Day Traders Diary

8/22/19

The major averages are higher this morning as investors are looking ahead to the start of a central banking summit in Jackson Hole, Wyoming. The Dow Jones Industrial Average is set to open 100 points higher on the open. The S&P 500 and Nasdaq are pointing to slight gains.The summit kicks off on Thursday. Philadelphia Fed President Patrick Harker and Dallas Fed President Robert Kaplan are both set to comment on the world's largest economy later in the day. Kansas City Fed President said the Fed should not have cut interest rates last month, stating that "it wasn't required in her view. "

The widely watched 2-year/10-year U.S. yield curve, often monitored as precursor for recession, flattened and then briefly inverted yesterday after the Fed released the minutes from its July meeting.

In corporate news, Dick's Sporting Goods, BJ's Wholesale Club and Nordstrom are all up over 7% after reporting better-than-expected earnings for the previous quarter. L Brands, the owner of Victoria Secrets, is modestly lower following mixed results.