Dow Gains as Tesla Shares Fall on Price Cuts; The big short Michael Berry places these bets

The Dow Jones Industrial Average suffered again merck (Mrk) And apple (AAPL) among the winners. The latest bets of legendary big investor Michael Perry have been revealed. Tesla (TSLA) was lower after further price cuts appeared.

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Meanwhile, the trio stocks rallied as they looked for breakouts even though the current uptrend was under pressure. Box (Box), monster drink (mnst) And Option Care Health (to open) have all moved towards the entries.

Treasury yields rose. The 10-year yield rose by two basis points to 4.19%, while the two-year yield rose seven basis points to 4.97%, making the yield curve more inverting.

Nasdaq gains when small caps resist

The high-tech Nasdaq was the best performer among the major indexes as it reversed higher to gain a muscular 1.1%. Leaderboard arrow nvidia (NVDA) was the best performer here with 7.1% emerging.

The S&P 500 also managed to climb out of the red, closing up 0.6%. micron technology (in) was among the top ingredients here thanks to a 6.1% hike.

S&P 500 sectors ended the session mixed. Technology and telecom services were the best performers in the stock market today. In contrast, real estate and utilities lagged behind the most.

The bears continued to nibble at the small caps, as the Russell 2000 fell 0.3%. Growth stocks rose nicely, with the Innovator IBD 50 ETF (fifty) up 0.2%.

Dow Jones today: Intel and Apple shares rose

The Dow managed to rally into the close, ending in positive territory. It gained 26 points, or 0.1%.

Apple was among the top gainers, up 0.9%. Despite this, it is still stranded below its 50-day moving average, According to MarketSmith analysis.

Intel (INTC) fared better with a gain of 2.3%. It is now evident from the major short-term moving averages.

merck (Mrk) And visa (FifthThe Dow also performed well today with gains of 1.4% and 1.2%, respectively.

3M (mmm) was the worst lagging, down 1.1%. Goldman Sachs (p) And Walmart (wmt) were the worst performers, down nearly 1% each.

Michael Berry’s Big Short does these moves

All eyes in the investment community are on the flood of 13-F filings appearing on the SEC database.

Michael Bury, who rose to fame after losing out before the subprime mortgage crisis, is taking a cautious approach in the wake of the stock market’s stunning rally in the first half of the year.

the Big Short is a descendant of Asset Management Place two noteworthy downward bets according to their deposit. First, I placed options for $2,000,000 SPDR S&P 500 ETF Trust (spy) Involved. This position had a value of just shy of $887 million at the time of filing.

In addition, his company placed options for another $2,000,000 Invesco QQQ Trust (QQQ) stock, which is a negative bet against the Nasdaq 100.

However, Scion Asset Management has also taken on a number of new positions in the likes MGM Resorts (MGM), Generac (GNRC) And Expedia (EXPE).

Michael Berry isn’t the only big name whose latest bets are eagerly awaited. File 13-F of Berkshire Hathaway (BRKB), which is led by legendary investor Warren Buffett, late Monday.

Tesla shares fell at more price cuts

Tesla recouped some of its losses for the day after being pulled back by more price cut news, but still closed lower.

He was hurt after it emerged that he would cut prices again, this time in China.

The global EV company announced that the price of the Model Y Long Range and performance variants has been slashed by CNY14,000 ($1,930). This represents a price reduction of approximately 4%. It was the company’s third price trim in various versions of the Model Y in China.

On the plus side, Tesla left the prices of its base Model Y unchanged. This is the most common form in China.

Tesla has made multiple price cuts around the world in 2023. This is putting pressure on profit margins.

EV stock ended the session down 1.2%, losing ground from the 50-day moving average. It’s been reversing since its earnings plunge after the second quarter. However, Tesla stock is still up nearly 122% so far in 2023.

Outside Dow Jones: These three stock entrances

When the stock market’s uptrend is under pressure, it is important to track potential breakouts.

Box stock came close to a 31.83 handle cup insert, MarketSmith’s analysis appears.

Running the database software is a strong overall performance, with a composite IBD rating of 88 out of 99.

Monster Beverage approached a flat entry level of 60.47. I pulled off the 50-day streak in the process.

Earnings are a major strength for the energy drink stock, with an EPS rating of stellar 94 out of 99.

Option Care Health is heading towards entering consolidation at 35.87. Big Money was snapping up the stock, with a Strong Accumulation/Distribution rating of A-.

Please follow Michael Larkin on Twitter at @employee For further analysis of growth stocks.

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