Futures Fall Ahead Of ADP Jobs Report

The Dow Jones Industrial Average and other major stock indexes dropped Wednesday, as Wall Street digested a better-than-expected jobs report. Three early movers on the stock market today were Nike (NKE), Nvidia (NVDA) and Tesla (TSLA), the latter of which reported third-quarter deliveries.

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After the opening bell, the Dow Jones Industrial Average fell 0.3%, while the S&P 500 dropped 0.6%. The tech-heavy Nasdaq composite moved down 0.7% in early trading.

Early Wednesday, the 10-year Treasury yield climbed to 3.81%. Oil prices jumped, with West Texas Intermediate futures trading around $72 per barrel.

Among exchange traded funds, the Invesco QQQ Trust (QQQ) lost 0.7%, while the SPDR S&P 500 ETF (SPY) fell 0.6% after the open.

Nvidia, Apple And Tesla Highlight How To Handle This Market

Stock Market Today: ADP Jobs Report, Nvidia, Nike, Tesla

A precursor to Friday’s jobs report from the Labor Department, ADP’s jobs data showed that private payrolls added 143,000 jobs in September, higher than estimates. Forecasters saw ADP’s September employment number at 121,500, an increase from August’s 99,000 number.

Nvidia stock dropped 1.5% Wednesday, right at the 50-day line following Tuesday’s 3.7% tumble. The stock has a 131.26 buy point from an irregular handle. Investors also could use the Sept. 12 high of 120.79 as a much smaller handle and an early buy trigger, but the stock is back below that level.

Tesla shares skidded nearly 5% Wednesday morning after the electric-vehicle maker reported third-quarter deliveries. Shares are just below a cup base’s 274 buy point.

Tesla reported 462,890 deliveries, up 6.4% vs. the year-ago quarter and beating analyst expectations for 462,000 units, according to FactSet. That represents the third-best quarterly delivery ever for Tesla, behind 466,140 in the second quarter of 2023 and the company’s record of 484,507 deliveries in last year’s fourth quarter. Analysts project Tesla matching that record in 2024’s fourth quarter.

Meanwhile, Nike plunged 7% after missing revenue estimates and withdrawing its full-year 2025 outlook due to its transitional period. The company also postponed its investor day presentation.

Broadcom Pulls Past Tesla As Amazon Locks Heads With Google

Best Stocks To Watch

On Tuesday, the Dow Jones Industrial Average declined 0.4%, while the S&P 500 dropped 0.9%. The tech-heavy Nasdaq composite sold off 1.5%.

During Tuesday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the new stock market volatility.

Among the best companies to watch on the stock market today are Arista Networks (ANET), Spotify (SPOT), Texas Roadhouse (TXRH), Toast (TOST) and Wingstop (WING).

Notable Dow Jones components are Amazon.com (AMZN), Apple (AAPL), Home Depot (HD) and Microsoft (MSFT).

Amazon and Tesla featured in this Stocks Near A Buy Zone column.

There were no new stocks on IBD MarketSurge‘s “Breaking Out Today” list Tuesday. Check for more names on the site’s “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.

Close, But No ‘Perfect’ Cigar For Nvidia, Broadcom. But Kudos To These 22 Gems.

Dow Jones: Home Depot Extended

Dow Jones retailer Home Depot is moving out of buy range past a handle buy point at 378.58, according to MarketSurge pattern recognition. Shares were down 0.7% early Wednesday.

Outside the Dow Jones index, Arista Networks is in a buy zone past a 376.50 buy point in a consolidation. Shares fell 0.7% Wednesday morning.

Spotify shares are in buy range above a consolidation’s 359.38 entry. The music streaming platform was down 0.9% Wednesday.

Texas Roadhouse is attempting to break out past a 177.72 flat-base entry, but is under the buy trigger. Shares declined nearly 2% Wednesday.

Restaurant software provider Toast is in buy range above a 27.88 buy point amid a four-day win streak. The stock sold off 2.8% early Wednesday.

Finally, Wingstop topped a 431.03 entry last week, but is still below it despite two days of gains. The stock slipped 1% in morning action Wednesday.

Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day

Stock Market Today: Companies To Watch

These are four stocks in or near buy zones in today’s stock market.

Source: IBD Data as of Sept. 30

Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live

Magnificent Seven Stocks: Alphabet, Meta

Among Magnificent Seven stocks, Alphabet (GOOGL) fell 1%, as did Meta Platforms (META) Wednesday.

Google stock shrugged off Tuesday’s market weakness, moving further above its 50-day line, which was a key resistance level.

Meta stock hit a new high Tuesday, further above a 544.23 alternate entry.

Dow Jones Leaders: Amazon, Apple, Microsoft Eye Buy Points

Among Dow Jones components in the Magnificent Seven, Amazon shares are nearing a 195.37 buy point in a cup with handle. The stock fell 0.4% Wednesday.

Apple is close to a V-shaped cup with handle that shows a 232.92 entry. Shares fell another 1% Wednesday morning.

Microsoft shares are testing support at their 50-day line and are near a 441.85 buy point in a cup with handle. And on Wednesday morning, the stock dipped 0.8%.

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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