The Dow Jones Industrial Average and the other major indexes were mixed Wednesday morning after the November consumer price index came in as expected. Tesla (TSLA) looked to continue its winning streak, while Nvidia (NVDA) tried to recover on the stock market today.
The Dow Jones industrials gave back early gains and were nearly flat as the index tests its 21-day exponential moving average.
The tech-heavy Nasdaq acted the strongest and climbed 1.4% while the benchmark S&P 500 added 0.7%. The small-cap Russell 2000 rebounded 0.4% after Tuesday’s 0.4% drop.
Volume was lower on the New York Stock Exchange and higher on the Nasdaq vs. the same time Tuesday.
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The 10-year Treasury yield held at 4.23%. U.S. crude oil climbed to $69.53 a barrel. And bitcoin increased 3.6% to just above $99,900.
The Labor Department’s November consumer price index rose 0.3%, meeting economists’ expectations, while the annual rate increased 2.7%, also meeting estimates.
The core CPI, which excludes food and energy, increased 0.3% and 3.3% year-over-year. Those rates equaled projections.
Stock Market Today: Tesla Hits High, Nvidia Tests Key Level
Tesla climbed 1.9% and is on pace for its sixth straight day of gains. Shares reached a record high on the stock market today. The Magnificent Seven stock has gained around 64% so far this year. The electric vehicle maker holds an impressive 97 IBD Relative Strength Rating.
Nvidia (NVDA) advanced 0.9% and is finding resistance at its 50-day moving average after undercutting it Tuesday.
GameStop (GME) rose 5.8% in heavy volume after the video game retailer reported a surprise fiscal third quarter adjusted profit and lower sales than expected. Revenue declined 20% vs. the prior’s quarter. The meme stock retook its 21-day line on the stock market today.
Dave & Buster’s Entertainment (PLAY) plummeted around 16% in huge volume, after the arcade-style restaurant chain reported a large fiscal Q3 loss and lower sales than estimates. Its chief executive, Chris Morris, resigned. Estimates show the company’s earnings for the fiscal year ending in January are forecast to drop 40%.
Stock Movers: Health Care Equipment Stock Soars
Macy’s (M) tumbled more nearly 9% after the retailer topped fiscal third quarter adjusted earnings and sales but lowered its fiscal year profit guidance, which lagged views. The stock fell below its 50-day line. Shares have lost 24% so far this year. The retailer also said its investigation into accounting problems found that a single employee was responsible for a $151 million gap.
Photronics (PLAB) trimmed gains to around 10% in heavy trading after the company reported better-than-expected fiscal fourth quarter adjusted profit and revenue. It also provided a fiscal Q1 revenue with its midpoint above forecasts. Shares reclaimed their 200-day moving average. The stock has underperformed and holds a mediocre 51 Relative Strength Rating.
Patterson (PDCO) rocketed more than 34% on news it would be acquired by private equity company Patient Square Capital in a deal valued at $4.1 billion. The health care equipment supplier retook its 200-day line and reached levels not seen in a year.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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