The Dow Jones Industrial Average decreased in the stock market today, with PVH, the parent company of Calvin Klein, experiencing a sharp decline after its quarterly report. Cathie Wood, a fund manager, invested heavily in Tesla just before the stock dropped due to Q1 delivery data. Despite bullish calls from Wall Street, stocks like Nvidia and Meta Platforms fell.
Meanwhile, there were three stocks showing potential buy points near their entry levels – Badger Meter, Republic Services, and TJX, all of which were in base patterns.
In the broader market, the Nasdaq and small caps saw declines, with tech stocks like ON Semiconductor and Advanced Micro Devices dropping. The S&P 500 also fell, with Humana and CVS Health among the underperformers.
Additionally, the Job Openings and Labor Turnover Survey showed available positions at 8.76 million, in line with economist expectations.
The 10-year Treasury note rose to 4.37%, and the 30-year also increased to 4.51%. The key 10-year yield hit 2024 highs today, reaching 4.4%.
Across the market, healthcare stocks were hit hard, with UnitedHealth falling more than 7%. Stocks like Amgen and Intel also saw declines.
In terms of individual stock moves, Tesla’s shares dropped around 5% following weak Q1 deliveries. Tesla is now around 45% below its 2023 high and was impacted by lower-than-expected delivery numbers.
Overall, investors should be cautious when buying stocks, focusing on strong earnings and price performance rather than laggards. Buying stocks based on key reports like earnings or delivery data can be risky.
