The Dow Jones Industrial Average and the other major stock indexes swept sharply higher Wednesday, as former President Donald Trump defeated Vice President Kamala Harris in Tuesday’s presidential election. Republicans retook the Senate and appeared to have the edge in the House. Magnificent Seven stock Tesla soared to new highs on the stock market today.
After the opening bell, the Dow Jones Industrial Average surged 2.8%, or more than 1,200 points, while the S&P 500 moved up 1.7%. The tech-heavy Nasdaq composite traded up 1.7% in morning trading.
Please watch the video at Investors.com – Stocks Rally Into Election Results; Astera Labs, Intuitive Surgical, Howmet Aerospace In Focus
Early Wednesday, the 10-year Treasury yield jumped to 4.47%. Oil prices declined, as West Texas Intermediate futures traded around $70.70 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 1.8%, as the SPDR S&P 500 ETF moved up 1.7% after the open.
Nvidia, Apple And Tesla Highlight How To Handle The Stock Market Today
Tesla Stock Soars To New Highs
Tesla rebounded 3.5% Tuesday, snapping a six-day losing streak. On Monday, the electric-vehicle giant triggered the 7% sell rule below a 264.86 cup-with-handle entry.
Shares are bouncing back from support around their 50-day line. Shares extended those gains Wednesday morning, as they surged nearly 12%. They traded near 283 per share — back above the buy point —hitting a new 52-week high.
Stock Market Today: Early Movers
Other key earnings movers early Wednesday include Celsius, CVS Health, Lantheus, all which reported quarterly results.
Shares of Celsius tumbled almost 7%, while CVS stock rallied 10.5% in morning trading. Lantheus stock dived 10%. And Super Micro Computer plunged another 17% in early action after the company cut its sales outlook.
Howmet Aerospace, IBD’s Stock of the Day for Tuesday, rallied more than 6% after its Q3 report.
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Best Stocks To Watch
On Tuesday, the Dow Jones Industrial Average rallied 1%, while the S&P 500 advanced 1.2%. And the tech-heavy Nasdaq composite gained 1.4%.
During Tuesday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are Costco Wholesale, GoDaddy and MercadoLibre.
Dow Jones components making notable moves are Amazon.com, Apple, JPMorgan Chase and Microsoft.
Amazon and GoDaddy were featured in this Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge’s “Breaking Out Today” list Tuesday. Notably, Intapp briefly topped a 51.67 buy point in a cup with handle before backing off. Check for potential breakouts on the “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: JPMorgan Just Below Buy Point
Dow Jones financial leader JPMorgan is trading just below a 225.48 buy point, according to MarketSurge pattern recognition. Shares jumped 5.5% on the stock market today. JPMorgan was IBD’s Stock Of The Day on Monday.
Outside the Dow Jones index, Costco is forming a flat base with a 923.83 buy point, and is trying to regain the 50-day line. Costco — today’s options trade idea — traded up 0.7% early Wednesday.
GoDaddy regained a cup-with-handle entry at 166.17, with a 1.3% gain Tuesday. Shares were up 2.7% Wednesday.
Online retailer MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is moving further above the 50-day moving average. MercadoLibre is due to report third-quarter results late Wednesday. The stock gained 1% Wednesday morning.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market.
Ferrari498.23Flat baseCostco Wholesale923.83Flat baseMercadoLibre2,161.73Flat baseUber Technologies82.14Consolidation
Join IBD Experts As They Analyze Leading Stocks On IBD Live
Magnificent Seven Stocks: Alphabet, Meta, Nvidia
Among Magnificent Seven stocks, Alphabet moved up 3% in morning trading on the stock market today. Shares are forming a cup base that has a 191.75 entry, but keep an eye out for a potential handle.
Meta Platforms rebounded Tuesday from its 50-day moving average line, rallying 2.1%. Shares slipped 1.5% Wednesday.
Chip giant Nvidia climbed 0.5% Tuesday and looked to add to those gains with a 2% rise Wednesday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock inched higher Wednesday, further above a 195.37 handle buy point. Investors also could use the consolidation peak of 201.20 from early July, which also was the tech giant’s high-water mark, as an alternative entry.
Shares of Apple remains below its 50-day line in the wake of the company’s earnings report last week. Apple stock rose 0.1% Wednesday morning.
Microsoft shares gained 1% Wednesday morning. Last week, shares of the software giant dived through their 50-day line, a key sell signal, after the company’s earnings results.