The Dow Jones Industrial Average reversed higher Wednesday morning, as Apple stock rallied ahead of its “Far Out” iPhone 14 launch event.
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Key earnings reports Wednesday came from Academy Sports & Outdoors (ASO) and Tesla rival Nio (NIO).
Academy rallied more than 7% after mixed results, while Nio stock reversed from early losses to race more than 7% higher in early trade after reporting a wider-than-expected second-quarter loss and a weak revenue outlook.
Electric-vehicle leader Tesla (TSLA) gained 1.3% Wednesday. Among the Dow Jones industrials, tech titans Apple (AAPL) and Microsoft (MSFT) both rose 0.8% after today’s stock market open.
In the market’s current volatility, Arista Networks (ANET), Costco (COST), Restaurant Brands (QSR) and Ulta Beauty (ULTA) — as well as Dow Jones stock Chevron (CVX) — are among the top issues to buy and watch. Keep in mind the market’s increased volatility is a good reason for investors to be more defensive.
Costco is an IBD Leaderboard stock in the wake of a recent breakout, while Apple stock and Restaurant Brands were featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices
After the opening bell Wednesday, the Dow Jones Industrial Average gained 0.4%, while the S&P 500 rose 0.5%. The tech-heavy Nasdaq composite rose 0.8% in morning trade.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) were both squarely higher in early trade.
The 10-year Treasury yield ticked lower to 3.30% early Wednesday, easing after Tuesday’s jump. On Tuesday, the 10-year Treasury yield notched its highest closing level since June 15.
U.S. oil prices hit a recent low Wednesday morning, as West Texas Intermediate futures declined more than 3%. WTI futures traded below $84 a barrel.
Stock Market Rally Under Pressure
On Tuesday, the Nasdaq composite sustained the biggest margin loss of the major indexes. It extended its losing streak to seven trading days as it dipped 0.7%. It is the Nasdaq’s longest losing streak since November 2016, according to Dow Jones Market Data.
Tuesday’s The Big Picture column commented, “It was a bad day for retail, with jewelers, automobile, home furnishings and consumer electronics retailers among the worst performers. Generic drugmakers also struggled.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Five Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: Chevron
Dow Jones stock Chevron dropped 0.5% Tuesday. The stock added a handle to a cup base, moving the correct buy point to 166.93 — according to IBD MarketSmith chart analysis — amid a strong performance by…
Read More: Dow Jones Reverses Ahead Of Apple iPhone 14 Debut; Tesla Rival Nio