Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures.
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The stock market rally came under pressure last week, with the Nasdaq leading a sell-off as Treasury yields jumped to 2023. The major indexes tried to rebound Friday as yields fell back, but stocks reversed lower.
The market rally could be at an inflection point, for good or ill. With the uptrend “under pressure,” investors should be cautious about new buys. But it is an excellent time to be looking for promising stocks.
Nvidia (NVDA) is bouncing from a near-test of its 10-week line. Tesla (TSLA) is holding its 50-day and 10-week lines, with multiple possible entries. Broadcom (AVGO) is trading tightly. Toll Brothers (TOL) is rebounding from its 10-week line while Delta Air Lines (DAL) is trying to do so.
Earnings season has gone through its busiest two weeks, but hundreds of companies will be reporting this coming week.
Berkshire Earnings
Warren Buffett’s Berkshire Hathaway (BRKB) reported a 7% gain in operating profit Saturday morning, with with revenue up 21% to $92.5 billion. Analysts expected Berkshire earnings to fall 8% vs. a year earlier to $3.87 a share, with revenue up nearly 6% to $80.58 billion.
Berkshire stock buybacks slowed to $1.4 billion in Q2 vs. $4.4 billion in Q1. The conglomerate’s cash pile jumped to $147.38 billion from Q1’s $130.62 billion.
Warren Buffett sold a net $7.98 billion worth of stocks. In Q1, Berkshire sold a net $10.4 billion worth of stocks.
BRKB stock is slightly extended from a buy point.
Apple (AAPL) accounts for nearly half of Berkshire’s equity portfolio. Apple stock is up 40% in 2023, though it fell sharply last week, breaking key levels Friday on lackluster earnings and guidance.
Palantir Technologies (PLTR) reports Monday night, with Eli Lilly (LLY) and Celsius Holdings (CELH) on Tuesday.
Nvidia stock, Tesla and Celsius are on IBD Leaderboard. TSLA stock is on the IBD 50. The video embedded in this article discusses the market action in depth, while also analyzing AVGO stock, Delta Air Lines and Toll…
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