The Dow Jones Industrial Average reversed lower Wednesday in the wake of a key gross domestic product revision, as the major stock indexes looked to add to Tuesday’s stock market rebound. Tesla stock jumped nearly 5% after Chief Executive Elon Musk said he had sold “enough stock.” And an analyst price-target hike helped Apple stock in morning trade.
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Apple (AAPL) was among the Dow Jones leaders, rising 0.3% Wednesday. Fellow Dow component Microsoft (MSFT) gained 0.5% in today’s stock market. Also on the Dow, Home Depot (HD) continues to rebound from support, while Nike (NKE) battled to retake a key level.
Electric-vehicle leader Tesla (TSLA) traded up nearly 5% Wednesday. Its rival, Rivian (RIVN), lost 2%. Lucid Group (LCID) was slightly higher. And Chinese EV leaders Li Auto (LI) and Xpeng Motors (XPEV) were mixed after Wednesday’s open.
Among Wednesday’s top stocks to buy and watch, Arista Networks (ANET), Invitation Homes (INVH), Advanced Micro Devices (AMD) and Nvidia (NVDA) are in or near new buy zones. Keep in mind that investors should be cautious with new purchases amid the recent stock market volatility.
Invitation Homes, Microsoft and Tesla are IBD Leaderboard stocks. Arista was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: GDP Report
After the stock market open Wednesday, the Dow Jones Industrial Average reversed 0.15% lower, while the S&P 500 rose 0.1%. The tech-heavy Nasdaq composite rose 0.25% in morning trade.
Among exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 0.1% Wednesday, while the SPDR S&P 500 ETF (SPY) traded flat.
Elsewhere, the 10-year Treasury yield traded down to around 1.47% Wednesday, following its close at just below 1.49% Tuesday.
At 8:30 a.m. ET, the Commerce Department updated its third-quarter GDP estimate. Third-quarter GDP was revised up to 2.3%, while the personal consumption expenditures number was revised up to 2.0%. Per Econoday, the consensus among economists in their third estimate for third-quarter GDP called for 2.1% growth. Personal consumption…
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