Stocks Mixed as Rally Takes Breather; Tesla Slumps While Travel, Medical Stocks Offer Opportunities
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The stock market rally had a constructive Wednesday, with the Nasdaq holding most of Tuesday's big gains. Software makers UiPath and SentinelOne reported earnings.
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Laggard Tesla stock extended its long run of underperformance, hitting its lowest level since last May after analysts cut targets.
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Several stocks in commodity, travel, and medical spaces are in buy areas, including Freeport-McMoRan, PBF Energy, Royal Caribbean, Shockwave Medical, and Dexcom.
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Bullish sentiment has reached excessive levels, suggesting a market pullback is likely soon, though the market has resisted taking extended breaks.
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There are still opportunities for selective buys, though investors could also stand pat given high sentiment and the potential for a pullback.