The major indices followed Monday's raucous rally with a tamer, flatter Tuesday. The Dow Jones Industrial Average declined 0.6% off its record high to 29,783, while the Nasdaq Composite slipped by a thin 0.2% to 11,899.
But the relative calm belied a number of exciting developments over the past 24 hours.
One of the market's most anticipated initial public offerings (IPOs) is one step closer to happening, as vacation rental marketplace Airbnb filed its S-1 – an important precursor to an eventual offering.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
And Tesla (TSLA, +8.2%) shot higher following Monday night's announcement that it would join the S&P 500 Index.
Wedbush analyst Daniel Ives called the development "a major feather in the cap for the Tesla bulls after much agonizing around not getting into the S&P 500 in early September." It's a complicated move, too – funds benchmarked to the index will have to make billions of dollars' worth of trades to get the requisite amount of Tesla exposure.
Other action in the stock market today:
- The S&P 500 lost 0.5% to 3,609.
- The Russell 2000 continued to press into record territory, gaining 0.3% to 1,791.
- U.S. crude oil futures improved 0.3% to settle at $41.49 per barrel.
- Gold futures slid 0.1% to $1,885.10 per ounce.
What Has Warren Buffett Been Up To?
Markets also absorbed Monday afternoon's flurry of filings from hedge funds and other "smart money" investors.
For instance, data-tracking firm Palantir Technologies (PLTR, +12.1%) rocketed after the latest 13F filing from Steve Cohen's Point72 Asset Management LP hedge fund revealed that it had snapped up 29.9 million shares during the third quarter.
However, George Soros said Tuesday he would keep selling Soros Fund Management's investment in PLTR, which he said was made "at a time when the negative social consequences of big data were less understood."
But the biggest "get" from Monday's 13F dump was the latest treasure trove from Warren Buffett.
The Oracle of Omaha's Berkshire Hathaway (BRK.B) holding company filed its 13F for the quarter ended Sept. 30, 2020 and revealed yet another busy quarter. While Buffett continued to whittle away at a number of positions, as he did in Q1 and Q2, he appeared much more optimistic, buying up 10 stocks – including six new positions.
Investors can scour the entire Berkshire Hathaway equity portfolio for a precise look into how Buffett and his lieutenants were positioned heading into 2020's final stanza. However, if you just want to catch up on what Uncle Warren has been up to lately, we've wrapped up Warren Buffett's recent buys and sells here.
-
The Stoic Retirement: Ancient Wisdom for Today's RealityA "Stoic retirement" doesn't mean depriving yourself. It's a character-based approach to life and aging that can bring calm and clarity.
-
My Teen Crashed His Car and Now Our Insurance Has Tripled. What Now?Dealing with the costly aftermath of a teen car accident is stressful. Here are your options for navigating it.
-
11 Outrageous Ways To Spend Money in RetirementWhether you have excess cash to spend or want to pretend, here’s a look at 11 ridiculous ways retirees can splurge.
-
If You'd Put $1,000 Into Coca-Cola Stock 20 Years Ago, Here's What You'd Have TodayEven with its reliable dividend growth and generous stock buybacks, Coca-Cola has underperformed the broad market in the long term.
-
If You Put $1,000 into Qualcomm Stock 20 Years Ago, Here's What You Would Have TodayQualcomm stock has been a big disappointment for truly long-term investors.
-
Dow Adds 314 Points to Thanksgiving Rally: Stock Market TodayInvestors, traders and speculators enjoy the best Thanksgiving Week gains for the major stock market indexes in more than a decade.
-
Nasdaq Rises 2.7% as Musk Tweets TSLA Higher: Stock Market TodayMarkets follow through on Friday's reversal rally with even bigger moves on Monday.
-
Dow Dives 797 Points as Government Opens: Stock Market TodayThe process of pricing and re-pricing realities old and new never stops, and next week promises to be at least as exciting as this week.
-
Risk Is On Again, Dow Jumps 381 Points: Stock Market TodayThe stock market started the week strong on signs the government shutdown could soon be over.
-
Stocks Bounce But End With Big Weekly Losses: Stock Market TodayThe stock market rout continued on Friday, but a late-day burst of buying power brought the main indexes off their session lows.
-
Elon Musk's $1 Trillion Pay Package Passes: What's at Stake for Tesla StockMore than 75% of Tesla shareholders voted to approve a massive pay package for CEO Elon Musk. Here's what it means for the Mag 7 stock.
