Dow Jones Hits Day's Highs; Buffett Makes Big Bet Ahead Of Bank Earnings

In late Thursday trading, the Dow Jones Industrial Average reached its day-high. Apple (AAPL), which had been on a losing streak of three days, rose. The blue-chip index has risen by 1.2%.

Dow Jones components Nike, Salesforce and Microsoft also gained during the hour.

Solar stocks Enphase and SolarEdge both rose in the S&P 500, which traded at highs.

Nasdaq e-commerce stocks rose. Amazon (AMZN), IBD Leaderboard's MercadoLibre, and other stocks also rose. Tech index was the leader in terms of gains, with a 1.9% increase. Tesla (TSLA), which has risen to its 50-day line, is the leader of the upside.

The NYSE volume fell compared to the same time Wednesday while Nasdaq's volume increased a few ticks.

Crude oil dropped over 1%, to $82.32 a barrel. The yield of the benchmark 10-year Treasury bill rose by 2 basis points, to 3.44%.

The Innovator IBD50 index (FFTY) rose by 1.9%, while the Russell 2000 small-cap index rose by 1.5%.

Reports claim that Warren Buffett’s Berkshire Hathaway has sold certain bank shares.

The Oracle of Omaha summarized the recent bank run by saying that it was a mismanagement of assets. He said that it is a temptation banks face often, and "every so often bites them in the big way".

According to the most recent 13F filings, BRKB owned several bank stocks including a massive position in Bank of America. However, it is possible that BRKB has sold large stakes since the beginning of the banking crisis. The value investor is also said to have bet heavily on the safety of bank deposits in an interview. As earnings are revealed, it may be bank shareholders and not depositors who bear the brunt of recent banking crises.

Bitcoin (BTC), which is currently trading at $30,365, has reached its highest level in 10 months.

Apple shares rose Thursday. Apple plans to use recycled cobalt for all of its batteries. Shares fell earlier on the news that there were too many bugs to allow the premium version of the iPhone 15 to have a 3D haptic touch.

According to IBD MarketSmith's chart analysis, Southern Copper (SCCO), broke out of its double-bottom with a 78.75 price entry. Pampa Energia, the Argentinean electricity stock, broke out of consolidation with a 36.97 entry.

The airlines stocks have had a rough week.

Delta Air Lines (DAL), which is heading into the summer travel season, posted mixed results. It missed Q1 expectations but raised its sales forecast for the year. The shares lost the 200-day mark in a huge volume.

American Airlines (AAL), which suffered a steep loss on Wednesday, is largely flat. United Airlines (UAL), meanwhile, is testing the 200-day line. UAL's earnings will be released next week.

Stocks on Watch

Freeport McMoRan is nearing a 43.98 buy point in a base with a double bottom.

Netflix (NFLX), is close to a purchase point of $349.90 for a cup handle.

Watch out for enterprise software stocks as well. DocuSign and Atlassian are consolidating before earnings.

Next up are the bank stocks, including Dow Jones leader JP Morgan Chase(JPM), Citigroup(C) and Wells Fargo(WFC) on Friday.

The weekly jobless claims increased to 239,000, compared with views of 236,000. The average of initial claims over the past four weeks has risen to 240.000, which is the highest level since November 2021. In March, producer prices dropped 1% after falling 0.3% in February. Services dropped by 0.3%. This is the biggest decline since April 2020, when services fell 0.5%.