Stock Market Today: Dow Jones Up As Apple Stock Pops; These three Warren Buffett Stocks Eye

The Dow Jones Industrial Average was back near session highs in afternoon trading Monday, as blue chips got a lift from Apple (AAPL). Stocks also were helped by Tesla (TSLA), which soared amid a China deal and AI boasts from Elon Musk. Alphabet (GOOGL) and Nvidia (NVDA) skidded on the stock market today, but some issues held by Warren Buffett’s Berkshire Hathaway (BRKB) neared entry points.

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Meanwhile, a trio of noteworthy stocks are currently holding tough near entries: Howmet Aerospace (HWM), Broadcom (AVGO) and Stride (LRN).

Stock Market Today: S&P 500 Up, Paramount Gains

Stocks were holding in positive territory as they looked to build on last week’s gains. The Nasdaq composite was up 0.4%. SiriusXM (SIRI) was faring well here as it popped nearly 5%.

The S&P 500 gained 0.3% and moved further above the 5,000 level. Albemarle (ALB) did well here as it rose around 7% while Domino’s Pizza (DPZ) popped nearly 6% after delivering an earnings beat.

Paramount Global (PARA) also outperformed on the benchmark index as it rose more than 3% amid speculation Chief Executive Bob Bakish could be axed amid merger discussions. It is above the 50-day moving average but below the 200-day line, MarketSurge analysis shows. Paramount earnings are due after the close.

The S&P 500 sectors were mostly positive. Consumer discretionary and utilities rose the most. Communication services and consumer staples lagged most.

Small-cap stocks outperformed, with the Russell 2000 rising nearly 1%. The Innovator IBD 50 (FFTY) exchange traded fund rose 0.2% on the stock market today.

Treasury yields were lower heading into the next Fed meeting, which kicks off Tuesday. The 10-year Treasury note dipped five basis points to 4.62% while the 30-year skidded four basis points to 4.74%. The five-year yield slipped five basis points to 4.64% while the two-year fell three basis points to 4.97%.

Dow Jones Today: Apple Stock Pops, Boeing Flies

The Dow Jones Industrial Average remained up more than 100 points, back near session highs. This equates to a gain of nearly 0.3%.

Apple popped after Bernstein upgraded the stock to outperform from market perform. Analyst Toni Sacconaghi claimed concerns over China weakness may be overdone. He thinks “prevailing weakness in China is more cyclical than structural.”

The stock was up just over 3%. It has now reclaimed the 50-day moving average, according to MarketSurge chart analysis.

Boeing (BA) fared slightly better in the Dow Jones today though, as it climbed more than 3%. Verizon Communications (VZ) and Amgen (AMGN) were also top performers on the much-watched index.

Intel (INTC) lagged as it fell more than 1%. UnitedHealth (UNH) was another laggard as it also fell 1%.

Warren Buffett Stocks Near Buy Points

There are few investors more lauded than Warren Buffett, and Apple is one of his core holdings. But a few other stocks held by the Oracle of Omaha’s firm, Berkshire Hathaway, are currently near buy points.

Dialysis provider DaVita (DVA) has formed a flat base with an ideal buy point of 141.54. It broke above a trendline entry around 135 and had already reclaimed the 50-day moving average. Overall strong performance has netted it an IBD Composite Rating of 91. Its Earnings Per Share Rating comes in at 96 out of 99.

Capital One Financial (COF) is nearing the top of its buy zone above a flat base entry at 140.86. It has bounced after getting support at the 50-day line.

The credit card company is in the top 11% of issues in terms of price performance over the past year. Earnings are seen rising 9% this year and 16% in 2025.

And Coca-Cola (KO) is testing a flat base entry of 61.62. This is a first-stage base, a bonus. Overall performance is not ideal, with its Composite Rating coming in at 78. But the dividend stalwart offers a yield of 3.14%, far better than the S&P 500 average of 1.39%.

Elon Musk Makes AI Boast, Tesla Gets China Deal

Tesla stock was continuing to soar in the stock market today after it emerged the firm has nailed a deal that paves the way for it to bring its Full Self-Driving feature to China.

Tesla will deploy its autonomous driving services based on mapping and navigation functions provided by Chinese technology giant Baidu (BIDU).

Wedbush Securities analyst Dan Ives cheered the move, which came after CEO Elon Musk visited the country over the weekend. Ives termed the visit a “home run.” He has a 275 price target and an outperform rating on Tesla stock.

As if that wasn’t enough, Musk also took to his social media platform, X, to boast about artificial intelligence initiatives at the electric vehicle giant.

“Tesla will spend around $10B this year in combined training and inference AI, the latter being primarily in car,” Musk wrote. “Any company not spending at this level, and doing so efficiently, cannot compete.”

Tesla stock was up more than 15%, a strong move considering it has a market cap of more than $600 billion. It has rocketed back above its 50-day moving average.

The stock’s relative strength line is also turning higher after recent declines, though it has a lot of ground to make up. Tesla stock remains down more than 21% since the start of the year.

Magnificent Seven: Nvidia Stock, Alphabet Fall

Besides Tesla, other stocks in the Magnificent Seven were having mixed luck at the start of a new week.

Nvidia (NVDA) was down nearly 1%. The AI play is trading near its 50-day line as it forms a new consolidation. It is a member of the IBD Leaderboard list of top stocks.

Google-parent Alphabet (GOOGL) lagged most though, dipping just over 3%. It is digesting some gains after a strong jump following earnings last week.

Meta Platforms (META) continues to struggle following a disappointing quarterly report last week, skidding nearly 3% in afternoon trade.

Microsoft (MSFT) was down more than 1%, while Amazon.com (AMZN) was up 0.5%.

Outside Dow Jones: Three Stocks Eye Entries

With stock market action improving, investors should be on the lookout for stocks holding near buy points.

Howmet Aerospace is nearing a flat-base entry of 69.55 on the stock market today. Its relative strength line is nearing a fresh high. The stock has just retaken its 50-day moving average, an encouraging sign. It has a best-possible IBD Composite Rating of 99.

Earnings are due Thursday, which makes it one to watch for now. An approach highlighted by Investor’s Business Daily is to use options as a strategy to reduce risk around earnings.

Broadcom has formed a second-stage double-bottom base. The ideal entry point here is 1,403.98, MarketSurge analysis shows.

Stride is another one to watch as it digests some post-earnings gains as it moves toward a buy point. The education play is trying to reach an early-stage consolidation entry of 69.70.

It soared in high volume after reporting earnings last week. Earnings popped 23% to $1.60 a share while revenue climbed 11% to $521 million.

Stride stock has a Composite Rating of 97 and its B+ Accumulation/Distribution Rating reflects institutional buying of late. In total, 71% of the stock is held by funds.

Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.

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