The Dow Jones fell, although it was higher at the close, with Nike (NKE) and Apple (AAPL) posting some of the best gains. Tesla ( TSLA ) rose despite disappointing delivery data. Warren Buffett’s shares fell even as it emerged that Berkshire Hathaway ( BRKB ) had raised its stake.
A trio of stocks made gains amid mixed action. MGP Ingredients ( MGPI ) tested a buy point, while Dollar Tree ( DLTR ) and Funko ( FNKO ) showed strength as they continued to build bullish bases.
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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 note fell eight basis points to 2.83%. West Texas Intermediate crude fell 8% to just under $100 a barrel.
Nasdaq gains as technology stocks move
The Nasdaq outperformed the other major indexes, rising 1.8%. Zoom Video Communication (ZM) was among the top performers, gaining 8.5%.
The S&P 500 managed to fight its way out of negative territory, rising 0.2%. E-commerce stock Etsy ( ETSY ) was among the top performers here, up 10.6%.
S&P 500 sectors were mostly negative. Technology, consumer discretionary and communications services were the only areas in positive territory. Energy was the biggest laggard, with utilities following closely behind.
Small caps also fought back against the bears, with the Russell 2000 gaining 0.7%.
Growth stocks also rose, although the Innovator IBD 50 ETF ( FFTY ), the growth stock leader, closed partially negative.
Dow Jones Today: Nike, Apple Stock Lead
The Dow Jones Industrial Average was off the low 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 percent, but remains about 9 percent below its 50-day moving average, MarketSmith analysis shows.
Other stocks performing well on the Dow Jones today include Apple and Microsoft ( MSFT ). AAPL rose 1.9%, while MSFT gained 1.3%.
Both are trading below their 50-day moving averages.
Chevron ( CVX ) was the biggest laggard, falling 2.6%. However, it remains with nearly 20% growth for the year.
Tesla shares rise despite delivery data
Tesla shares managed to turn higher despite disappointing new delivery data.
Tesla managed to recover, though it reported second-quarter deliveries of 254,695 electric vehicles. This was also below analysts’ expectations. It was also down nearly 18% from the Q1 record of 310,048, but up 26.5% from a year earlier.
Tesla produced 258,580 vehicles in Q2 versus 305,407 in Q1, almost all Model 3 sedans and Model Y crossovers.
Tesla Shanghai was shut down for most of April and did not resume full production until early June. Tesla’s recently opened factories in Berlin and Austin are producing relatively few vehicles, in part due to supply chain issues. The EV giant said June was a record month for production.
Tesla shares closed at highs for the day, rising 2.6%. However, it remains down about 42% since early 2022.
Shares of the former chart remain well below their 50-day moving average. It is near the bottom of a consolidation pattern with an entry of 1,208.10.
Warren Buffett shares fall after BRKB buys more
Shares of Warren Buffett’s Occidental Petroleum ( OXY ) fell in open trade after rising pre-market on news that Berkshire Hathaway increased its stake in the oil company.
With energy the worst performing sector for the day, shares of Occidental were dragged down 2.2%. Still, OXY shares remain up about 90% so far in 2022. They have lost ground on the key 50-day moving average, MarketSmith analysis shows.
Buffett’s firm Berkshire Hathaway acquired another 9.9 million shares, according to an SEC filing. She now owns more than 163 million shares, or more than 17% of the company.
Shares of Berkshire Hathaway fell more than 1% for the session.
Among other oil stocks, Callon Petroleum ( CPE ) fell 8.6%, while Diamondback Energy ( FANG ) fell 5.8%. Apache parent APA ( APA ) tumbled 7.4%.
The Vanguard Energy Index Fund ETF ( VDE ) fell 4.2% but remains up 20.5% year-to-date. Still, it’s far from recent highs.
Techs rally on recession fears; Markets See End of Fed Hikes
Outside the Dow Jones: These 3 stocks are making bullish moves
MGP Ingredients closed below its buy zone after briefly crossing a flat base at 104.10. His relative strength line just hit a new bullish high.
Earnings are a key strength, although it is in the top 2% of stocks in terms of price performance over the past 12 months.
The company produces distilled spirits including gin, vodka and whiskey.
Several names also saw their RS lines hit new highs as they try to hit their own buy points.
Dollar Tree is nearing a 165.45 cup handle buy point. The bargain retailer’s overall performance is excellent, which is reflected in an IBD Composite Rating of 96.
Big money has been buying stocks lately, MarketSmith data shows.
Funko has also molded a mug base with a handle, this time with a purchase point of 25.18. This is an early second stage model. The stock has the best possible composite rating. A total of 93% of shares are currently held by funds.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more stock growth analysis.
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