Dow Jones futures and other major stock indexes were modestly lower Wednesday, as Wall Street braced for the all-important earnings report from artificial intelligence leader Nvidia (NVDA) after the close. Meanwhile, an early earnings loser on the stock market today was Foot Locker (FL), while Super Micro Computer (SMCI) plunged after delaying its annual report filing for the 2024 fiscal year.
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Stocks Await Nvidia Earnings; GE Vernova, Ardent Health Flash Buy Signals
Ahead of the opening bell, Dow Jones futures were down 0.1% vs. fair value, as were S&P 500 futures and tech-focused Nasdaq 100 futures in early trading.
Early Wednesday, the 10-year Treasury yield was flat at 3.83%. Oil prices continued to pull back after recent gains, as West Texas Intermediate futures fell near $74.85 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was down 0.1%, as the SPDR S&P 500 ETF (SPY) lost a fraction ahead of the open.
Nvidia stock edged higher premarket Wednesday, holding near an early buy trigger at 136.15, the stock’s July 11 high. The company’s earnings report is scheduled for release late Wednesday. Wall Street expects the AI giant to earn 65 cents per share on revenue of $28.7 billion, according to FactSet.
Super Micro stock plunged more than 9% after the company delayed filing its annual report, known as a Form 10-K, for the 2024 fiscal year, citing it needed additional time to assess internal controls. Super Micro expects to file a “notification of late filing” with the SEC on Aug. 30.
Forget Amazon And Tesla. This Non-Magnificent Seven Stock Is Soaring.
Stock Market Today
Foot Locker tumbled nearly 8% despite beating earnings and sales estimates early Wednesday. Shares closed Tuesday just off their 52-week high.
Other key earnings movers Wednesday morning include Abercrombie & Fitch (ANF), Chewy (CHWY), Kohl’s (KSS) and Li Auto (LI).
Abercrombie shares plunged more than 10% in premarket action, while Chewy stock rallied 2%. Kohl’s moved up fractionally. And Li Auto skidded nearly 2% in early morning trading.
Tesla Toppled As Nvidia Nips At Apple And Microsoft
Dow Jones Hits New High
On Tuesday, the Dow Jones Industrial Average moved up a fraction to add to Monday’s record-setting gains, while the S&P 500 rose 0.2%. The tech-heavy Nasdaq composite also climbed 0.2%.
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.
Nvidia Edges Out Microsoft Ahead Of Monumental Earnings Report. Tesla Under Threat.
Stock Market Today:Â Best Stocks To Watch
Among the best companies to watch on the stock market today are Ardent Health Partners (ARDT), Costco Wholesale (COST), Meta Platforms (META) and Netflix (NFLX).
Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), Home Depot (HD), IBM (IBM) and Microsoft (MSFT).
Home Depot and Meta featured in this Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge‘s “Breaking Out Today” list Tuesday. Further, there are a handful of stock ideas on the site’s “Near Pivot” list. These are top stocks nearing new buy points, like TransDigm (TDG). TransDigm stock is nearing a 1,369.58 cup-base entry, and it traded slightly higher Wednesday morning.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Home Depot, IBM
Among Dow Jones components, Home Depot is just below a 375.74 handle buy point, according to MarketSurge pattern recognition. Shares edged up Wednesday morning.
Meanwhile, IBM is further past its latest entry, a cup-with-handle buy point at 196.26. IBM stock edged lower Wednesday.
Outside the Dow Jones index, recent initial public offering Ardent Health is breaking out past an 18.16 buy point in an IPO base, with a 6% rally Tuesday. Shares climbed 2.8% early Wednesday.
Retail giant Costco broke out above a 896.67 cup-base entry and is in buy range. The stock moved up 0.2% Wednesday morning.
Streaming giant Netflix is below a late-stage cup base’s 697.49 buy point. Netflix stock was up 0.2% Wednesday premarket.
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 Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| Shake Shack | (SHAK) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Birkenstock | (BIRK) | 61.83 | Flat base |
Source: IBD Data as of Aug. 27
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Meta, Tesla
Among Magnificent Seven stocks, Meta Platforms was nearly flat while Tesla (TSLA) traded down 0.3% in premarket trading.
Meta stock attempted a breakout above a 542.81 buy point last week, but is just below the entry.
Tesla stock skidded another 1.9% Tuesday, as shares of the electric-vehicle giant closed further below their 50-day moving average.
Nvidia Stock Faces Two Tests This Week. Investors Face A Third.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded around their break-even points ahead of Wednesday’s stock market open.
Amazon shares are again testing their long-term 200-day line amid recent losses. The stock was virtually flat Wednesday morning.
Apple stock is building the right side of a new base after recapturing its 50-day line in recent weeks. Apple rose 0.1% Wednesday.
Microsoft shares are also trying to find some support at their 200-day line. A new base is taking shape. And on Wednesday morning, the stock edged lower.
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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