The Dow Jones Industrial Average continued to rally a little before noon Wednesday as investors awaited minutes from the Federal Reserve’s September meeting. Meanwhile, Nvidia (NVDA) flashed a buy signal on the stock market today as partner Taiwan Semiconductor (TSM) reported strong sales.
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Dow stocks rose 0.7% while the S&P 500 held a smaller 0.5% gain. The Nasdaq was up 0.4%. Volume was higher on the New York Stock Exchange but lower on the Nasdaq.
Small caps on the Russell 2000 rose 0.3% on the stock market today while the Innovator IBD 50 (FFTY) exchange traded fund saw a 0.7% gain. And the yield on the benchmark 10-year Treasury note rose 1 basis point to 4.05%.
Investors await the Fed minutes for more insights on its decision to cut rates by 50 basis points at its September meeting. Meanwhile, Dallas Federal Reserve chief Lorie Logan called out for a more gradual path in future rate cuts.
Also in economic news, inflation data for September is due on Thursday. Economists estimate a 0.1% monthly increase and a 2.3% annual rise, according to Econoday.
In stocks, Nvidia partner Taiwan Semiconductor reversed lower and gave up opening gains after strong third-quarter sales. The artificial intelligence chipmaker comfortably beat its own forecast as well as analyst estimates. Shares are in a buy zone from a cup-with-handle base that has a buy point of 175.45.
Nvidia wavered after five days of straight gains. But shares reversed higher quickly and cleared a trend line entry near 133. Shares were also headed toward their all-time high of 140.76. The stock is on such Investor’s Business Daily growth stock lists as the IBD 50, IBD Leaderboard and IBD SwingTrader.
10:56 a.m. ET
Magnificent Seven On Stock Market Today
Among other stocks in the Magnificent Seven, Google-parent Alphabet (GOOGL) fell nearly 2% as the Department of Justice readied its proposal in an antitrust case against the search giant. Shares are falling below the 50-day moving average in heavy volume — a sell signal.
Also on the Magnificent Seven, KeyBanc analysts increased their price target for Meta (META) to $655 from $560 as the “ad market appeared solid throughout Q3.”
Dow Jones Stocks: Boeing Down, Nike Up
Among Dow Jones stocks, Boeing (BA) lagged the most after talks with union workers broke down. Nike (NKE) and Home Depot (HD) were top gainers on the stock market today.
Meanwhile, bank stocks are on watch as earnings season kicks off. Wells Fargo (WFC) and JPMorgan Chase (JPM) report their results on Friday. Wells Fargo is in a consolidation with a buy point of 62.55 while JPMorgan stock is in a flat base with a buy point of 225.48.
In mining and metals, Rio Tinto (RIO) gapped down after news that the company will acquire Arcadium Lithium (ALTM). Terms call for $5.85 per share in an all-cash deal.
In technology, data security player Veronis Systems (VRNS) attempted to break out of a cup with handle base at a buy point of 57.86. Byrna Technologies (BYRN), a maker of personal security products, triggered a round-trip sell signal by falling below a buy point of 15.34 after gaining 27%.
And in insurance, Brown and Brown (BRO) was breaking out of a flat base on the stock market today with a buy point of 106.02.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
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