After weak GDP and jobs data, the Dow Jones loses ground, and Tesla stock declines on a sell rating.

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After weaker-than-expected ADP employment and GDP reports on Wednesday, the Dow Jones Industrial Average gave up some of its early gains. Markets closely watched Hurricane Idalia as it approached Florida's coast. And when Guggenheim issued a sell rating on the EV juggernaut, Tesla stock fell.

Dalia was reduced from a Class 4 to a Class 3 hurricane when it approached the coast of northwest Florida, with maximum sustained winds decreasing to 125 mph. Before the hurricane, the authorities issued evacuation orders for more than 30 counties.

According to ADP's National Employment Report, firms hired 177,000 new employees in August, which was less than the 200,000 estimate and a decrease from the 324,000 new hires in July. The ADP data serves as a preview of the Labor Department's Friday jobs report.

In addition, the second estimate of second-quarter GDP from the Labor Department was reduced from 2.4% increase from the first estimate to 2.1% growth.

Key earnings movers on Wednesday morning were Ambarella (AMBA), Box (BOX), and HP (HPQ).

As Box shares fell 10%, AMBA stock fell more than 21%.

Stock market today

As research firm Guggenheim maintained its sell rating with a price target of 125 on Wednesday morning, electric-vehicle juggernaut Tesla (TSLA) temporarily fell lower by more than 2%. Nvidia (NVDA) decreased 0.6% in the meantime. After the opening of the stock market today, the Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were mixed.

Meta Platforms (META) and Alphabet (GOOGL) are two additional market leaders. Early trading saw Meta shares fall by 0.5% while GOOGL stock rose by 0.1%.

The finest stocks to monitor in the ongoing stock market recovery include Baker Hughes (BKR), Cadence Design Systems (CDNS), Synopsys (SNPS), Tidewater (TDW), as well as Dow Jones stocks IBM (IBM), Merck (MRK), and Visa (V).

A stock on the IBD Leaderboard watchlist is Baker Hughes. Merck is highlighted in this list of stocks in a buy zone.


The price of Tesla shares increased 7.7% on Tuesday, making it three sessions in a row.

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