Stock Market Today: Dow Jones Falls After Jobs Data As Fed Minutes Loom; Nvidia Tries To Bounce From Key Level (Live Coverage)

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The Dow Jones Industrial Average fell 0.4% in early trades Wednesday after mixed jobs data. Nvidia (NVDA) was slightly higher after suffering a huge drop on Tuesday. The S&P 500 fell 0.4% while the Nasdaq was down 0.5% on the stock market today

In economic news, the ADP jobs report showed private payrolls rose 122,000 in December but missed estimates of 134,000. Initial jobless claims of 201,000 were lower than the consensus estimate of 216,000.

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The yield on the benchmark 10-year Treasury note eased in the last hour and was flat at 4.68% — still up near a level last seen in April.

Minutes of the Fed meeting held in December, when the Fed cut rates to a range of 4.25%-4.5%, are due later Wednesday. According to the quarterly update to the Fed's Summary of Economic Projections, the median estimate indicated another 50 basis points cut this year. On Wednesday, Fed Gov. Christopher Waller said at the Organization for Economic Cooperation and Development in Paris that rate cuts would be appropriate.

Volume on the NYSE and on the Nasdaq was lower compared with the same time on Tuesday. Decliners outnumbered advancers by more than 4-to-1 on both exchanges.

The small-cap Russell 2000 gave up more ground and fell more than 1%, while the Innovator IBD 50 ETF (FFTY) lagged 1.2%.

Dow Jones Stocks: Nvidia Flat

Health care stocks weighed on the Dow. Merck (MRK) and Johnson & Johnson (JNJ) fell 2% each.

Nvidia rose 2% at the open but quickly erased most of the gain. About one hour into the session, shares were up 0.3%. The stock is trying to turn resistance at the 50-day line into a support level. In morning trading, shares held above the line.

A few high-flying names of 2024 continued their descent after selling off Tuesday. Palantir (PLTR) headed lower for a third straight day Wednesday, approaching a key level of support at the 50-day moving average. The 2024 top S&P 500 performer earned an underweight rating from Morgan Stanley on Monday. MicroStrategy (MSTR) continued to struggle with its 50-day moving average.

Advanced Micro Devices (AMD) fell after HSBC downgraded the stock to reduce from buy with a price target of 110, down from 200. Shares have been in a downtrend since they fell below the 50-day line in October. The Nvidia rival has invested $20 million in Absci (ABSI), which uses artificial intelligence for drug discovery.

Tesla (TSLA) regained a modest part of its 4% loss on Tuesday.

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Quantum Stocks Tumble

Quantum computing stocks tumbled further on Wednesday. D-Wave Quantum (QBTS) and IonQ (IONQ) dived about 40% each, giving up much of their recent gains. IonQ undercut its 50-day moving average in heavy volume.

Nvidia CEO Jensen Huang said late Tuesday that quantum computing could take at least 15 years to become useful.

SolarEdge (SEDG) fell after Citigroup downgraded the stock to sell from neutral with a price target of 9. SolarEdge has been trending lower for a year and a half.

Instacart parent Maplebear (CART) jumped 5%, clearing the 50-day moving average as it forms a cup base, on news that it will join the S&P 400 index.

Shares of Cal-Maine (CALM) moved over 5% higher on earnings. Sales of $954.7 million and earnings of $4.47 per share easily beat estimates of $751.5 million and $4.05, respectively. A seasonal boost in demand for eggs and higher prices amid a bird flu outbreak helped sales.

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