Dow Jones Rises As Nvidia Gets Big Price-Target Hike; Tesla Stock Slides On Downgrade To Sell

The Dow Jones Industrial Average and the other major indexes tried to keep the party going Wednesday, a day after the S&P 500 closed at a new record high. Meanwhile, Nvidia (NVDA) dropped despite a price-target hike, and a downgrade left Tesla (TSLA) stock falling sharply on the stock market today.


The Dow Jones Industrial Average rose 0.1% in morning action, while the S&P 500 0.1%. The tech-heavy Nasdaq composite dropped 0.4% after the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down 0.3%, while the SPDR S&P 500 ETF (SPY) was slightly negative.

The 10-year Treasury yield ticked higher to 4.17%. Further, oil prices climbed in early trades, as West Texas Intermediate futures rose more than 2%, trading around $79.30 a barrel.

Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

Stock Market Today: Tesla Stock Downgraded

Among Magnificent Seven stocks, Nvidia declined nearly 3% in morning trading even after BofA Securities maintained its buy rating and hiked its price target from 925 to 1,100. Nvidia is an IBD Leaderboard stock.

Shares of Tesla stock sold off 1.7% early Wednesday after Wells Fargo downgraded the stock from equal weight to underweight and lowered its price target from 200 to 125. Tesla is sharply below its 50- and 200-day moving averages and more than 40% off its 52-week high.

Early Wednesday, key earnings reports included Dollar Tree (DLTR) and Williams-Sonoma (WSM).

Dollar Tree plunged more than 11% in morning action, while Williams-Sonoma shares jumped 9% after its earnings report.

Dow Jones Rises

On Tuesday, the Dow Jones Industrial Average moved up 0.6% and the S&P 500 gained 1.1%. The tech-heavy Nasdaq composite advanced 1.5%.

Tuesday’s Big Picture column commented, “The confirmed uptrend continues to show signs of strength. But there’s no shortage of yellow flags, including three distribution days for the Nasdaq last week.”

Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

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Best Stocks To Buy And Watch On Stock Market Today

Duolingo (DUOL), Fifth Third Bancorp (FITB), Fortinet (FTNT) and Block (SQ) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.

Block was featured in this Stocks Near A Buy Zone column. And Fifth Third is a recent addition to the IBD Leaderboard portfolio.

An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. There was one new breakout Tuesday: Coupang (CPNG). The stock broke out past a 19.27 buy point in a cup with handle.

Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like FleetCor Technologies (FLT), which is approaching an 298.48 flat-base entry. Shares were flat Wednesday.

Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard

Dow Jones Stocks: Disney Attempts Breakout

Disney is trying to break out past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. Disney stock rose 0.3% on the stock market today.

IBM stock regained a flat base’s 196.90 buy point, with a 3.2% gain Tuesday. IBM shares moved down 0.2% Wednesday.

Consumer products giant Procter & Gamble rose 0.2% Tuesday, further above a 158.38 buy point in a cup base. P&G stock inched higher Wednesday.

4 Top Growth Stocks To Watch In The Stock Market Rally

Duolingo Nears Buy Point

IPO Leader Duolingo added a handle to a cup base, taking the buy point to 241.86. Duolingo shares were up 3.1% Tuesday, closing about 5% away from the buy trigger. The stock lost 0.4% Wednesday.

Fifth Third Bancorp inched lower Tuesday, still in buy range above a 35.73 buy point. Shares were up a fraction Wednesday.

Cybersecurity leader Fortinet is adding a handle to a long cup base, taking the buy point to 73.91. The stock lost 0.5% Wednesday.

Square-parent Block is adding a high handle to a cup base, taking the correct buy point to 83.29. A short-lived breakout past an 80.29 entry failed last week when the stock fell 7% from the buy trigger. Square stock rallied 2% Wednesday, about 2% away from the buy trigger.

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Best Bets On Stock Market Today

These are four best stocks to watch in today’s stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
Novo Nordisk (NVO) 105.69 Flat base
Merck (MRK) 119.65 Cup base
DraftKings (DKNG) 39.35 Cup base
Spotify (SPOT) 202.88 Flat base
Source: IBD Data As Of Feb. 28, 2024

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Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded mixed after Wednesday’s stock market open.

Apple stock climbed 0.3% Tuesday, rising for the third day in a row. Shares remain sharply below their long-term 200-day line. The stock was down 0.2% Wednesday morning.

Microsoft shares found support at the 50-day line Tuesday, with a 2.7% gain. That places the software giant in a new buy area. Microsoft shares rose 0.1% on the stock market today.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.


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