Dow Jones futures and the other major stock indexes dropped Wednesday, as Wall Street reacted to several notable second-quarter earnings reports. Two early earnings losers on the stock market today were Magnificent Seven players Tesla (TSLA) and Alphabet (GOOGL).
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Small Caps Stand Out Amid Earnings Wave; GE, HCA Healthcare, Pentair In Buy Zones
Ahead of the opening bell, Dow Jones futures moved down 0.4% vs. fair value, as S&P 500 futures fell 0.7%. Tech-focused Nasdaq 100 futures sold off 1.1% in premarket action.
Early Wednesday, the 10-year Treasury yield held steady at 4.23%. Oil prices bounced, with West Texas Intermediate futures trading around $77.90 a barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was down 1.1%, as the SPDR S&P 500 ETF (SPY) lost 0.7% before the open.
Stock Market Today: Tesla Earnings
Electric-vehicle giant Tesla announced mixed second-quarter earnings and revenue late Tuesday. Earnings plummeted by more than 40% while sales came in above expectations. Tesla stock plunged more than 8% in premarket trading.
Meanwhile, Google parent Alphabet reported second-quarter earnings and revenue that topped analyst estimates as operating margins improved. Google stock lost nearly 4% as management signaled higher expenses in the September quarter, curtailing margin growth.
Other key earnings movers Wednesday include AT&T (T) and Texas Instruments (TXN). AT&T stock jumped 3% in premarket action, while Texas Instruments climbed 1.6%.
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Dow Jones Eases
On Tuesday, the Dow Jones Industrial Average moved down 0.1% and the S&P 500 fell 0.2%. The tech-heavy Nasdaq composite lost less than 0.1%.
Investor’s Business Daily’s Big Picture column commented, “The Russell 2000 outperformed again in the stock market Tuesday after regaining the 2,200 level Monday. The session served up plenty of strong earnings movers, even though the major stock indexes faded off highs during the final 30 minutes of trading and closed with mild losses.”
During Tuesday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing market action. Also, be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Badger Meter (BMI), GE Aerospace (GE), Palantir Technologies (PLTR) and Toast (TOST).
Also on the list are Dow Jones components Amazon (AMZN), American Express (AXP), Apple (AAPL), Goldman Sachs (GS) and Microsoft (MSFT).
New names on IBD MarketSurge’s “Breaking Out Today” list include Trinity Industries (TRN). The stock broke out past a 32 buy point in a flat base on Tuesday.
Check out the MarketSurge “Near Pivot” list for stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: American Express, Goldman Sachs
Among Dow components, payments giant American Express is back above a flat base’s 244.41 entry, according to MarketSurge pattern recognition, following last week’s attempted breakout move. And Goldman is in buy range on the stock market today above a 471.48 flat-base entry.
Outside the Dow Jones index, Badger Meter is breaking out past a 202.81 entry in a flat base, as it rallied 1.4% Tuesday. Shares were flat Wednesday morning.
GE stock broke out past a 170.80 buy point from an 11-week flat base, with a 5.7% advance Tuesday. Shares dipped 0.2% early Wednesday.
Palantir Technologies remains above a 27.50 entry and at the top of its buy range. In recent weeks, the stock broke out past a 26.57 handle buy trigger. Palantir dropped 1.2% early Wednesday.
And Toast stock fell 1.4% Tuesday, but remained in buy range above a 26.29 buy point in a cup with handle. Shares sank 0.3% Wednesday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Toast | (TOST) | 26.29 | Cup with handle |
| KB Home | (KBH) | 74.66 | Flat base |
| Palantir | (PLTR) | 26.57 | Handle entry |
| Newmont | (NEM) | 44.59 | Flat base |
Source: IBD Data as of July 23
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Nvidia
Magnificent Seven stock Nvidia (NVDA) fell 1.5% on the stock market today in premarket trade.
Nvidia stock declined 0.8% Tuesday, giving up a part of Monday’s rebound. Shares are rebounding from the 50-day moving average, a key support level to watch and remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence titan is an IBD Leaderboard stock.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded lower ahead of Wednesday’s stock market open.
Amazon gave up its 191.70 buy point in a flat base amid recent losses and is facing resistance at its 50-day line. Amazon stock fell 0.5% Wednesday.
Apple stock continues to hold just off its record highs. The stock is sharply extended past a 199.62 cup-base entry. Apple shares dipped 0.2% early Wednesday.
Microsoft shares gained 0.4% Tuesday, in buy range above a flat base’s 430.82 buy point as it finds support around the 50-day line. And early Wednesday the stock was down 0.8%.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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