Dow Jones Futures Rise On Surprise Jobs Data, Fed Minutes Next; Nvidia Bounces From Key Level

The Dow Jones Industrial Average and other major stock indexes saw gains on Wednesday after the release of significant employment data. Investors were also looking forward to the minutes from the most recent Federal Reserve meeting, which were due later in the day. Meanwhile, Nvidia (NVDA) showed a positive turnaround in the morning session after experiencing a notable drop the previous day.

Before the market opened, Dow Jones futures rose by 0.1% compared to fair value, and S&P 500 futures also experienced a slight increase. Futures for the tech-heavy Nasdaq 100 gained less than 0.1% in early trading.

In early Wednesday activity, the yield on the 10-year Treasury bond increased slightly to 4.71%. Oil prices remained stable, marking their highest levels since mid-October, with West Texas Intermediate futures trading around $74.80 per barrel.

In the world of exchange-traded funds, the Invesco QQQ Trust (QQQ) saw a 0.1% rise, while the SPDR S&P 500 ETF (SPY) also edged up ahead of the market opening.

Market Overview: Nvidia, Job Reports, and Fed Minutes

Nvidia's stock hit record highs on Tuesday but then sharply dropped by over 6%. It could not maintain its 146.54 buy point from a double-bottom base.

However, on Wednesday morning, Nvidia's stock rebounded by 1.5% as it sought support at its 50-day moving average, an important level for investors to monitor.

According to ADP's employment report, private payrolls increased by 122,000 in December. This figure fell short of expectations, which had predicted a rise to 134,000, down from November's increase of 146,000.

Unexpectedly, the Labor Department reported a decrease in weekly unemployment claims, which fell to 201,000. Analysts had anticipated a rise to 216,000, compared to the previous week's figure of 211,000.

Later in the day, the Federal Reserve's minutes from the latest policy meeting are expected to be released at 2 p.m. ET. These minutes could offer valuable insights into the thoughts of Fed Chairman Jerome Powell and other policymakers regarding future interest rate adjustments.

Furthermore, the stock market will be closed on Thursday to honor former President Jimmy Carter.

Market Performance: Dow Jones Decline

On Tuesday, the Dow Jones Industrial Average fell by 0.4%, with the S&P 500 and Nasdaq experiencing losses of 1.1% and 1.9%, respectively.

Stocks to watch in the current market include Boston Scientific (BSX), Fortinet (FTNT), Interactive Brokers (IBKR), Intuitive Surgical (ISRG), and Netflix (NFLX).

Within the Dow Jones, notable movements were seen in Amazon.com (AMZN), Apple (AAPL), American Express (AXP), and Microsoft (MSFT).

American Express is showcased in the current "Stocks Near A Buy Zone" segment.

For investors seeking breakout opportunities, IBD MarketSurge's "Breaking Out Today" list indicates key growth stocks that are surpassing proper buy points. Investors may also find potential breakouts on the "Near Pivot" list and stock ideas in IBD's Stock Lists, such as IBD 50 and Big Cap 20.

Current Stocks to Watch: American Express and More

American Express, a component of the Dow Jones, is forming a flat base that offers a buy point of 307.82, according to MarketSurge's analysis. Its shares saw a slight increase on Wednesday.

In addition, Boston Scientific is currently breaking past a flat base entry point of 91.93, with shares rising by 3.5% on Wednesday.

Cybersecurity company Fortinet is attempting a breakout above a flat base at a buy point of 100.59, while its shares dipped slightly on Wednesday morning.

Interactive Brokers remains just below its flat base's entry point of 193.42, with shares trending downward on Wednesday.

Intuitive Surgical's stock fell by 1.9% on Tuesday, breaking a three-day winning streak, but it rebounded by 1% on Wednesday.

Streaming giant Netflix saw a slight decline on Tuesday but remained above its essential 50-day line. It was noted as Tuesday's IBD Stock Of The Day and moved up 0.1% in premarket trading on Wednesday.

Other Significant Stocks: Tesla and Dow Components

Tesla (TSLA) shares dropped by 4.1% on Tuesday, yet they are still above their recent lows. The electric vehicle manufacturer's stock is over 19% below its peak from December 18.

On Wednesday, Tesla's stock looked to extend its losses, falling by 0.7% in premarket trading.

Highlights from Dow Jones: Amazon, Apple, and Microsoft

Along with Nvidia, Amazon, another Dow Jones component, saw a 2.4% drop on Tuesday. The e-commerce giant, which had a previous surge to new highs in mid-December, is significantly extended above a 201.20 buy point. On Wednesday, it rose by 0.2%.

Shares of Apple re-entered the buy range above a flat base's entry of 237.49 after recent declines. Apple shares fell 1.1% on Tuesday and another 0.1% on Wednesday.

Microsoft shares gained 0.4% on Wednesday morning but remained below their 50-day and 200-day moving averages as of Tuesday. The software company is building a cup with handle formation that has a buy point of 456.16.

For ongoing insights, follow experts on social media for updates on growth stocks and the performance of the Dow Jones Industrial Average.

DowJones, Investors, Nvidia, Stocks, Employment