Dow Jones up; 3 Cathie Wood buys Pop in the best month; Tesla soars on Elon Musk reunion

The Dow Jones Industrial Average closed higher even as Intel (INTC) crater on earnings. A trio of buys by famed fund manager Cathie Wood have sprung up, including Teladoc Health (TDOC) as it nears a record month. You’re here (TSLA) roared as CEO Elon Musk met with Biden administration officials.

Meanwhile, a trio of notable stocks attempted breakouts amid the encouraging action: Box (BOX), Titan Machinery (TITN) and Knight-Swift Transportation (KNX).

According to the Bureau of Economic Analysis, stocks rose after the annual rate of the personal consumption expenditure price index slowed to 5% in December from 5.5% in November. This is the preferred inflation gauge used by the Federal Reserve for monetary policy.

Nasdaq appears as IBD 50 fades

The Nasdaq was the strongest of the major indexes as it gained 1%. EV stock Lucid (LCID) was the big winner here as it climbed 43%. Trading was repeatedly halted due to volatility.

The S&P 500 faded late adding 0.3%. S&P 500 sectors were mostly positive. Consumer discretionary and communication services are doing the best, while healthcare and energy are the worst laggards.

Small caps also rose, with the Russell 2000 closing up 0.4%. Growth stocks also surged, with the Innovator IBD 50 (FFTY) ETF gaining 0.2%.

Dow Jones gains even as Intel stock tumbles

The Dow Jones Industrial Average saw its gains fade, closing up just 0.1%.

American Express (AXP) climbed 10.5% after being guided higher for 2023. Profits fell 5% while revenue jumped 17%, both missing Wall Street views.

Intel was hammered 6.4% after missing Wall Street expectations for the fourth quarter while announcing a first-quarter loss.

Company faces weak PC sales, production issues and market share losses to compete Advanced micro-systems (AMD).

Tesla stock soars amid Elon Musk meeting

You’re here (TSLA) was one of the best performers of the day rising 11%.

It happened when CEO Elon Musk met with two Biden administration officials to see how they could work together. He met with Biden’s senior adviser for clean energy innovation, John Podesta, and Mitch Landrieu, who oversees infrastructure spending.

«John Podesta and Mitch Landrieu sat down with Elon Musk to discuss shared goals around electrification and how the bipartisan Infrastructure Act and the Cut Inflation Act can advance generation and charging of electric vehicles as well as the broader cause of electrification,” a White House spokesperson told Reuters.

Tesla stock had one of its best days since Jan. 3, 2022, when it rose 13.5%. Up 33.3% for the week, it was Tesla’s best weekly gain since May 2013, when it rose nearly 41%, according to Dow Jones Market Data.

Cathie Wood buys Jump as she heads into Monster Month

ARK Invest portfolio manager Cathie Wood, a big Tesla backer, saw a few new buys pay off immediately on Friday.

Teladoc Health jumped 6.5%. It is trying to catch up to its 200-day moving average after previously resuming its 50-day line, according to MarketSmith analysis.

Therapeutic Intellia (NTLA) managed to rally above its 50-day moving average after gaining almost 8%. However, the volume was below average.

Beam Therapy (BEAM) is trading just below its 200-day line after jumping 3.3%.

Wood added to the three stocks in his various funds on Thursday. His famous ETF ARK Innovation (ARKK) is heading for its best month ever. The fund is up more than 29% so far this month.

If he can maintain this performance, he will easily beat the nearly 26% gain he made in April 2020.

Why this can be a life-changing rally; 4 stocks close to buy points

New chef offers early entry

Visteon (VC) is actionable after clearing a trendline entry on Friday. It is also approaching a consolidation buy point of 152.20.

The relative strength line is progressing again after pausing during its base building period. The stock was promoted from the Leader Watch List to the IBD Leaderboard list of top stocks.

The Detroit-based company is a leading supplier of automotive parts to automakers. It specializes in driving performance and clean air products and systems.

The excellent overall performance is reflected in its IBD Composite Rating of 99. It has industry giants Ford (F) and General Engines (GM) among its main customers.

Outside of Dow Jones: 3 point buy stock test

The Play Box Database Software is trading in a buy zone after clearing a flat base entry of 32.10. This is a basic first step.

Overall performance is very solid, with its near-perfect IBD Composite Rating of 97.

Titan Machinery tested a 43.59 handle cup entry. The move came in low volume, a breakout, and the stock closed below the entry.

Knight-Swift Transportation briefly cleared a buy point of 62.39 but faded. This decision was made en masse, as the trucking company missed analysts’ views for the last quarter.

Please follow Michael Larkin on Twitter at @IBD_MLarkin for more growth stock analysis.


These are the 5 best stocks to buy and watch right now

Chip Stock Gets a Lift on These Products

Join IBD Live each morning for pre-opening stock tips

It’s the ultimate Warren Buffett action, but should you buy it?

This is Donald Trump’s ultimate action: Is DWAC a buy?

Deja un comentario

error: Content is protected !!