaders Chevron and Merck — along with Livent, Exxon Mobil, Eli Lilly, and World Wrestling Entertainment — are among IBD's top stocks to watch for Wednesday.
Eli Lilly is an IBD Leaderboard stock. Merck is on IBD SwingTrader. Livent and World Wrestling Entertainment were featured in this week's Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices, Fed Minutes
After Wednesday's open, the Dow Jones Industrial Average vacillated between early gains and losses, but moved up 0.1% in early trade. The S&P 500 inched lower. And the tech-heavy Nasdaq composite lost 0.1% in morning trade.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust fell 0.2%. The SPDR S&P 500 ETF moved down 0.1%.
The 10-year Treasury yield ticked down to 2.72% Wednesday morning after closing Tuesday at 2.76%. On Tuesday, the 10-year Treasury yield hit its lowest level since mid-April. Meanwhile, U.S. oil prices climbed more than 1%, with West Texas Intermediate crude trading above $111 a barrel.
The minutes from the Federal Reserve's May 3-4 meeting on interest rates are due out at 2 p.m. ET. They are expected to provide more insight into the outlooks of policymakers on the economy and inflation.
Stock Market Correction
The major stock indexes posted sharply mixed action Tuesday. The tech-heavy Nasdaq dived 2.3%, while the Dow Jones Industrial Average moved slightly higher.
Tuesday's The Big Picture column commented, "While the Nasdaq composite slumped nearly 2.4% on Tuesday, it finished in the upper half of the day's range. That's cold comfort, however, considering how the tech-laden index so quickly gave back all of Monday's 1.6% rebound."
If you're new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Five Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: Chevron, Merck
Dow Jones leader and energy giant Chevron is trading just shy of a flat base's 174.86 buy point, according to IBD MarketSmith chart analysis. Shares continued their rebound from their 50-day line Tuesday, rising 0.5%. CVX shares traded up a fraction Wednesday.
CVX stock boasts a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. Investors can use the IBD Composite Rating to easily gauge the quality of a stock's fundamental and technical metrics.
Merck, a Dow Jones and IBD SwingTrader stock, is now extended past a cup-with-handle's 89.58 buy point, as shares gained 0.9% Tuesday. The 5% buy area went up to 94.06. MRK shares were slightly lower Wednesday morning.
The stock's relative strength line hit more new highs Tuesday, a strong indicator of stock market outperformance during the current stock market correction.
Four Top Growth Stocks To Watch In The Current Stock Market Correction
Stocks To Watch: Livent, Exxon, Eli Lilly, WWE
Lithium producer and Tesla supplier Livent is just below an early buy point at 29.68, falling 0.6% Tuesday. Meanwhile, Livent stock continues to rally up the right side of a cup base that has a conventional entry at 33.14. Keep an eye out for a potential handle to offer a more risk-optimal entry. LTHM shares were down 2% Wednesday morning.
Energy giant Exxon Mobil is at the top of a buy range above a cup-with-handle's 89.90 buy point, rising 0.5% Tuesday. The 5% buy area goes up to 94.40. XOM shares rose nearly 2% Wednesday.
Pharmaceutical giant Eli Lilly rose 1.1% Tuesday. Shares of the IBD Leaderboard stock are finding support around their 50-day moving average line and are approaching a flat base's 314.10 buy point. An early buy trigger at 309.54 is also in play. Eli Lilly shares edged higher Wednesday.
World Wrestling Entertainment is one of the top stocks to watch after it closed Tuesday within striking distance of a flat base's 63.81 buy point. WWE shares inched lower Tuesday, snapping a five-day win streak. The stock was up 1% Wednesday morning.
Join IBD experts as they analyze leading stocks in the current stock market correction on IBD Live
Tesla Stock
Tesla stock skidded 6.9% Tuesday, hitting its lowest level since July 8. Shares rose around 1% Wednesday morning, looking to rebound from Tuesday's losses. The stock is sharply below its 50- and 200-day moving averages.
Tesla stock traded as high as 1,243.49 on Nov. 4. Shares are about 49% off that record high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares slid 1.9% Tuesday. The stock remains far below its long-term 200-day line. AAPL stock moved down 0.6% Wednesday.
Software leader Microsoft lost just 0.4% Tuesday, but remains sharply below its 50- and 200-day lines. The stock closed more than 25% off its 52-week high. MSFT shares were up 0.1% Wednesday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
