Dow collapses as super micro crash; Meta Dives As Microsoft Profits After Results (Live Coverage)

The Dow Jones Industrial Average saw gains fade in late afternoon trading on Wednesday. The Dow ended 0.2% lower while the S&P 500 fell 0.3% in the stock market today. The Nasdaq lost 0.6% at the close. Super Micro Computer (SMCI) has been reeling after its auditing firm quit citing some risks. Restlessness is back Trump media and technology (DJT).

The NYSE showed lower volume than the same period on Tuesday, as did the Nasdaq. Advancers led nearly 5-to-4 on the NYSE but trailed nearly 3-to-4 on the Nasdaq.

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The small-cap Russell 2000 was unchanged in the stock market today. The Innovators IBD 50 ETF (FFTY) lagged the stock market, falling 1.5%.

The yield on the benchmark 10-year Treasury note fell nearly seven basis points to 4.2% early Wednesday, but was back at 4.26% at the close.

Microsoft, Meta Report Income

Among the Magnificent Seven stocks, Microsoft (MSFT) and Meta platform (META) reported earnings after the close. Microsoft rose and was just below an entry at 441.85 in after-hours trading. Revenue rose 16% to $65.6 billion while earnings rose 10% to $3.30 per share. Meta reported sales of $40.5 billion and earnings per share of $6.03. Meta stocks fell after hours.

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Internet content groups were among the best performers among IBD's 197 industry groups on Wednesday, thanks to big gains from parent Google. the alphabet (GOOGL) and Reddit (RDDT). Eli Lilly ( LLY ) weighed on the medical-diversified industry group, which was down 0.5%.

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Super MicroComputer is up 30% after its accounting firm, Ernst & Young, quit, saying it “can no longer rely on management and audit committee representation.”

Trump Media & Technology erased recent gains and dived nearly 20% as volatility returned and the election neared. The stock is up 194% year-to-date as of Tuesday's closing price.

On the IBD MarketSurge Growth 250, enterprise software stocks Dynatress (DT) broke out of a cup-with-handle base with a buy point of 55.49. Its quarterly results are due on November 7

Wester Holding (WAY) also broke out, surpassing a buy point of 28.57 at an all-time high on the MarketSurge 250 list.

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Logistics and trucking service providers xpo ( XPO ) beat earnings expectations after breaking out of a buy point at 126.18. Shares are expanded from new entries. Earnings have also slipped Adtalem Global Education (ATGE), which cleared 80.18 buy points on heavy volume. The relative strength line is a new high, another good sign for the breakout.

Modine Manufacturing (MOD) and Clean Harbors ( CLH ) triggered a sell signal following their report. Both fell below the 50-day moving average on heavy volume. Clean Harbors missed profit estimates, according to FactSet.

Aspen Technology (AZPN) broke out of a flat base buy point at 240.82 ahead of its earnings report on Monday.

On Wednesday, the ADP National Employment Report showed that the economy added 233,000 jobs in October. Economists had expected 115,000, according to Econode.

Wednesday's GDP release showed the economy grew 2.8% in the third quarter, less than the 3% expected. Personal consumption expenditure increased by 3.7% against a growth of 3.7%. September pending home sales rose 7.4% vs. forecasts for a 1% increase.

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Stock Market Today: Dow Jones Stocks

caterpillar (CAT) was an early earnings mover in the Dow. Shares dipped below the 21-day exponential moving average and are now testing the 50-day line after a disappointing report and lower sales outlook. Sales fell 4% to $16.7 billion while earnings per share of $5.99 fell from the year-ago period.

visa (V) broke out of a cup-with-handle base at 291.04 buy points late Tuesday after fourth-quarter results were released. Both sales and earnings growth accelerated from the prior quarter to earnings of $2.71 per share on sales of $9.6 billion. Visa was the top gainer on the Dow.

Other financial stocks fared better in the Dow, while technology and healthcare components were mixed.

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Stock market today

Magnificent Seven leader the alphabet ( GOOGL ) rose after a strong third-quarter report. Sales rose 15% to $88.3 billion while earnings rose 28% to $2 per share. Ad search revenue was above estimates while the search giant showed strong traction in generative AI queries. Shares traded 6.6% higher as the stock formed a base with 191.75 as a buy point, according to IBD MarketSurge.

Nvidia (NVDA) rival Advanced micro devices ( AMD ) fell more than 9% after disappointing its outlook for the current quarter. Earnings of 92 cents per share were in line with estimates, while BitView sold $6.82 billion. A break below the 50-day moving average on high volume triggers a sell signal.

The claim ( DVA ) plunged 7% and below its 50-day moving average after third-quarter results. According to Whalewisdom.com, the stock is a holding of Warren Buffett Berkshire Hathaway (BRKB).

Recent New Issues Reddit ( RDDT ) crossed profit territory from a cup-with-handle base with a 69.11 buy point after its quarterly report. Sales rose 68% to $348.4 million while earnings per share of 16 cents reversed a year-ago loss.

Fitness device manufacturer Garmin (GRMN) gapped and refrained from a buy point at 184.42. The company beat estimates with sales of $1.5 billion and earnings per share of $1.58 and raised its outlook for the full year. The relative strength line is at a new high.

Miss Eli Lilly View

Sales of two of its weight-loss drugs fell Eli Lilly (LLY). Third-quarter sales and earnings miss views, $1.18 per share on revenue of $11.44 billion. According to the company, wholesalers worked through inventory during the quarter, which led to lower sales. Shares fell 13% and broke below the 200-day moving average.

In restaurant stock, Wingstop ( WING ) has already dropped below its 50-day moving average, triggering a sell signal. Shares fell 17% on Wednesday and broke below the 200-day moving average after missing earnings expectations. Chipotle Mexican Grill ( CMG ) fell below its 50-day line late Tuesday following its earnings report.

Please follow along Viramakrishnan X/Twitter for more stock market news today.

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