The Dow Jones Industrial Average fell over 150 points Wednesday, as Apple stock dropped ahead of earnings. Tech giants Alphabet jumped on earnings, while Dow Jones leader Microsoft tumbled, despite strong earnings results.
Dow Jones Today
The Dow Jones Industrial Average fell 0.4%, while the S&P 500 turned flat. The tech-heavy Nasdaq composite moved down 0.3% after briefly reversing from early losses in morning trade.
U.S. Stock Market Today Overview
Last Update: 10:26 AM ET 4/28/2021
Stock Market Rally: Dow Jones Holds At Highs
Amid the current stock market rally, the Dow Jones Industrial Average continues to hold just off record highs, while the S&P 500 crept past the fresh record it had notched on Monday.
Meanwhile, the tech-heavy Nasdaq sits off its own all-time highs following Tuesday’s fall.
Tuesday’s Big Picture commented, “Even if you looked at only the major indexes, you still likely couldn’t appreciate just how jumbled the action was at a granular level. But perhaps you already expect that during the high tide of corporate earnings news.”
For more stock market commentary, check out IBD’s The Big Picture.
Dow Jones Stocks: Microsoft Earnings
Software giant Microsoft traded more than 3% lower Wednesday despite strong earnings results late Tuesday. The company beat Wall Street’s targets for the March quarter thanks to strong cloud computing services revenue. It also guided higher for the current quarter.
Stocks To Buy And Watch: Nvidia, PayPal
IBD Leaderboard stock Nvidia is just above its 615 buy point in a new cup base after retaking the buy point Monday amid the day’s 1.4% gain, according to IBD MarketSmith chart analysis. The 5% buy zone goes up to 645.75. Shares rose 0.6% Wednesday morning.
Per Leaderboard commentary, “Nvidia broke out of a cup base after earlier patterns failed. The breakout has stalled, but the stock is not in immediate danger.”
According to IBD Stock Checkup, PYPL stock shows a solid 91 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
Stock Market Earnings: Alphabet, AMD
Alphabet reported first-quarter earnings and revenue that blew past estimates.
GOOGL stock jumped 5% in morning trade and is sharply extended past a 2,145.24 buy point in a flat base.
Chip giant AMD smashed Wall Street’s estimates for the first quarter and guided higher for the current quarter and full year. The company earned an adjusted 52 cents a share on sales of $3.45 billion in the March quarter.
AMD stock reversed lower Wednesday midday and is forming the right side of a new base.
Tesla stock skidded another 1% Wednesday morning before cutting losses, on pace to add to Tuesday’s 4.5% decline. Shares are testing their key 50-day line. The EV giant is forming a new cup with handle, offering a 780.89 buy point. But it is a late-stage base.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple Earnings
Late Wednesday, the iPhone maker is expected to report it earned 99 cents per share on revenue of $77.08 billion.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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