Stock Market Rally: Nvidia, AMD, Microsoft, MongoDB, Lennar, Manhattan Associates, Berkshire Hathaway, and More

The stock market rally continued its impressive run during the week, with the Dow Jones, S&P 500, and Nasdaq all setting new record highs. Nvidia’s earnings and guidance sent AI plays soaring, while AMD, Lennar, Manhattan Associates, Microsoft, and MongoDB were among the stocks setting up or potentially actionable. However, investors should exercise caution due to the market’s extended nature and the risk of a pullback.

Nvidia’s earnings and guidance lifted AI plays, with the stock itself flirting with another milestone. Nvidia is the top performing stock in the S&P 500 this year and is increasingly plausible to see it topping Apple and Microsoft in market cap. However, NVDA is now 33% above its 50-day moving average, making it less attractive for new buyers.

Advanced Micro Devices (AMD) stock rose 1.5% to 176.52 but experienced a wild week. Shares fell back to the 10-week line, undercutting several weeks of trading, then surged nearly 11% on Nvidia earnings before pulling back somewhat. AMD stock actually climbed 1.52% for the week, just above the 183.83 buy point. Investors might want to wait another week for a flat base to form.

Microsoft stock rose 1.55% to 410.34, rebounding from the 10-week line and reclaiming the 21-day, offering a new entry for the AI and cloud giant. MongoDB stock tumbled below the 422.84 buy point on Wednesday but found support at the 10-week line, rebounding on Thursday and Friday to reclaim the buy zone. Shares fell 2.9% to 451.32.

Lennar stock rebounded from the 50-day line, rising 3.2% to 155.08, just below a 156.01 flat-base buy point. Manhattan Associates stock has been consolidating this month after gapping out of a flat base on Jan. 31 following earnings. The supply-chain management software maker tested its 21-day line Wednesday and then bounced, closing up 2.1% to 248.90 for the week. Shares cleared a short, downward-sloping trendline, offering an aggressive entry. Investors also could wait for a move above the 251-252 areas, clearing its February trading range.

Berkshire Hathaway is set to report fourth-quarter earnings on Saturday, with operating earnings expected to be $3.81 per share, up 24.5% from a year earlier. The conglomerate will also disclose net equity buys or sales, the size of its cash hoard, and buybacks of its own shares. Investors will also get Warren Buffett’s annual letter to shareholders, where he will offer his thoughts on the economy and investing. Berkshire Hathaway Class B shares rose 2.8% to 417.22 last week, a fresh high and the sixth straight weekly gain.

The market rally has been reluctant to take an extended pause, only making brief tests of the 21-day line. The indexes could certainly get more extended, but the risk of a pullback would increase. The bulls vs. bears reading has been hitting multiyear highs, just below excessive levels, even before this week’s punch to new highs. The 10-year Treasury yield fell 4 basis points to 4.26% for the week, skidding 7 basis points on Friday from a three-month high. U.S. crude oil futures fell 2.5% to $76.49 a barrel for the week, thanks to Friday’s 2.7% slide.

Among growth ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) fell 1%, but slashed weekly losses after tumbling Wednesday on Palo Alto Networks. The VanEck Vectors Semiconductor ETF (SMH) jumped 3.4% to a record high. Nvidia and AMD are huge SMH holdings. SPDR S&P Metals & Mining ETF (XME) fell nearly 1% last week. The Global X U.S. Infrastructure Development ETF (PAVE) rose 1.9% to a fresh high, extending its win streak to seven weeks. U.S. Global Jets ETF (JETS) ascended 0.75%. SPDR S&P Homebuilders ETF (XHB) popped 3% to a record high, with LEN stock a holding. The Energy Select SPDR ETF (XLE) climbed 0.5%.

The Health Care Select Sector SPDR Fund (XLV) rose 1.5% and the Industrial Select Sector SPDR Fund (XLI) advanced 1.9%, both to record highs. The Financial Select SPDR ETF (XLF) gained 1.6% to a two-year best. Berkshire Hathaway is the top holding in XLF. Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) fell 3.8% last week and ARK Genomics ETF (ARKG) lost 4%.

Investors should be cautious about new buys, especially in high-beta AI plays, and consider diversifying their portfolios with non-tech names. The market rally doesn’t want to stop, but that’s limiting new buying opportunities. Riding the current trend with significant exposure is a sound play. Keep an eye on IBD’s watchlists for the best growth stocks to buy and watch.

Please follow Ed Carson on Threads at @edcarson1971, X/Twitter at @IBD_ECarson and Bluesky at @edcarson.bsky.social for stock market updates and more.

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