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Stock Market Today: Stocks Trade Mixed; Retailers Struggle, J&J Nears Breakout | Stock News & Stock Market Analysis

The major market indexes treaded water in early morning trade Wednesday ahead of the release of the Fed minutes from last month’s policy meeting at 2 p.m. ET. All three major indexes — the tech-heavy Nasdaq, S&P 500 and Dow Jones industrial average —traded quietly higher.

XAutoplay: On | Off Among the Dow Jones Industrial components, Johnson & Johnson (JNJ) moved up 1.5% after being upgraded from hold to buy at Jefferies & Co. The medical products maker is forming a flat base with a 137.18 potential entry.

Meanwhile, Wal-Mart Stores (WMT) followed up on Tuesday’s breakout with a 1% advance. Shares remain within the 5% buy range from a 82.09 flat-base entry. Cisco Systems (CSCO) edged slightly higher as it etches a handle onto its cup-shaped base. Its potential buy point is 34.20 — a dime above the high on Sept. 26.

Among companies reporting earnings, Delta Air Lines (DAL) reported strong Q3 results, launching shares over 2% higher in opening trade. But that gain had been trimmed to just 0.2%. The airline carrier is forging a cup base with a potential buy point at 55.85. Fellow airline American Airlines (AAL) reversed lower, falling 0.8%, as it approaches its own cup-base 54.58 entry.

Leading payment processor PayPal (PYPL) jumped 2% higher after seeing an analyst upgrade from Morgan Stanley. The analyst raised its rating from equal-weight to overweight with a price target of 76 — a 15% premium to Tuesday’s closing price. Shares of the IBD 50 member are over 50% from a 55.24 flat-base buy point.

Among leading growth stocks, electric automaker Tesla (TSLA) continues to swing around its 50-day line, falling back below it today with its 1% decline.

Within the S&P 500, apparel makers were on the decline. Ralph Lauren (RL), Under Armour (UAA) and Coach (COH) all fell over 2%. Ralph Lauren gave up its 50-day line in above-average trade, while Under Armour was approaching multi-year lows.

Within the IBD 50, Atlassian (TEAM) looked to rise for an 11th straight day, moving 1.7% higher. The stock still in the 5% buy range from a 39.35 buy point.

On the downside, Electronic Arts (EA) faltered 0.6% as it battles for support at its 50-day line. A flat-base breakout on July 26 hasn’t led to any gains, and the stock has paused long enough to create a new flat base — one that sports a 122.89 entry.

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