The Dow Jones, S&P 500 and Nasdaq composite rose Wednesday morning, as the stock market rally continues to show strength. Snap (SNAP) crashed before the market open, but several other stocks rallied on earnings, with some signaling buying opportunities.

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The Dow Jones Industrial Average added 0.15% while the S&P 500 gained 0.4% and the Nasdaq climbed 0.3%. The S&P 500 set a new record high with the Dow just below its recent all-time peak levels. The Nasdaq set a new two-year high.

The 10-year Treasury yield tilted higher to 4.1%, while U.S. crude oil futures edged higher near $74 a barrel.

Chipotle Mexican Grill (CMG), Fortinet (FTNT), Tenable (TENB), Ford Motor (F), Azek (AZEK), Enphase Energy (ENPH) and Hilton Worldwide (HLT) rose following overnight earnings.

Fortinet stock and Tenable flashed buy signals, along with Ford and Azek.

Snap Stock Takes A Plunge

Snap stock plunged 31% shortly after the open. The Snapchat parent topped earnings views for the fourth quarter, but revenue and the company’s sales forecast fell short. Shares had flirted with a trendline entry within a shallow consolidation on Tuesday ahead of earnings.

Meanwhile, Uber Technologies (UBER) edged lower following earnings while Intapp (INTA) and Freshworks (FRSH) fell back from near a buy signal. Alibaba (BABA) retreated solidly despite beating views and announcing a $25 billion buyback. ELF Beauty (ELF) fell sharply despite trading higher before the open.

Walt Disney (DIS), Qualys (QLYS) and Arm Holdings (ARM) report Wednesday after the close.

Late Tuesday, Disney’s ESPN, Fox (FOXA) and Warner Bros. Discovery (WBD) announced that they will launch a joint sports streaming service this year.

Disney stock fell modestly early Wednesday after rising within a buy zone Tuesday. Fox and Warner Bros. stock also declined.

ELF Beauty and Uber stock are on IBD Leaderboard. ELF stock is on the IBD 50. Fortinet stock is on the IBD Big Cap 20.

The Dow Jones Industrial Average climbed 0.4% in Tuesday’s stock market trading. The S&P 500 index rose 0.2%. The Nasdaq composite edged up less than 0.1% after trading lower for most of the session. The small-cap Russell 2000 climbed 0.85%, retaking its 50-day line.

Stocks Flashing Buy Signals

Fortinet stock rose 4% in morning trade after the company’s earnings beat views. Fortinet is already off early highs but did decisively clear a 67.36 cup-with-handle buy point after closing just above that entry on Tuesday.

Tenable stock leapt 106to above 50 after easily beating fourth-quarter views. The cybersecurity firm has a 48.51 handle buy point in a six-month consolidation.

Ford stock popped 5% early Wednesday as earnings doubled estimates. Shares are signaling a move above the 200-day moving average, clearing a short-term high of 12.50 and possibly clearing a long-term trendline. All of that could offer an early entry.

Azek stock is gapping up 11% after racing past fiscal first-quarter views. The fake wood building products maker had closed slightly above a 39.04 buy point from a flat base, base-on-base pattern.

Please follow Ed Carson on  Threads at @edcarson1971 and X/Twitter at @IBD_ECarson  for stock market updates and more.

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