The Dow Jones Industrial Average fell in early trades Tuesday while other major indexes were little changed. Apple (AAPL), Meta Platforms (META) and Nvidia (NVDA) hovered near buy points, but Tesla (TSLA) fell on its China deliveries in the stock market today.
Dow industrials traded 0.2% lower, but the S&P 500 was unchanged after rising to a record high on Monday. The Nasdaq edged 0.1% higher, also after hitting a record high on Monday.
The small-cap Russell 2000 fell 0.3%. The Innovator IBD 50 ETF (FFTY) outperformed, rising 1% in the stock market today.
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Volume was higher on the NYSE but lower on the Nasdaq compared with the same time on Monday. Decliners outnumbered advancers on both exchanges, by less than 3-to-2 on the NYSE and a little more on the Nasdaq.
The yield on the 10-year Treasury note fell two basis points to 4.18%.
In economic data, job openings in October rose to 7.74 million vs. estimates of 7.49 million.
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Salesforce (CRM) slipped 0.5% ahead of its earnings report after the close. The software giant snatched the spotlight in October with its foray into autonomous AI agents, but the roadmap to monetizing it will likely be discussed on the earnings call.
Salesforce is among the AI stocks to watch. Shares are in a buy zone from a buy point of 318.71. Among other Dow stocks, Nike (NKE) and Visa (V) lagged with losses of less than 1%, while Verizon (VZ) and Merck (MRK) gained less than 1%.
Magnificent Seven stocks Apple, Meta and Nvidia hovered near buy points. Apple on Monday broke out of a flat base with a 237.49 buy point. But Nvidia remained below a buy point of 140.76. Meta approached a 602.95 entry in a flat base. Its move above the 50-day moving average Monday can be considered an earlier entry.
Stock Market Today: AI Stock Soars
Among earnings movers, Zscaler (ZS) fell 3% after its report, while AI stock Credo (CRDO) soared on strong guidance. Cloud-based cybersecurity provider Zscaler beat views with sales of $628 million and earnings of 77 cents per share while its revenue outlook was in line with estimates.
Credo reported second quarter earnings of 7 cents per share, up 600% from the prior year. Sales grew 64% to $72 million. Shares soared over 40% to an all-time high, according to IBD MarketSurge.
Third quarter revenue outlook of $120 million blew past estimates of $104.6 million. Strong demand for its data center components from customers such as Microsoft (MSFT) and Amazon.com (AMZN) had analysts turning bullish on the stock.
Analysts at Mizuho raised their price target to 70 from 49 and noted that the AI stock could be an “outsize beneficiary of AI-driven tailwinds.”
Artificial Intelligence News And AI Stocks To Watch
Tesla fell 1% after news that the EV giant shipped 79,000 vehicles out of its Shanghai factory, bringing the total for October and November to 147,000 – 5% lower than last year.
On Monday, a Delaware court rejected for the second time CEO Elon Musk’s 2018 pay package despite that shareholders had approved it.
Also among AI chip makers, Marvell (MRVL) will report after market close. Analysts expect a 3% increase in sales to $1.5 billion with a 1% decline in earnings to 41 cents per share. Shares have rallied ahead of the report and are extended from an 85.76 buy point.
According to reports, Marvell is a much smaller player in accelerator chips that data centers use but has started making custom chips for Amazon. Analysts at Oppenheimer raised their price target to 108 from 90 last week.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
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