Dow Jones Falls As Fed Decision Looms; Tesla Stock Eyes Record Highs
The Dow Jones Industrial Average dropped 125 points ahead of Wednesday’s Fed decision. Tesla stock rallied near record highs. And Academy Sports + Outdoors, Adobe, Alphabet and Goldman Sachs are in or near buy zones in today’s stock market action.
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Among the Dow Jones leaders, Apple (AAPL) rose 0.2%, while Microsoft (MSFT) lost 0.6% in today’s stock market. American Express (AXP), JPMorgan Chase (JPM) and Nike (NKE) continue to trade near new buy points.
Tesla (TSLA) rallied 1% Wednesday, looking to rebound from Tuesday’s 3% skid.
Among the top stocks to buy and watch, Academy Sports + Outdoors (ASO), Adobe (ADBE), Alphabet (GOOGL) and Goldman Sachs (GS) are in or near new buy zones.
Microsoft and Tesla are IBD Leaderboard stocks. Alphabet is an IBD SwingTrader stock. Goldman was featured in this week’s Stocks Near A Buy Zone story and was Tuesday’s IBD Stock Of The Day.
Dow Jones Today: Fed Decision
Early Wednesday, the Dow Jones Industrial Average dropped 0.25%. The S&P 500 traded down 0.1%, while the tech-heavy Nasdaq rose 0.1% in midday trade.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35962.71 | -89.92 | -0.25 |
| S&P 500 | (0S&P5) | 4625.09 | -5.56 | -0.12 |
| Nasdaq | (0NDQC ) | 15654.48 | +4.88 | +0.03 |
| Russell 2000 | (IWM) | 236.89 | +2.44 | +1.04 |
| IBD 50 | (FFTY) | 50.55 | -0.34 | -0.67 |
Last Update: 10:28 AM ET 11/3/2021 |
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Among exchange traded funds, Innovator IBD 50 (FFTY) lost 0.8% Wednesday. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.1%. And the SPDR S&P 500 ETF (SPY) moved down 0.2%.
The Federal Reserve will release its policy statement at 2 p.m. ET Wednesday. The central bank is expected to announce that it will begin steadily reducing its bond-buying program. Fed chief Jerome Powell follows with a press conference at 2:30 p.m. ET.
Meanwhile, ADP payroll data showed nonfarm private employers added 571,000 workers in October, better than Econoday projections for an addition of 400,000 workers. The Labor Department’s jobs report is due out Friday.
Stock Market ETF Strategy And How To Invest
Stock Market Rally
The stock market rally gained further strength on Tuesday, as the Dow Jones Industrial Average, Nasdaq and S&P 500 notched more all-time highs. The Dow Industrials closed above the 36,000 level for the first time ever.
On Tuesday, The Big Picture commented, “The Nasdaq composite climbed for a seventh straight day and added 0.3%. The S&P 500 rose 0.4%. Moderate as they may have been, index gains showed no letup among buyers. Indexes closed near session highs for a fourth straight day.”
With the Nasdaq at all-time highs and a limited amount of distribution, investors should remain bullish on the positive trend in the market. So, investors should be looking for new buying opportunities to incrementally increase market exposure. And, like always, be disciplined about your purchases. Don’t chase extended stocks and be sure to cut losses after sell signals.
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