The Dow Jones fell despite its rally towards the close, with Nike (NKE) and Apple (AAPL) making some of the best earnings. You’re here (TSLA) rose despite disappointing delivery data. A Warren Buffett stock fell even as it emerged Berkshire Hathaway (BRKB) had increased its stake.
A trio of stocks made bullish moves amid the mixed action. PGM ingredients (MGPI) tested a buy point while dollar tree (DLTR) and Funko (FNKO) showed strength by continuing to build bullish bases.
Volume was lower on both the Nasdaq and the New York Stock Exchange according to early data.
The yield on the benchmark 10-year Treasury fell eight basis points to 2.83%. West Texas Intermediate crude oil plunged 8% to trade at just under $100 a barrel.
Nasdaq gains as tech stocks falter
The Nasdaq eclipsed the other major indexes, up 1.8%. Zoom Video Communication (ZM) was among the top performers as it gained 8.5%.
The S&P 500 managed to work its way out of negative territory, up 0.2%. Ecommerce Stock Etsy (ETSY) was among the top performers here, up 10.6%.
S&P 500 sectors were mostly negative. Technology, consumer discretionary and communication services were the only sectors in positive territory. Energy lagged the most, followed closely by utilities.
Small caps also fought back against the bears, with the Russell 2000 gaining 0.7%.
Growth stocks also rebounded, although the Innovator IBD 50 (FFTY) ETF, a proxy for growth stocks, closed slightly negative.
Dow Jones today: Nike, Apple top stocks
The Dow Jones Industrial Average was down for the day, but still struggling. It remained down about 0.7%.
Nike was the best performing stock in the index. It ended the day up 3.1% but remains around 9% below its 50-day moving average, according to MarketSmith analysis.
Other stocks doing well on the Dow today include Apple and Microsoft (MSFT). The AAPL rose 1.9% while the MSFT gained 1.3%.
Both are trading below their 50-day moving averages.
Chevron (CVX) was the worst laggard, falling 2.6%. However, it remains up nearly 20% over the year.
Tesla stock rises despite delivery data
Tesla stock managed to reverse despite disappointing new delivery data.
Tesla managed to rebound despite the announced deliveries in the second quarter of 254,695 electric vehicles. It was also below what analysts had expected. It was also down nearly 18% from the first quarter record of 310,048 but up 26.5% from a year earlier.
Tesla produced 258,580 vehicles in Q2 versus 305,407 in Q1, nearly all Model 3 sedans and Model Y crossovers.
Tesla Shanghai was shut down for much of April and did not resume full production until early June. The recently opened Tesla factories in Berlin and Austin are producing relatively few vehicles, in part due to supply chain issues. The electric vehicle giant said June was a record month for production.
Tesla stock closed at highs for the day rising 2.6%. It remains down about 42% since the start of 2022, however.
The former charting stock remains stuck well below its 50-day moving average. It is near the lows of a consolidation pattern with an entry at 1,208.10.
Warren Buffett Stock Drops After BRKB Buys More
Warren Buffett Stock western oil (OXY) fell in open trading after raising premarket on news that Berkshire Hathaway had increased its stake in the oil company.
With energy being the worst performing sector on the day, Occidental stock was dragged down 2.2%. Nonetheless, OXY stock remains up around 90% so far in 2022. It has lost ground to the key 50-day moving average, according to MarketSmith analysis.
Buffett’s company, Berkshire Hathaway, acquired an additional 9.9 million shares, according to an SEC filing. She now owns more than 163 million shares, or more than 17% of the company.
Berkshire Hathaway stock was down more than 1% for the session.
Among other oil stocks, Callon oil (CPE) plunged 8.6% while Diamondback Energy (FANG) fell 5.8%. apache parent PAA (APA) fell 7.4%.
The Vanguard Energy Index Fund ETF (VDE) fell 4.2%, but remains up 20.5% year-to-date. It is a far cry from recent highs, however.
Technologies are leading the market rebound; The end of Fed rate hikes?
Outside of Dow Jones: These 3 stocks are making bullish moves
MGP Ingredients closed below its buy zone after briefly breaking above a flat base entry of 104.10. Its relative strength line has just reached a new high, a bullish sign.
Earnings are a key strength, as it sits in the top 2% of stocks in terms of price performance over the past 12 months.
The company produces distilled spirits, including gins, vodkas and whiskeys.
A few names have also seen their RS lines soar to new heights as they attempt to reach their own buying points.
Dollar Tree is approaching a cup-handle buy point of 165.45. The discount retailer’s overall performance is excellent, reflected in an IBD composite rating of 96.
Big Money recently bought stocks, according to data from MarketSmith.
Funko has also formed a mug base with handle, this time with a buy point of 25.18. This is an early second stage model. The stock has the best possible composite rating. A total of 93% of the shares are currently held by funds.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more growth stock analysis.
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