The Dow Jones Industrial Average closed off highs as stocks tried to fight back from recent losses. A trio of Warren Buffett stocks are eyeing entries even as Berkshire Hathaway was nearly flat following earnings. Peter Thiel firm Palantir Technologies dipped despite announcing job cuts. Tesla popped on a production report.
Meanwhile, a trio of stocks attempted breakouts amid the positive action Myers Industries, International Seaways and Genuine Parts all tested entries.
The yield on the benchmark 10-year Treasury note eased 2 basis point to 3.93%. Oil dipped, with West Texas Intermediate crude falling nearly 1% to trade at just under $76 per barrel.
Nasdaq Gains, IBD 50 Shines
The current market uptrend has been coming pressure in recent weeks. Stocks tried to dig in Monday amid recent losses but only closed modestly higher.
The Nasdaq faded into the close but still rose 0.6%. Seagen fared best here as it jumped 10.4%. It surged on a Wall Street Journal report Pfizer is in talks to acquire the drugmaker.
The S&P 500 was well of the day's highs as it rose 0.3%. Enphase Energy was among the stronger performers here, rising 5.9%.
The S&P 500 sectors closed mostly positive. Technology, industrials and consumer discretionary fared best. Utilities and health lagged.
Small caps also faded, with the Russell 2000 rising 0.3%. Growth stocks fared better, with the Innovator IBD 50 ETF popping 1.3%.
Dow Jones Today: Apple Stock, Caterpillar Flex
The Dow Jones Industrial Average ended with a modest gain of less than 100 points. It rose 0.2%.
Apple was among the better performers as it gained 0.9%. AAPL is up more than 18% so far this year.
But Caterpillar was the top stock on the Dow Jones today, rising 1.6%. It will be looking to regain the 50-day moving average going forward, MarketSmith analysis shows.
Walgreens Boots Alliance and Intel were the worst Dow laggards. WAL fell 1.1% while INTC slipped 1%.
3 Warren Buffett Stocks Eye Entries As Berkshire Gains
Berkshire Hathaway stock managed to fight its way higher after struggling following the firm's latest earnings report over the weekend. It ended the session up 0.2%.
Net earnings fell 54%, year over year, to $18.164 billion in Q4, and 75% to $22.819 billion for the full year. This largely reflected declines in its equity portfolio.
For the year, Berkshire disclosed record operating earnings of $30.793 billion, up 12.2% from 2021.
BRKB stock is trading just below its 50-day moving average in steady action. It is well shy of a buy point of 362.20. An alternative entry can be found at 321.42, however.
While BRKB struggled, a trio of Warren Buffett stocks are trading near buy points.
American Express has formed a cup-with-handle base. It is just below an ideal buy point of 182.25. This is a first-stage base.
Bank of America has also formed a first-stage cup-with-handle base. It is shooting for a 37.10 buy point.
Jefferies Financial is trading in a buy zone after previously breaking out from a flat base. The ideal entry here was 36.97. Investors may wish to see how it handles a test of the 50-day moving average.
Peter Thiel Stock Palantir Down Despite Job Cuts
Palantir stock was slightly negative despite the firm announcing it is cutting 2% of its workforce.
It is a relatively paltry sum considering the firm has about 3,838 employees, according to a December SEC report.
Palantir Technologies specializes in Big Data analytics. Its founders include the billionaire Peter Thiel, who also cofounded PayPal.
PLTR stock ended the session down 0.7%. It is trading below a cup-with-handle entry of 10.41. It has had a strong year so far, gaining nearly 26%.
Tesla Stock Pops On Production Report; Fisker Jumps
Tesla stock had a good day, jumping 5.5%. It was boosted on the news its Gigafactory Berlin-Brandenburg hit a production rate of 4,000 vehicles per week ahead of schedule, according to Reuters.
The firm's eccentric CEO Elon Musk had previously compared Tesla's new factories to "gigantic money furnaces."
Tesla is getting set to host its latest investor day on Wednesday. Musk is expected to reveal details on its much-anticipated "Master Plan 3."
TSLA stock is trading just below its 200-day moving average. It has gained more than 92% since the start of 2023.
Fisker popped 30.3% higher after the firm maintained its 2023 vehicle production target. It also said it spent less than expected in fiscal 2022.
This was enough for investors to overlook a Q4 loss per share of 54 cents, which was higher than analysts expected. Revenue also came in short of views.
Outside Dow Jones: 3 Stocks Test Buy Points
A trio of noteworthy stocks attempted breakouts Monday.
Packaging stock Myers Industries is in a buy zone after passing a flat-base entry of 25.21 for the thinly traded stock.
The relative strength line has hit fresh heights, a bullish sign. All-around performance is strong, with its IBD Composite Rating a power 97 out of 99.
International Seaways broke out of a cup base. It closed just above the entry point of 48.22. The RS line also hit a new high.
Stock market performance is very strong. It is among the top 2% of stocks in terms of price performance over the last 12 months.
Genuine Parts tested a cup with handle entry of 180.85 best viewed on its weekly chart. The stock reversed lower though, giving up 0.3%.
Big Money has been buying GPC stock of late, with its Accumulation/Distribution Rating coming in at B-.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more analysis of growth stocks.
