Day Traders Diary

5/6/24

The major averages are higher to start the week as Wall Street looking to build on the previous session's strong gains, after new jobs data revived hopes of the Federal Reserve cutting interest rates.  The Dow Jones Industrial Average is up 130 points, or 0.34%. The S&P 500 is up 28 points or 0.55% while the Nasdaq Composite is up 85 points or 0.55%.

The pullback in treasury yields after weaker than expected jobs numbers on Friday is lending support to the markets this morning.

The chip stocks are performing well today. Micron is up 5% lifting the group on an upgrade. Nvidia and AMD are both up 2% or more. Apple is modestly lower after a big jump last week. Over the weekend, its was disclosed Warren Buffett and Berkshire Hathaway sold 13% of their stake in Apple.

Berkshire Hathaway stock is modestly higher after reporting a nearly 40% surge in year-over-year operating earnings for the first quarter.

Another stock reporting earnings includes Tyson Foods up 2% after posting earnings per share for the second fiscal quarter that beat expectations. Revenue, on the other hand, came in lower than Wall Street anticipated.

Paramount is up 2% following a report that the media giant began formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo. Over the weekend, Warren Buffett said all of Berkshire's stake in the stock was sold.

Commodities are having a good day as oil, gold, silver and copper are all up a percent or  more. Bitcoin was higher over the weekend.