The Dow Jones Industrial Average saw a modest increase, trailing other major indexes, while renowned investor Cathie Wood made notable moves in her portfolio. Wood purchased a stock that surged in 2023 but also decided to sell some Bitcoin plays. Adobe experienced a positive shift after an acquisition deal fell through, while Meta Platforms and Amazon.com stood out among the Magnificent Seven.
Nasdaq Gains, Small Caps Lag: The Nasdaq composite outperformed other major indexes, reaching a new 52-week high with a 0.6% rise. Costco Wholesale led the way, contributing to eight consecutive days of gains. Meanwhile, the S&P 500 set a new 2023 record, approaching an all-time high, with Etsy standing out as a top performer.
Dow Jones Today: PG Shines, Boeing Stock Lags: Although the Dow Jones lagged behind, it marked an eighth-straight day in the black, achieving another all-time closing high. Procter & Gamble was the top performer, while Boeing and Goldman Sachs faced declines.
Cathie Wood Buys Extended Stock, Sells Bitcoin Plays: Cathie Wood made strategic moves by acquiring Pinterest stock for various ARK funds but selling shares of Coinbase Global and Grayscale Bitcoin Trust across three Wood funds. The decision to buy an extended stock like Pinterest, which has seen a powerful run in 2023, comes with potential risks.
Adobe Stock Gains After It Cancels Figma Buy: Adobe experienced a rally after canceling a $20 billion acquisition of Figma due to regulatory challenges. The stock finished the day up 2.5%, bouncing off its key 50-day moving average.
Magnificent Seven: Meta, Google Stock Shine: The Magnificent Seven stocks had a positive start to the week, with Meta Platforms and Amazon.com impressing. Microsoft rose, while Apple lagged. Nvidia and Alphabet also saw gains, while Tesla dipped slightly.
Outside Dow Jones: Netflix Stock Clears Entry: Netflix entered a buy zone after clearing a consolidation entry, closing up 3%. Urban Outfitters and Commvault Systems also showed positive signs with potential breakouts.
