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Dow Jones Industrial Average Drops Ahead of Debt-Ceiling Vote While Hot AI Stock C3.ai Dives Ahead of Earnings Results
On Wednesday, the Dow Jones Industrial Average dropped ahead of the House vote on the debt-ceiling deal scheduled for the evening. The debt-ceiling bill cleared the House Rules Committee, paving the way for a final House vote, expected to happen soon. The bill appears to be on track to gain sufficient Republican and Democratic votes to pass the House and then the Senate by the June 5 deadline. Hot AI stock C3.ai (AI) dived ahead of its earnings results, which are due after the close. X Late Tuesday, the debt-ceiling bill cleared the House Rules Committee, paving the way for a final House vote, expected as soon as Wednesday night.
Impending Economic Front Updates
The Institute for Supply Management’s Chicago PMI is expected to fall to 47 in May vs. April’s 48.6 readings. On the other hand, Wall Street expects the Labor Department’s Job Opening and Labor Turnover Survey report to fall to 9.35 million in April compared to March’s 9.59 million. PMI is due out at 9:45 a.m. ET, while the JOLTS is out at 10 a.m. ET.
Key Earnings Movers
Advance Auto Parts (AAP), Ambarella (AMBA), and HP (HPQ) are currently some of the significant key earnings movers on the stock market. AAP stock crashed 29% after missing earnings estimates, slashing its full-year outlook, and cutting its dividend. Computer-vision chipmaker Ambarella edged above Wall Street’s targets for its fiscal first quarter but disappointed with its outlook. AMBA stock plummeted 13% in early morning trade. Personal computer and printer maker HP beat earnings estimates but missed views on sales. Its earnings outlook for the current quarter and full fiscal year were above estimates. HPQ stock sold off 2.3% in early trade.
Electric-Vehicle Giant Tesla and Dow Jones Tech Giants Apple and Microsoft
Meanwhile, electric-vehicle giant Tesla traded 0.3% higher on Wednesday morning. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were higher after the stock market opened. The best stocks to buy and watch in the stock market uptrend include Arista Networks (ANET), IBD Leaderboard stock ASML (ASML), and Taiwan Semiconductor (TSM) – as well as Dow Jones stocks Boeing (BA), Cisco Systems (CSCO), and Salesforce (CRM).
Oil Prices and Treasury Yields
After Wednesday’s opening bell, the Dow Jones Industrial Average lost 0.4%, while the S&P 500 futures fell 0.45%. The tech-heavy Nasdaq composite dropped 0.3% in morning action. Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded down 0.3%, while the SPDR S&P 500 ETF (SPY) declined 0.4% early Wednesday. The 10-year U.S. Treasury yield on Wednesday traded down to 3.67%. On Tuesday, the 10-year yield tumbled after the weekend’s debt-ceiling deal. U.S. oil prices dropped Wednesday morning, extending Tuesday’s losses. West Texas Intermediate futures lost nearly 1% Wednesday, sending WTI futures below $69 a barrel.
Best Stocks to Buy and Watch
Cisco, Boeing, Salesforce, Arista, ASML, and Apple are among the best stocks to buy and watch in today’s stock market. ASML, Salesforce, Boeing, and Arista are forming patterns that make them excellent buys at the moment.
FAQ:
1. What was the outcome of the debt-ceiling vote held on Wednesday evening?
– The debt-ceiling bill cleared the House and passed both the Senate and the House by the June 5 deadline.
2. What is the Institute for Supply Management’s Chicago PMI?
– The Institute for Supply Management’s Chicago PMI is an index of business conditions in the Chicago area that acts as a leading indicator of national monthly economic indicators.
3. What are the best stocks to buy and watch at the moment?
– Arista Networks, ASML, Boeing, Cisco Systems, and Salesforce are some of the best stocks to buy and watch in today’s stock market.
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