The Dow Jones Industrial Average and other major indices fell after weaker-than-expected GDP figures before Wednesday's opening bell. Today, famous investor Cathie Wood sold Nvidia (NVDA) stock.
Morning activity saw the Dow Jones Industrial Average fall 0.4% and the S&P 500 fall 0.3%. Tech-heavy Nasdaq composite fell 0.6% after opening bell. The Nasdaq 100 tracker Invesco QQQ Trust (QQQ) declined 0.6%, while the SPDR S&P 500 ETF (SPY) fell 0.3%.
Ten-year Treasury rate fell to 4.29%. As West Texas Intermediate futures fell to $79 a barrel, oil prices remained near their recent highs. According to daily trading filings, Cathie Wood's Ark Genomic Revolution (ARKG) ETF sold approximately 6,700 Nvidia shares Tuesday, worth $5.2 million at the closing price. The fund sold 2,700 Nvidia shares Monday.
The Commerce Department's second fourth-quarter GDP estimate fell to 3.2%. It was projected to stay at 3.3% from the agency's first reading. Private consumption climbed 3.0%, above the 2.8% projection.
Income movers after Wednesday's open were Advance Auto Parts (AAP), Baidu (BIDU), eBay (EBAY), and TJX. Advance Auto rose 3% and Baidu fell 7% in early trading. Auction site eBay rose almost 7%. Early trading saw TJX shares rise over 1%.
The Dow Jones Industrial Average lost 0.3% while the S&P 500 climbed 0.2% on Tuesday. The tech-heavy Nasdaq rose 0.4%. Tuesday's Big Picture: "Actionable equities are few despite the stock market's upswing. Current stock market leaders that moved in late October and early November are past entry points. Stocks rising today may be group laggards."
In light of the stock market rise, IBD's The Big Picture editorial is crucial. Read how to adapt to IBD's new exposure levels and market changes.
Today's finest stocks to purchase and watch are Birkenstock (BIRK), Lennar (LEN), SharkNinja (SN), Toll Brothers (TOL), Weatherford (WFRD), and Dow Jones components Disney (DIS), Dow (DOW), and Procter & Gamble (PG).
Weatherford. For daily breakouts, see IBD MarketSmith's "Breaking Out Today" list. MarketSmith Growth 250 stocks breaching fresh purchase points are shown. Qualcomm (QCOM) broke out from 157.98 flat-base Tuesday. The MarketSmith "Near Pivot" list includes Boot Barn (BOOT), which is approaching a 91.57 cup-with-handle entry.
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