Apple (NASDAQ:AAPL)
The greatest mutual funds are still interested in Apple (NASDAQ:AAPL), despite investors’ fading excitement in the most recent iPhone launches. In IBD’s most recent list of purchases by major money managers, Apple shares join Exxon Mobil (NYSE:XOM), UnitedHealth (UNH), and Eli Lilly (NYSE:LLY) as five stocks earning over $1 billion. The fact that Nasdaq (NDAQ) made more than $1.9 billion this month is a sign that tech companies like Apple are regaining popularity after a protracted exile in this year’s bad market. The top mutual funds made the bulk of their large purchases in energy and medical stocks.
In the most recent report, EOG Resources (NYSE:EOG), ConocoPhillips (NYSE:COP), and NextEra Energy (NYSE:NEE) all earned more than $500 million each, in addition to ExxonMobil. Alongside UnitedHealth and Eli Lilly, Merck (NYSE:MRK) ($971 million), Vertex Pharmaceuticals ($968 million), and Elevance Health ($818 million) also demonstrated high demand in the medical sector.
The top mutual funds also purchased shares of discount retailer Dollar General for almost $630 million as inflation put a strain on household finances (DG).
Support Vs. Resistance In The Best Mutual Funds’ New Purchases
It’s difficult to navigate choppy, unstable markets. Keep an eye on the price action around important moving averages like the 50-day and 10-week lines to keep daily and weekly price swings in perspective.
Nasdaq, which provides financial data to the capital markets, experienced erratic selling pressure when tech stocks fell this year. Its 10-week moving average started out on a downward trend before beginning to turn around in July. The 40-week moving average is presently being reclaimed by the 10-week line.
Nasdaq is still constructing a 43-week-long cup with a handle even if its relative strength line has already reached a new high. The purchase price is 64.88.
More Stocks To Watch: Testing Buy Zone
To see the whole list of stocks on this list of recent purchases by the top mutual funds, visit the Excel file on this page. Numerous equities, including Dollar General, Eli Lilly, NextEra Energy, and Albemarle (ALB), are developing chart patterns or experimenting with new purchase zones.
Featured Image- Megapixl @Alexeynovikov
Author Jowi Kwasu