The Dow Jones Industrial Average and other major stock indexes reversed higher Wednesday after a key inflation report, the Labor Department’s consumer price index. An early winner was Cava (CAVA), which soared to new highs on earnings results.
Ahead of the opening bell, Dow Jones futures rose 0.1% vs. fair value, as the S&P 500 futures gained 0.2%. Tech-heavy Nasdaq 100 futures traded up 0.1% in premarket trading.
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Early Wednesday, the 10-year Treasury yield ticked lower to 4.38%. Oil prices edged higher, as West Texas Intermediate futures traded around $68.45 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose 0.1%, while the SPDR S&P 500 ETF (SPY) moved up 0.2% of the open.
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Cava Stock Soars Ahead Of The Bell
Cava stock soared more than 15% Wednesday morning after the company raised its full-year outlook. It also easily surpassed a high earnings bar for the third quarter.
For the quarter, Cava earned 15 cents per share, more than doubling from six cents a year earlier, and smashing analyst estimates for 11 cents. Revenue surged 39%, year over year, to $241.5 million, coming in well ahead of views for $233.1 million. That marked the second straight quarter of accelerating growth.
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Other key earnings movers Wednesday morning include Spotify (SPOT) and Instacart (CART).
Spotify stock jumped more than 8% in premarket trading, while shares of Instacart tumbled nearly 7%.
Early Wednesday, the Labor Department reported CPI inflation data for October. The CPI rose 0.2% on the month, with an annual increase of 2.6%. Both matched Econoday estimates. The core CPI, excluding food and energy, rose 0.3%, with a year-over-year rise of 3.3%, also in line with estimates.
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Dow Jones Falls From Highs
On Tuesday, the Dow Jones Industrial Average declined 0.9%, while the S&P 500 fell 0.3%. And the tech-heavy Nasdaq dipped 0.1%.
During Friday’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 Broadcom (AVGO), Costco Wholesale (COST) and Deckers Brands (DECK).
Dow Jones components making notable moves are Amazon.com (AMZN), Apple (AAPL), Microsoft (MSFT) and Salesforce (CRM).
Amazon was featured in this Stocks Near A Buy Zone column.
There was one new stock on IBD MarketSurge‘s “Breaking Out Today” list Tuesday, namely HubSpot (HUBS), which rallied past a 693.85 buy point in a cup base. 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: Salesforce Tops Buy Point
Dow Jones software leader Salesforce hit new highs Tuesday before reversing lower, still extended beyond a 318.71 buy point, according to MarketSurge pattern recognition. Shares were flat on Wednesday.
Outside the Dow Jones index, artificial intelligence giant Broadcom continues to hold above its 50-day line, as it approaches a 186.42 alternative entry. Broadcom shares slipped 0.7% Wednesday.
Costco remains above a flat base’s 923.83 buy point despite two straight days of losses. Costco is a recent options trade idea. Shares were unchanged early Wednesday.
Deckers stock is in buy range past a 172.57 buy point in a cup-with-handle base following last week’s breakout move. Shares were flat in premarket action Wednesday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | (RACE) | 498.23 | Flat base |
| Costco Wholesale | (COST) | 923.83 | Flat base |
| Broadcom | (AVGO) | 186.42 | Handle entry |
| Deckers Brands | (DECK) | 172.57 | Handle entry |
Source: IBD Data as of Nov. 12
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Magnificent Seven Stocks Pre-Market: Alphabet, Meta, Tesla
Among Magnificent Seven stocks, Alphabet (GOOGL) moved down 0.4% in premarket trading. Shares are trying to top a 182.02 buy point in a cup with handle.
Meta Platforms (META) rebounded from support at its 50-day moving average line, as it forms a flat base with a 602.95 buy point. Shares dipped 0.3% Wednesday.
Tesla stock skidded 1.9% Tuesday, snapping a five-day win streak. Shares looked to bounce back from those losses, up 1.5% in premarket trading Wednesday.
Late Tuesday, President-elect Donald Trump announced that Tesla Chief Executive Elon Musk and entrepreneur Vivek Ramaswamy will lead the Department of Government Efficiency, or DOGE, to “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure federal agencies.”
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock ended a two-day skid Tuesday, and moved up 0.1% in premarket trading Wednesday. Amazon shares are above a consolidation’s 201.20 buy point.
Chip giant Nvidia (NVDA) bounced back near new highs Tuesday, but edged lower premarket Wednesday. Nvidia is the only Magnificent Seven name that has not yet reported results from its most recent quarter. It is scheduled to report earnings Nov. 20.
Shares of Apple gave up their 50-day line this week, and moved down another 0.3% Wednesday morning.
Microsoft shares dipped 0.4% Wednesday morning. The stock is right at its 50-day line, a key level to watch.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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