Dow Jones reverses gains as Nvidia declines despite massive profits. Tesla pulls back from buy points Daily investor business

The Dow Jones pared gains early Wednesday, along with the S&P 500 and Nasdaq afterward. Nvidia (NVDA) reported another quarter of huge earnings and strong guidance. Key economic data was mixed.

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Nvidia stock fell hard early Wednesday, still within the buy zone. Other major AI plays rose near buy points, including… Microsoft (MSFT), Advanced micro devices (AMD), a Google parent the alphabet (Google), Meta platforms (dead). but Palantir Technologies (Belter) And Super micro computer (SMCI) the opposite of less.

Meanwhile, Sam Altman returns to his position as CEO of Microsoft-backed OpenAI, just days after the board fired him.

Tesla (TSLA) fell on Wednesday, retreating from potential buy points.

Urban Outfitters (Urban) And autodesk (ADSC) fell Wednesday morning after earnings, indicating moves below buy zones. Guess (JES) fell after closing just below the buy point. Derry (D) It fell on the weak-guided.

Shares of Microsoft, Nvidia, and Meta Platforms are currently in play IBD Leaderboard Line Up META shares are listed on SwingTrader. MSFT stock is on IBD’s list of long-term leaders. Stocks of Nvidia, Microsoft, Novo Nordisk, and Super Micro are currently in play Bahraini dinar 50 Lists. Microsoft, Palo Alto, Meta Platforms, and SMCI stocks are in the market IBD Big Cap 20.

Economic data

At 8:30 a.m. EST, the Labor Department announced initial unemployment claims fell by 24,000 to 209,000, well below views.

Meanwhile, the Commerce Department reported that durable goods orders for October fell 5.4%, worse than expected. Requests excluding transportation were flat, just below the number of views.

Dow jones today

The Dow Jones index rose 0.3% Larva (cat) He fell, and Derry’s gaze destroyed him. The Standard & Poor’s 500 rose 0.2%. The Nasdaq advanced 0.3%, but is far from its early highs. Nvidia stock is a major component of the S&P 500 and Nasdaq 100, along with several other AI plays, as well as Tesla stock.

The 10-year Treasury yield rose to 4.43% after sliding to two-month lows earlier.

Crude oil futures fell 5% to about $74 per barrel. OPEC+ postponed its next meeting from November 25-26 to November 30. This came after buzz that the cartel might announce new production cuts. Weekly oil inventory data from the Energy Information Administration is scheduled for release at 10:30 a.m. ET.

Israel and Hamas agreed to a four-day ceasefire, starting Thursday, with Hamas agreeing to hand over about 50 hostages.

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Stock market pool

The stock market rally took a breather on Tuesday, but major indexes and blue-chip stocks still look healthy.

The Dow Jones Industrial Average and S&P 500 fell 0.2% in stock market trading Tuesday. The Nasdaq index fell by 0.6%. The small-cap Russell 2000 fell 1.3%.

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Tesla shares

TSLA stock fell 3% early Wednesday, falling back below its 50-day line. On Tuesday, shares rose 2.4% to 241.20, reclaiming the 50-day line amid strong weekly records in China and progress on a potential factory in India in the future. A November 30 Cybertruck delivery event looms, though CEO Elon Musk and top executives have downplayed expectations for the vehicle.

Reuters reported Tuesday night that a Florida judge found “reasonable evidence” that Musk and other managers knew Tesla’s Autopilot system was defective. The ruling, issued last week, means a lawsuit in Florida related to a fatal Model 3 crash in 2019 can move forward.

Tesla stock has a buy point of 278.98 from a double bottom base. There is a trend line extending from the July 19 high that could provide an early entry, currently around 253. Investors can use the move above the November 15 intraday high of 246.70 as a solid entry point or area to initiate a trade.

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Nvidia stock

Nvidia stock fell 4% on Wednesday morning after hesitating before the open. Shares fell 0.9% to 499.44 on Tuesday, within a 476.09 buy point range from a double-bottom base.

Late Tuesday, the AI ​​chip leader reported third-quarter revenue rose 206% to $18.12 billion, while profits rose 593%, crushing views once again. Nvidia also trended higher in the fourth quarter.

Nvidia’s earnings and guidance accelerated to beat views in the last two quarters, so investors were probably hoping for more.

However, several analysts raised their NVDA stock price targets.

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Sam Altman returns as CEO of OpenAI

Sam Altman will return as CEO of OpenAI, just five days after his surprise exit. former Sales force (Customer relationship management) Co-CEO Brett Taylor and former Treasury Secretary Larry Summers will join OpenAI’s revised board of directors.

OpenAI’s board ousted Altman on Friday, but a day later was in talks to bring him back as major investors like Microsoft and key employees rebelled. Microsoft said Monday it would hire Altman and fellow co-founder Greg Brockman to form a new artificial intelligence lab. The vast majority of OpenAI employees threatened to quit to work for Altman at Microsoft.

AI shares

Microsoft shares rose. Shares fell 1.2% to 373.07 on Tuesday, within a 366.78 base buy point.

The end to the OpenAI drama is likely to be positive for Microsoft and MSFT shares.

AMD stock rose modestly, flirting with a breakout. Shares fell 1.9% to 119.18 on Tuesday. Nvidia’s competitor has a buy point of 122.41 cup with handle.

Google stock rose. Shares rose 0.5% on Tuesday to 136.97. Investors can use Thursday’s high of 137.22 as an early entry. The official flat-bottomed buy point is 141.22.

Meta shares rose 1%. Shares fell 0.9% on Tuesday, inside a consolidation buy zone dating back to late July.

PLTR stock fell slightly. Shares fell 7.2% to 19.80 on Tuesday in an ugly reversal. Palantir stock fell back below its 20.24 cup buy point, according to a MarketSmith analysis.

SMCI stock fell modestly after initially rising early Wednesday. Shares fell 4.8% to 289.85 on Tuesday after jumping 5.55% on Monday, arguably providing an early entry. Super Micro stock has a buy point of 317.50 from a double bottom base.

Please follow Ed Carson on X/Twitter at @IBD_ECarsonTopics in @edcarson1971 And Bluesky V @edcarson.bsky.social For stock market updates and more.

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