The Dow Jones Industrial Average rose, while Ford (F) fell after slashing the price of a key product. On the other hand, You’re here (TSLA) emerged after its Cybertruck was revealed and despite CEO Elon Musk being criticized. Three Warren Buffett stocks are near the entries.
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Meanwhile, a trio of notable names cleared buy points amid the encouraging action. Former Dominion Freight Line (ODFL), AON (AON) 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 6.6 in June. That was better than expectations for -3, according to Econoday. The regional Fed said “manufacturing activity has changed little in New York State.”
Treasury yields fell. The 10-year yield fell 2 basis points to 3.81% while the two-year yield slipped 1 basis point to 4.75%, making the yield curve more inverted.
Nasdaq gains in small caps, jump IBD 50
The Nasdaq ended the day near session highs, up 0.9%. Solar inventory Enphase Energy (ENPH) was one of the best performers here, jumping 6.6%.
The benchmark S&P 500 also rebounded, up 0.4%. First Solar (FSLR) shone here, up 8.1%.
S&P 500 sectors were mixed. Financials and technology were the best performers. Real estate and utilities are the biggest laggards in the stock market today.
Small caps had a strong session, with the Russell 2000 up 1.1%. However, growth stocks fared the best, with the IBD 50 Innovative ETF (FFTY) jumped 2.9%.
Dow Jones Today: Intel and Apple Stocks Shine
The Dow Jones Industrial Average lagged other major indexes, but still rose 76 points, or 0.2%. It closed at its highest level so far in 2023.
Intel (INTC) was the best performer in the index, up 3.7%. It came back above a flat former base entry of 33.84, according to MarketSmith analysis.
Apple (AAPL) was another strong performer on the Dow Jones today, up 1.7%.
But Verizon (VZ) had a torrid session, dipping 7.5%. It was down after the Wall Street Journal reported that telecommunications companies had installed potentially dangerous lead-covered cables above poles, in the ground and under water. waltz disney (DIS) also struggled, falling 3.5%.
S&P 500: Solar stocks shine as telecoms, Tesla Rival tumble
3 Warren Buffett stocks close to buy points
Warren Buffett is one of the most famous investors in the world. And a trio of its stocks are currently near buy points.
Insurance game based in England aon (AON) is in a buy zone after clearing a cup entry with a first leg handle 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 entry with handle of 177.04. The stock has done well so far in 2023, rising almost 20%.
DaVita (DVA) is in a buy zone after crossing a 103 buy point from a handle cup base. Big Money grabbed the stock, with its accumulation/distribution rating at A.
The three titles belong to Berkshire Hathaway (BRKB), the company run by Warren Buffett.
BRKB itself is also currently sitting near a buy zone after clearing an entry of 331.84. The stock has a strong composite rating of 84 out of 99.
Tesla Fuels Up On Cybertruck As Elon Musk Is Targeted
Tesla ranking stock had a strong session, rising after the company announced it had produced its first Cybertruck at its plant in Austin, Texas, over the weekend.
It ended near the day’s highs, up 3.2%. It was further extended from a buy point of 207.79 in the process.
The stock held up well despite Sen. Elizabeth Warren, D-Mass., targeting the company and CEO Elon Musk.
She asks the SEC to investigate Tesla and its board of directors for an “apparent lack of independence”.
In a letter sent Monday to SEC Chairman Gary Gensler, she cited potential “conflicts of interest” and “misappropriation of corporate assets” related to Musk’s takeover of Twitter.
Musk seemed to take the matter lightly, publish several laughing emojis in response to a tweet sharing the story.
Tesla’s earnings are expected Wednesday evening.
Ford Stock tumbles on EV Move
Iconic automaker Ford saw its shares fall sharply on learning that it was cutting 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 fee.
The company had raised Lightning EV prices several times after its 2021 debut, due to supply issues and higher battery costs.
Ford stock fell 5.9%. It ended at a session low and extended a three-day slide. Nevertheless, it remains up almost 21% so far in 2023.
The move sent the stock down from a cup-with-handle entry of 15.42, according to MarketSmith analysis.
Outside of Dow Jones: 3 point buy stock test
Three notable names were attempting breakouts before the close.
Old Dominion Freight Line is in a buy zone after breaking through a base cup buy point of 381.81. It is an early stage model, which means it is more likely to have good gains.
The trucking game has a good IBD composite rating of 92 out of 99 and is in the top 13% of stocks by price performance over the past 12 months. Imminent income poses a risk.
AAON AC stock is near the top of a buy zone after breaking through a cup handle entry of 100.46.
Gains are a key strength here, with its near-perfect EPS rating of 98.
First Citizens BancShares is actionable after hitting a fixed buy point of 1345.43. Top-notch overall performance earned it a perfect composite rating.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more growth stock analysis.
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