The Dow Jones Industrial Average experienced an increase, while the other major stock indexes declined on Wednesday following the release of the consumer price index. Nvidia was one of the early losers, reversing course after approaching a critical level in the market.
The early morning saw the Dow Jones Industrial Average rise by 0.1%, while the S&P 500 dropped by 0.1% and the Nasdaq composite fell by 0.3%. Oil prices rose, and the 10-year Treasury yield remained steady. Among exchange-traded funds, the Invesco QQQ Trust and the SPDR S&P 500 ETF saw slight declines.
The consumer price index for July showed a 0.2% increase, meeting expectations, while the annual increase was slightly below estimates. Nvidia’s stock fell over 1% as it approached its 50-day moving average. Alphabet also experienced a decline after reports of a potential antitrust action by the U.S. Justice Department.
UBS was a notable gainer in morning trading, with its stock jumping by 5%. The stock is approaching a double-bottom entry point. The stock market also saw notable moves from companies like Cava, Ferrari, ServiceNow, and Shake Shack. Costco stock was also near a new buy point.
Among the Dow Jones components, UnitedHealth and IBM were in buy range, while companies like Cava, Ferrari, ServiceNow, and Shake Shack were showing bullish signs. Tesla stock declined slightly, and Amazon, Apple, and Microsoft stocks saw mixed trading after the market opened.
Overall, the market showed signs of both gains and losses, with various companies experiencing fluctuations in their stock prices. Market participants should monitor the ongoing trends to make informed investment decisions.
