The Dow Jones Industrial Average rose as Advanced Micro Devices (AMD) jumped following an acquisition. Rival Nvidia (NVDA) and Apple (AAPL) were the subject of Wall Street calls. A trio of Warren Buffett stocks, including American Express (AXP), are trading near buy points on the stock market today.
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The Dow Jones was up around 140 points, or 0.3%. The blue-chip index is clear of its short-term moving averages as well as its 50-day line.
The tech-heavy Nasdaq composite rose 0.2%. Palo Alto Networks (PANW), which reports earnings after the close, was a top performer here as it rose more than 2%. AI stock Super Micro Computer (SMCI) fell 3.5%.
The S&P 500 inched 0.2% higher. Estee Lauder (EL) was nearly flat after the company reported disappointing Q1 earnings and announced that CEO Fabrizio Freda will retire. Its rival, new Warren Buffett holding Ulta Beauty (ULTA), rose 1%.
Stock Market Today: Growth Stocks, Small Caps Shine
Meanwhile, the S&P 500 sectors were mostly positive. Energy and real estate were faring best while industrials and technology lagged.
The Russell 2000 climbed 0.4%. The midcap S&P 400 was up 0.3%, near highs for the day. Growth stocks outperformed, with the Innovator IBD 50 (FFTY) exchange traded fund up more than 1%.
Three Warren Buffett Stocks Near Buy Points
There are few investors more feted than Berkshire Hathaway (BRKB) Chief Executive Buffett. A few stocks held by the value investing titan’s firm were entries Monday.
American Express stock is trading is trading in a buy zone above a flat base entry of 244.41, MarketSurge analysis shows. Overall strong performance is reflected in its IBD Composite Rating of 92 out of 99. Berkshire owns 151,610,700 shares in the payments giant.
DaVita (DVA) is trading in the actionable zone above a flat base buy point of 147.93. It is clear of all its moving averages, a bullish look.
The firm provides kidney dialysis services through a network of almost 3,000 outpatient centers in the U.S. Berkshire owns 43% of its shares outstanding. DaVita is also a member of the IBD Leaderboard list of top stocks.
Homebuilder stock Lennar (LEN) is trading in the buy zone above a double-bottom base entry of 171.27. This is a first-stage base, a bonus.
This is a relatively minor holding for Buffett, with Berkshire holding about $25 million-worth of shares. With the prospect of a Fed rate cut on the horizon, the environment could become more conducive to homebuilder stocks.
IBD recommends buying stocks with strong earnings and price performance. Look for leaders in strong industries that are showing superior earnings growth and sales, such as those in the IBD 50.
AMD Stock Amid $4.9 Billion Deal
Nvidia has been the undoubted leader in the chip space in 2024, leaving rivals such as Advanced Micro Devices in the dust.
But Nvidia’s rival was moving higher Monday amid news it has signed a definitive agreement to acquire ZT Systems for $4.9 billion in cash and stock. CEO Lisa Su said the purchase of the privately held company will help her firm as it pursues its own artificial intelligence strategy.
“Very excited to announce we have signed an agreement to acquire leading hyperscale solutions provider ZT Systems,” she said on X. “Next major step in our AI strategy combining our silicon, software and ZT’s world class systems expertise to enable rapid deployment of AMD AI solutions at scale for our cloud and enterprise customers.”
AMD stock popped on the stock market today, rising about 3%. However, it remains below the 50-day and 200-day moving averages, according to MarketSurge analysis.
Magnificent Seven: Nvidia Dips Despite Bullish Call
The so-called Magnificent Seven group of stocks were mixed in early trading.
Tesla (TSLA) was faring best as it rose nearly 2%. It is back above all of its moving averages.
Google parent Alphabet (GOOGL) rose more than 1%. It remains rooted below its 50-day moving average, however. Amazon.com (AMZN) fell fractionally.
Nvidia rose slightly after Goldman Sachs reiterated a buy rating and held a 135 target on the stock heading into next week’s earnings report. Analyst Toshiya Hari believes “customer demand across large cloud service providers and enterprises is strong.”
The Leaderboard stock remains above its 50-day moving average after clearing the important level last week.
Apple stock was down more than 1% after KeyBanc reiterated its sector weight rating on the stock, citing concerns “that there will not be a large increase in upgrade rates” even with the launch of the iPhone 16 in September.
Facebook parent Meta Platforms (META) and Microsoft (MSFT) each fell slightly.
Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.
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