Despite ongoing tensions in the Middle East, the Dow Jones Industrial Average and other major indexes experienced gains in midday trading on Wednesday, driven by a positive jobs report. Two standout stocks, Nvidia (NVDA) and Tesla (TSLA), had differing fortunes in today’s market.
The Dow rose by 0.2% and the S&P 500 saw a 0.1% increase, while the Nasdaq rebounded after a morning decline, rising by 0.4% at the time. There was higher trading volume on the NYSE and lower volume on the Nasdaq compared to the previous day. Declining stocks outnumbered advancing ones on the NYSE and trailed on the Nasdaq.
Small caps on the Russell 2000 remained unchanged, and the Innovator IBD 50 (FFTY) exchange traded fund saw a slight increase. The 10-year Treasury note yield rose by 4 basis points to 3.79%, while crude oil prices were up around $70.05 per barrel.
In economic news, ADP reported better-than-expected private payrolls in September. While hiring was strong, pay growth did not match expectations. Additionally, there are upcoming speeches by Federal Reserve officials at various conferences, with traders predicting a 65.8% chance of a rate cut at the next Fed meeting in November.
Tesla’s stock fell by 3% after reporting third-quarter deliveries, which although exceeded estimates, fell short of the “whisper number.” Conversely, Nvidia’s stock rebounded from the 50-day moving average. Nike, another Dow Jones component, saw a drop in its stock price after underwhelming sales, leading to a withdrawal of its full-year outlook.
Other notable stock movements included Lamb Weston (LW) gaining nearly 2% after its earnings report, Cal-Maine (CALM) reporting strong sales growth, and Conagra (CAG) triggering a sell signal after its first-quarter results.
Overall, the stock market today showcased a mix of positive and negative movements, reflecting the ongoing volatility in the market.
