The Dow Jones Industrial Average moved higher, while Ford (F) tumbled after it slashed the price of a key product. In contrast, Tesla (TSLA) popped after its Cybertruck reveal and despite CEO Elon Musk coming under fire. Three Warren Buffett stocks are near entries.
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Meanwhile, a trio of noteworthy names cleared buy points amid the encouraging action. Old Dominion Freight Line (ODFL), AAON (AAON) and First Citizens BancShares (FCNCA) all moved above entries.
In economic news, the Empire State Manufacturing Survey’s general business index slipped 5.5 points in July to 1.1 from June’s reading of 6.6. That was better than expectations for -3, according to Econoday. The regional Fed said “manufacturing activity was little changed in New York State.”
Treasury yields slipped. The 10-year yield fell 2 basis point to 3.81% while the two-year yield slipped 1 basis point to 4.75%, making the yield curve more inverted.
Nasdaq Gains As Small Caps, IBD 50 Jump
The Nasdaq ended the day near session highs, rising 0.9%. Solar stock Enphase Energy (ENPH) was a top performer here, jumping 6.6%.
The benchmark S&P 500 also rallied, rising 0.4%. First Solar (FSLR) shined here, rising 8.1%.
The S&P 500 sectors were mixed. Financials and technology were the top performers. Real estate and utilities lagged the most in the stock market today.
Small caps were having a good session, with the Russell 2000 rising 1.1%. Growth stocks were faring best of all, though, with the Innovator IBD 50 ETF (FFTY) surging 2.9%.
Dow Jones Today: Intel, Apple Stock Shine
The Dow Jones Industrial Average lagged the other major indexes, but still rose 76 points, or 0.2%. It closed at its highest level so far in 2023.
Intel (INTC) performed best on the index, rising 3.7%. It moved back above an old flat-base entry of 33.84, MarketSmith analysis shows.
Apple (AAPL) was another strong performer on the Dow Jones today, rising 1.7%.
But Verizon (VZ) had a torrid session, diving 7.5%. It was down after the Wall Street Journal reported telecom companies installed potentially dangerous lead-covered cables overhead on poles, in soil and underwater. Walt Disney (DIS) also struggled, falling 3.5%.
S&P 500: Solar Stocks Shine As Telecoms, Tesla Rival Tumble
3 Warren Buffett Stocks Near Buy Points
Warren Buffett is one of the world’s most famous investors. And a trio of his stocks are currently sitting near buy points.
England-based insurance play Aon (AON) sits in a buy zone after clearing a first-stage cup-with-handle entry of 334.88. Strong overall performance is reflected in its IBD Composite Rating of 85 out of 99.
Credit card giant American Express (AXP) is just below a cup-with-handle entry of 177.04. The stock has performed well so far in 2023, rising nearly 20%.
DaVita (DVA) is in a buy zone after clearing a 103 buy point from a cup-with-handle base. Big Money has been snapping up the stock, with its Accumulation/Distribution Rating coming in at A.
All three stocks are owned by Berkshire Hathaway (BRKB), the company run by Warren Buffett.
BRKB itself is also currently sitting near a buy zone after clearing a 331.84 entry. The stock has a strong Composite Rating of 84 out of 99.
Tesla Stock Up On Cybertruck As Elon Musk Gets Targeted
Leaderboard stock Tesla had a good session, rising after the firm announced it had produced its first Cybertruck at its Austin, Texas, plant over the weekend.
It finished near highs for the day, rising 3.2%. It got further extended from a 207.79 buy point in the process.
The stock was holding up well despite Sen. Elizabeth Warren, D-Mass., targeting the firm and CEO Elon Musk.
She is calling for the SEC to investigate Tesla and its board of directors over an “apparent lack of independence.”
In a letter sent to SEC Chair Gary Gensler on Monday, she cited potential “conflicts of interest” and “misappropriation of corporate assets” related to Musk’s takeover of Twitter.
Musk seemed to be taking the matter lightly, posting multiple laughing emojis in response to a tweet sharing the story.
Tesla earnings are due late Wednesday.
Ford Stock Tumbles On EV Move
Iconic automaker Ford saw its stock fall hard on the news it was slashing prices for its F-150 Lightning EV truck.
Lighting versions could see price reductions of $6,000 to $10,000, the company said. Lightning prices will now start at $50,000 plus destination fees.
The company had hiked Lightning EV prices several times after its 2021 debut, due to supply issues and higher battery costs.
Ford stock tumbled 5.9%. It finished at session lows and extended a three-day slide. Nevertheless, it remains up nearly 21% so far in 2023.
The move caused the stock to plunge from a cup-with-handle entry of 15.42, MarketSmith analysis shows.
Outside Dow Jones: 3 Stocks Test Buy Points
Three noteworthy names were attempting breakouts heading into the close.
Old Dominion Freight Line is in a buy zone after clearing a cup-base buy point of 381.81. This is an early-stage pattern, which means it’s more likely to have good gains.
The trucking transportation play has a good IBD Composite Rating of 92 out of 99 and is in the top 13% of stocks in terms of price performance over the last 12 months. Looming earnings present a risk.
Air-conditioning stock AAON is near the top of a buy zone after clearing a cup-with-handle entry of 100.46.
Earnings are a key strength here, with its EPS Rating a near-perfect 98.
First Citizens BancShares is actionable after clearing a flat-base buy point of 1345.43. Top-notch overall performance has netted it a perfect Composite Rating.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more analysis of growth stocks.
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