Finance
Stock Market Today: Dow Jones Falls on CPI Inflation Data; Nvidia at key level
The Dow Jones Industrial Average fell while the other major stock indexes rose modestly Wednesday after the early release of another key inflation measure, the consumer price index. Was an early winner Nvidia (NVDA), which rose to a critical level on the stock market today.
↑
X
Market makes bullish move; Sea Limited, Samsara, Monolithic Power Flash Buy Signals
After the opening bell, the Dow Jones Industrial Average fell, while the S&P 500 climbed 0.1%. And the tech-focused Nasdaq composite also gained 0.1% in morning action.
Early Wednesday, the yield on ten-year government bonds remained stable at 3.85%. Oil prices rose, with West Texas Intermediate futures trading around $78.60 a barrel.
Among exchange-traded funds, Invesco QQQ Trust (QQQ) rose 0.1%, as did the SPDR S&P 500 ETF (SPY) after the opening.
Wake-up calls are still ringing for Nvidia, Google, Meta and more
Stock Market Today: CPI Inflation Report
The Department of Labor’s consumer price index rose 0.2% in July, matching estimates, while an annual increase of 2.9% was slightly cooler than the 3.0% estimate. The core CPI, excluding food and energy, rose 0.2% this month, with a year-on-year increase of 3.2%. Both matched Econoday’s predictions.
Meanwhile, Nvidia rose another 1% on Wednesday and approached the key 50-day moving average, a key resistance area to watch.
Nvidia shares rose 6.5% on Tuesday, rising sharply for the second day in a row. The shares reached their 21-day exponential moving average. Last week, the artificial intelligence giant hit its lowest level since mid-May before bouncing back.
Elsewhere, Alphabet (GOOGL) then sold by more than 1% Bloomberg reports this the US Department of Justice is considering an antitrust action against Google, which could potentially break up the search giant.
Meanwhile, there was a significant increase in profits on Wednesday morning UBS (UBS), which rose nearly 5% in morning trading. UBS shares are approaching a double bottom at 31.45.
Hammer selling attack, Nvidia stock and more. But rays of hope appear.
Dow Jones rises
On Tuesday, the Dow Jones Industrial Average climbed 1%, while the S&P 500 gained 1.7% and the tech-heavy Nasdaq composite rose 2.4%.
During Tuesday’s IBD Live showthe IBD Live team discussed current trading conditions and how investors should interact with the stock market today.
This is an important time to read The Big Picture column amid the ongoing market action. Also learn how to adapt to changing market conditions, with IBD’s new exposure levels.
Nvidia cracks deepen. Don’t ignore previous wake-up calls.
Stock market today: the best stocks to watch
Some of the best companies to watch in the stock market today include Cava (CAVA), Ferrari (RACE), ServiceNow (NOW) And Shake Shack (SHAKE).
Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT) And United Health (UNH).
There were no new shares available IBD market wave‘s “Breaking Out Today” list Tuesday, but there are a handful of stock ideas on the site List ‘Near pivot point’. These are top stocks approaching new buy points, such as Costco Wholesale (COSTS). Costco stock is just below a flat-base entry of 896.67. Shares fell fractionally on Wednesday.
For more stock ideas, check out IBD stock lists such as IBD50, Large hood 20 and stocks near a buy zone.
Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboards
Dow Jones: IBM, UnitedHealth
Among Dow Jones components, UnitedHealth is in a buy range above a 554.70 buy point in a cup basis, according to MarketSurge Pattern Recognition. Stock prices fell Wednesday morning.
Meanwhile, IBM is closing in on its latest entry, a buy point for a cup with handle at 196.26. IBM shares gained 0.2% on Wednesday.
Outside the Dow Jones index, Mediterranean restaurant chain Cava regained its 50-day line in bullish fashion last week. That also presents a buying opportunity for more aggressive investors. Stocks build the right side of a new base. Cava shares fell 0.7% early Wednesday. It’s an IBD SwingTrader stock.
Shares of carmaker Ferrari tried to find support around their 50-day line. Additionally, the stock was about 5% away from a 442.80 buy point on a flat basis. Shares were up 1.4% Wednesday morning.
ServiceNow is being held above an 806.52 handle entry as it bounces back from support at the 50-day mark. ServiceNow rose 0.5% early Wednesday.
Shake Shack added a handle to a cup base, bringing the new entry to 105.68. And shares rose 0.5% Wednesday morning, heading toward their latest buying trigger.
Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen of the Day
Stock market today: companies to watch
These are four stocks in or near buy zones in today’s stock market.
| Company name | Symbol | Correct purchase point | Purchase point type |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| Shake Shack | (SHAKE) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Spotify | (PLACE) | 331.08 | Flat base |
Source: IBD data as of August 5
Join IBD experts as they analyze the top stocks in the stock market today on IBD Live
Beautiful seven stocks: Tesla
Among the Magnificent Seven shares, Tesla (TSLA) fell 1.1% in morning trading.
Shares of Tesla rose 5.2% on Tuesday, reaching the 200-day mark again, but still below the 50-day mark.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mixed after Wednesday’s stock market open.
Despite recent gains, Amazon shares remain below their long-term 200-day limit. The stock rose 0.3% on Wednesday morning.
On Tuesday, Apple shares rose 1.7%, closing further above the 50-day mark and extending its winning streak to five sessions. Last week, shares triggered the round-trip sell line from a 199.62 buy point. Apple fell 0.1% on Wednesday.
Microsoft shares are back above the 200-day mark. And on Wednesday morning, the stock rose 0.2%.
Make sure you follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and the current stock market.
You might also like:
Check out IBD’s new exposure levels to help you keep up with the market trend
Top Growth Stocks to Buy and Watch
Learn how to time the market with IBD’s ETF market strategy
Find the best long-term investments with IBD Long-Term Leaders
Discover buy points and sell signals with MarketSurge pattern recognition
