Day Traders Diary

5/2/24

The major averages are rebounding after a volatile Wednesday after the Fed comments on interest rates sent the averages higher only to close mixed. The Dow Jones Industrial Average rose 250 points or 0.67%. The S&P 500 rose 40 points or 0.7% while the Nasdaq Composite rose 217 points or 1.4%.  

The earnings continue to flood in. Chipmaker Qualcomm jumped 9% on better-than-expected adjusted earnings and strong revenue guidance. Restaurant delivery service DoorDash fell 9% after reporting a wider loss per share than Wall Street forecast. Used-car retailer Carvana soared over 30% after reporting best-ever earnings last night. Avis was up 20% following earnings.

Other companies reporting earnings include Etsy, Peloton, MGM, Ebay, MetLife and Wayfair.

The yield on the 10-year Treasury is up a basis points to 4.60% while the 2-year Treasury yield is at 4.95% after a volatile Wednesday. In his closely-watched press conference, Fed Chair Jerome Powell essentially ruled out an interest rate hike despite recent signs of easing inflation.

Investors will now focus on the April jobs report set to release Friday.

More earnings tonight as Apple, Amgen, Coinbase and DraftKings will report.