Dow Jones futures edged lower Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally had a generally positive week, with the Nasdaq and small caps leading the way.
But with the major indexes at resistance levels following strong recent gains, the market rally showed resilience amid some mixed headlines.
Stocks To Watch
Chip stocks are rebounding, a positive sign for any market rally. Monolithic Power Systems (MPWR), KLA (KLAC), Analog Devices (ADI), Axcelis Technologies (ACLS) and Onsemi (ON) are running up, but are currently in no man’s land, extended from early entries but below traditional buy points.
Finally, Celsius (CELH) got a heat check after huge gains in recent days and weeks. What should investors do with CELH stock with earnings on tap Tuesday?
MPWR stock is on IBD Long-Term Leaders. KLAC stock is on the Long-Term Leaders watchlist. CELH stock, Axcelis Technologies, Onsemi, KLA and Monolithic Power all are on the IBD 50. ADI stock, Onsemi and Monolithic Power are on the IBD Big Cap 20. ACLS stock was Friday’s IBD Stock Of The Day. Monolithic Power and ON stock were Stock Of The Day earlier in the week.
Berkshire Hathaway (BRKB) operating earnings rose 39% vs. a year earlier to $9.28 billion. But Warren Buffett’s conglomerate suffered a net loss of $43.8 billion. That reflects a $53 billion loss in investments, amid the plunging stock market that bottomed in June.
Berkshire bought back just $1 billion in its own stock in Q2, down from $3.2 billion in Q1. Instead, Berkshire has been loading up on Occidental Petroleum (OXY).
Buffett’s firm still had $105.4 billion in cash at the end of June vs. $106.3 billion at the end of March.
BRKB stock fell 2.8% last week to 292.07, trading between its 200-day and 50-day lines. Berkshire stock has rebounded from its June lows but is still well off its late March peak of 362.10.
Dow Jones Futures Today
Dow Jones futures fell 0.1%, along with S&P 500 futures. Nasdaq 100 futures lost 0.1%.
The Senate approved the tax-spending-climate legislation with Vice President Kamala Harris breaking the 50-50 tie. The House will likely take up the package, which includes green energy incentives, expanded ObamaCare subsidies, some drug price controls and tax hikes, in a few days.
Stock Market Rally
The Dow Jones Industrial Average edged down 0.1% in last week’s stock market trading. The S&P 500 index rose 0.4%. The Nasdaq…
Read More News: Futures Dip: These 5 Chip Stocks Could Use This