The Dow Jones Industrial Average rose Tuesday on a cooler-than-expected CPI inflation reading. Cathie Wood’s Ark Invest sold a combined 393,000 shares of Tesla stock, worth about $92 million based on Monday’s closing prices.
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May’s consumer price index rose 0.1% on the month, below the 0.2% estimate, with the annual inflation rate falling to 4.0%, below estimates expecting an ease to 4.1% from 4.9%. The core CPI, excluding food and energy, rose 0.4%, in line with forecasts, lowering the core inflation rate to 5.3% from 5.5%.
Meanwhile, the Federal Reserve’s two-day meeting also kicks off Tuesday. The Fed is widely expected to skip a rate hike at its two-day policy meeting that wraps up on Wednesday at 2 p.m. ET. The move would pause the 10 consecutive rate increases begun in March last year.
Finally, Oracle (ORCL) earnings came out late Monday, topping Wall Street’s estimates. ORCL stock jumped 5% in early trade. Shares closed Monday in the 20%-25% profit area from a 91.22 cup-with-handle buy point following a late-March breakout move.
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EV giant Tesla (TSLA), now up 12 days in a row, rose another 1.3% Tuesday morning. That was even after Cathie Wood’s Ark Invest disclosed the stock sales. Ark Invest also sold about 20,000 shares of Nvidia (NVDA). Nvidia shares advanced nearly 2% early Tuesday.
Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) traded mixed after today’s stock market open. Intel (INTC) shares jumped more than 2% after reports said SoftBank Group’s UK-based Arm is in talks with Intel as a potential strategic investor for its initial public offering.
Dexcom (DXCM), Floor & Decor (FND), Fortinet (FTNT) and Kinsale Capital (KNSL) — as well as Dow Jones stocks Cisco Systems (CSCO), JPMorgan Chase (JPM) and Salesforce (CRM) — are among the best stocks to buy or watch in the stock market uptrend.
Tesla is an IBD Leaderboard stock, while Floor & Decor was IBD’s Stock Of The Day on Thursday.
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