Day Traders Diary

4/29/24

The major averages closed higher to start the week led by a few megacap technology stocks. The Federal Reserve will meet later in the week. The Dow Jones Industrial Average rose 146 points thanks in part to Apple. The S&P 500 rose 16 points while the Nasdaq rose 55 points.

Apple rose 2% on an bullish upgrade from investment firm Bernstein who has been bearish on the stock. Apple will report earnings latter in the week. Not to be outdone, Telsa jumped 15% as Beijing backs Tesla's self driving technology after a last minute meeting between Musk and the Premier.  

 The rest of the big cap sector was actually under pressure with Google and Meta down over 2%.

Other stocks in the news include Domino's Pizza popped 5% after reporting Monday morning that earnings topped analysts' expectations. SoFi Tech was 10% following earnings and lower guidance.

So far 45% S&P 500-listed firms have posted results so far, about 4 out of every 5 have surpassed expectations, according to FactSet

Bonds were quiet ahead of the Fed meeting Wednesday. The chance of a rate cut on Wednesday is currently very low.

Tomorrow is the end of the month. The S&P 500 and tech-heavy Nasdaq are on track to end April down more than 2%, while the blue-chip Dow is poised to slide more than 3%.