Dow Jones futures chased the tech futures lower early Wednesday, as Boeing (BA) and Microsoft (MSFT) dropped on their quarterly earnings results. Tesla (TSLA) earnings are due out after the stock market close.
Abbott Labs lost more than 1%, while ASML stock declined 2%. AT&T shares jumped 2.3% on mixed Q4 results.
Intuitive reported lighter-than-expected fourth-quarter profit, sparking a 9% dive in early morning trade.
Chipmaker Texas Instruments beat Wall Street’s targets for the fourth quarter, but it guided below views for the current period. TXN shares fell more than 1% Wednesday morning.
Stock Market Today
IBD Leaderboard stock Axon Enterprise (AXON), recent IBD Stock Of The Day Etsy (ETSY), Monster Beverage (MNST) and Vertex Pharmaceuticals (VRTX) — as well as Dow Jones names Chevron (CVX), JPMorgan Chase (JPM) and Visa (V) — are among the top stocks to buy and watch, with the ongoing strength of the market rally.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Wednesday’s opening bell, the tech-heavy Nasdaq 100 futures lost 1.6%, with Intuitive Surgical down more than 9% at the bottom of the list. Dow Jones futures moved down 0.8% vs. fair value, and S&P 500 futures fell 1%.
The 10-year U.S. Treasury yield ticked lower to 3.43% Wednesday morning, threatening to add to Tuesday’s losses. Despite the recent gains, the 10-year yield is on three-week losing streak that saw it hit its lowest level since mid-September.
Oil prices were essentially flat Wednesday, holding near their recent highs. West Texas Intermediate futures traded just above $80 a barrel. Weekly petroleum stockpile data is due out from the Energy Information Administration at 10:30 a.m. ET.
Stock Market Rally
On Tuesday, the Dow Jones Industrial Average rose 0.3%, and the S&P 500 fell 0.1%. The tech-heavy Nasdaq composite lost 0.3% to snap a two-day win streak.
Tuesday’s The Big Picture column commented, “In the current stock market environment, exposure between 40% and 60% seems about right. The S&P 500 still has overhead supply issues to work through as the index sits below its recent high of 4100. The Nasdaq composite, meanwhile, looks poised to make a run at its 200-day moving average (currently around 11,540). But it’s still a potential resistance level to watch.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market rally.
Dow Jones Stocks To Buy And Watch: Chevron, JPMorgan, Visa
Energy giant Chevron is rounding out the right side of a cup base with a 189.78 buy point, according to IBD MarketSmith pattern recognition. Keep an eye out for a handle to offer a lower entry. Chevron’s fourth-quarter earnings are due Friday. CVX shares fell 0.3% Wednesday.
Banking giant JPMorgan is just below a 138.76 flat-base buy point following three straight days of gains. JPM shares were down 0.3% Wednesday morning.
Payments leader Visa is trading in buy range above a 220.08 handle buy point in a long pattern. The 5% buy area goes up to 231.08. Visa shares lost 0.5% early Wednesday, ahead of the company’s fiscal first-quarter results due on Thursday.
Top Stocks To Buy And Watch: Axon, Etsy
Security leader Axon finished Tuesday within striking distance of a 189.72 buy point in a cup-with-handle base following Monday’s breakout attempt. Axon shares were unchanged Wednesday morning.
Backstory: Formerly known as Taser International, the company has taken advantage of the business opportunity offered by public demands for more police oversight….