Indexes gave back early gains and fell at the finish Wednesday following word of a U.S.-China trade deal and a report showing inflation has cooled. Meanwhile, an Amazon partnership lifted an energy company's shares while Tesla gave back most of its early gains on the stock market today amid delays with its robotaxi launch.
Blue chips on the Dow Jones Industrial Average ended the session down 1 point, virtually unchanged. The S&P 500 lost 0.3%. The Nasdaq composite also fell to session lows in afternoon action and finished the day 0.5% lower.
Volume was slightly higher on the New York Stock Exchange but lower on the Nasdaq compared with the same time on Tuesday. Breadth turned negative with decliners slightly ahead of advancers on the NYSE, and trailing 4-to-3 on the Nasdaq.
The 10-year Treasury yield fell six basis points to 4.41% Wednesday. Oil prices, meanwhile, extended gains, with West Texas Intermediate futures rising 4.6% near $68 a barrel.
Small caps in the Russell 2000 also reversed 0.4% lower, breaking a three-day winning streak. The index faces a potential resistance level at the 200-day moving average.
Among exchange traded funds, the Invesco QQQ Trust reversed course in afternoon trades and lost 0.3%. The SPDR S&P 500 ETF also flipped into the red for a 0.3% loss as well.
Meanwhile, the Innovator IBD 50 ETF gained 0.9%. Shares are in a cup base that has a buy point of 34.26.
4 p.m. ET
Producers Index On Tap
More inflation data is due on Thursday with the Labor Department releasing its Producers Price Index for May. The index is seen rising 0.2% month-on-month and 2.6% annually.
2:01 p.m. ET
Tesla Delays Robotaxi Event
Tesla has delayed its robotaxi event, according to Chief Executive Elon Musk: "Tentatively, June 22," will be the event date, he said on Twitter/X late Tuesday.
Musk added: "We are being super paranoid about safety, so the date could shift. First Tesla that drives itself from factory end of line all the way to a customer house is June 28."
12:23 p.m. ET
Stock Market Today: More Rate Cuts To Come?
John Lloyd, portfolio manager at Janus Henderson Investors, in a note said Wednesday's inflation report showed that goods inflation was flat month-to-month despite tariffs. He said that raises hopes for "at least two cuts before year end."
According to the CME FedWatch Tool, traders see a 57.2% chance of rates falling by 25 basis points in September and another 25 basis points by year's end.
In stocks, Talen Energy soared past a buy point of 258.03 amid news that it will supply 1,920 megawatts of electricity to power Amazon Web Services data centers.
Talen stock has a Relative Strength Rating of 96, though the EPS Rating of 7 suffers from a loss in the most recent quarter. Amazon stock slipped.
10:38 a.m. ET
Nvidia Spurs Quantum Stocks
Quantum stocks jumped after Nvidia Chief Executive Jensen Huang said: "We are within reach of being able to apply quantum computing in areas that can solve some interesting problems in the coming years."
Among quantum stocks, Rigetti soared 20% while IonQ surged more than 7%. Nvidia ticked up a fraction after three days of gains.
Among other Magnificent Seven stocks, Amazon hovered in a buy zone above an entry at 214.84. Meta remained extended from its buy point of 662.67.
Apple found support at a declining 50-day moving average while Microsoft edged higher in a buy zone above an entry at 468.35. Alphabet ticked higher, and was on pace to extend a five-day winning streak.
9:43 a.m. ET
CoreWeave Jumps; Palantir Touches New High
Early winners Wednesday morning included a hot recent initial public offering, CoreWeave, which jumped more than 3%. Also, Palantir Technologies advanced as much as 2% to hit a new high.
On the downside, MercadoLibre declined 1.4%, threatening to extend a losing streak to four sessions.
8:47 a.m. ET
Stocks Heat Up As Inflation Cools Down
Stock market futures reversed higher Thursday after the Labor Department's cooler-than-expected consumer price index report. The CPI rose 0.1% for the month of May, below the 0.2% estimate, with an annual increase of 2.4%, below the 2.5% Econoday estimate.
Core CPI, which excludes food and energy, rose 0.1% on the month, cooler than the 0.3% expected reading. And the year-over-year increase was 2.8%, below the 2.9% estimate.
8:26 a.m. ET
Stock Market Today: China Deal Is 'Done'
On Truth Social Wednesday morning, President Donald Trump said that "Our deal with China is done, subject to final approval with President Xi and me." Trump went on to say that the U.S. is "getting a total of 55% tariffs, China is getting 10%."
U.S. and Chinese officials announced late Tuesday that there's a "framework" to implement the "Geneva consensus" following two days of talks in London. The delegations will take the proposal back to Trump and Chinese President Xi Jinping for their approval.
U.S. officials say the framework should resolve issues regarding rare earths shipments. The Chinese team reportedly pushed for the U.S. to ease advanced chip curbs on China, but it's not clear yet what they got.
8:00 a.m. ET
Tesla Rallies; Consumer Price Index Due
Shares of Tesla rallied another 2% Wednesday morning after Chief Executive Elon Musk wrote on X that the Tesla robotaxi service will "tentatively" begin in Austin, Texas, on June 22. Musk said the date could still shift.
Tesla had previously only said that the Austin robotaxi kickoff would be in June. Bloomberg recently reported that it might happen on June 12. Tesla shares are on a three-day winning streak.
Due out at 8:30 a.m. ET, the Labor Department's consumer price index, or CPI, is expected to rise 0.2% for the month of May, with an annual increase of 2.5%, according to estimates from Econoday. The core CPI, which excludes food and energy, is anticipated to rise 0.3% on the month. The year-over-year increase is seen at 2.9%.
Wall Street is highly anticipating this report, which is expected to provide insight into how the Trump tariffs are affecting prices.
Key earnings movers Wednesday morning included Chewy, Dave & Busters, GameStop and GitLab.
Chewy stock sold off more than 7%, while shares of Dave & Busters jumped nearly 6%. GameStop stock tumbled nearly 5%, as GitLab plunged more than 12% in premarket trading.
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Stock Market Today: Dow Jones Leader Disney Breaks Out
Elsewhere, Dow Jones media giant Disney broke out past a 113.44 buy point in a cup with handle in recent sessions, according to MarketSurge chart analysis. Shares are in the 5% buy range that goes up to 119.11, as they were flat in premarket trading Wednesday.
Tuesday's IBD Stock Of the Day was Dow Jones leader Amazon, which broke out past a 214.84 cup-with-handle entry Monday. Amazon stock eased 0.4% premarket Wednesday.
Finally, Shopify is within striking distance of a 112.38 entry in a cup with handle. Shopify stock moved down a fraction in early action Wednesday.
The ongoing stock market uptrend provides a bullish setting for raising exposure, but investors still need to watch for volatility. Investors should buy stocks with a 21-day average true range, or ATR, of up to 8%. But they should be wary of being too concentrated in high-octane names.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Investors 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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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.
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