Today’s Stock Market: Dow Jones Fluctuates Prior to Powell Speech; Intel Plummets Due to $7 Billion Loss

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The Dow Jones Industrial Average showed an upward turn on Wednesday as investors absorbed payroll data from ADP and awaited a speech from Federal Reserve Chairman Jerome Powell. The tech giant Intel (INTC) experienced a decline in stock market trading after reporting a $7 billion loss in its chipmaking business for 2023.

In morning trading, the Dow Jones Industrial Average and S&P 500 both rose by 0.3% and 0.2% respectively. The Nasdaq composite also saw a slight increase of 0.1% after the market opened. The 10-year Treasury yield rose to 4.38%, while oil prices continued to climb, trading around $85.90 a barrel.

The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down 0.4%, while the SPDR S&P 500 ETF (SPY) saw a 0.2% decline in U.S. exchange traded funds. Intel shares fell by 6% in early trading following the disclosure of the significant loss in its chipmaking operations for 2023.

Key events for the day included ADP employment data showing job growth of 184,000 in March, exceeding estimates. Federal Reserve Chairman Jerome Powell was scheduled to speak on the economic outlook at the Stanford Business, Government, and Society Forum later in the day. Key earnings reports were expected from Cal-Maine (CALM) and Dave & Buster’s (PLAY), with Cal-Maine shares rising by more than 5% and Dave & Buster’s stock rallying nearly 8% in morning trading.

Disney, IBM, and Verizon Communications were among the Dow Jones components to watch, with Disney extending past a key buy point, IBM remaining below a buy point, and Verizon building a cup base with a potential entry point. Alphabet, Arista Networks, DraftKings, and ServiceNow were also highlighted as stocks to monitor, with Alphabet breaking out past a buy point and Arista shares moving up after a recent drop.

In summary, the stock market showed mixed movements amid earnings reports, economic data, and speeches from Federal Reserve officials. Investors were closely monitoring key stocks and market indicators for potential trading opportunities.

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