Day Traders Diary

9/26/19

The major averages pulled back as traders monitored the latest trade developments and assessed a whistleblower complaint against President Donald Trump. The Dow Jones Industrial Average finished down 79 points, or 0.3%, lower at 26,891. The S&P 500 fell 0.2%, or 7 points, to 2,977, while the Nasdaq Composite pulled back 0.6% at 8,030. For the week, the S&P 500 was on pace for its second straight weekly drop.

Stocks hit their session lows after Bloomberg News reported, citing a source, that the U.S. is unlikely to extend a temporary waiver that allows U.S. companies to sell supplies to Huawei, a Chinese telecommunications giant.

In Corp news, Facebook fell a percent as the Department of Justice will investigate the company over antitrust issues. Conagra Brands rose 2% after beating earnings estimates and reaffirming its full-year guidance. Beyond Meat jumped 11% after McDonald's said it will be conducting a 12-week test in Canada of a new plant-based burger made with a Beyond Meat plant-based patty. Privately held, Peloton priced 40 million shares at $29.00 per share, at the high end of the $26-29 expected range for its IPO, but then closed down 11% at 25.76. After hours, Micron Technology fell 4% following earnings.

U.S. Treasuries finished higher, pushing yields lower in a curve-flattening trade. The 2-yr yield declined two basis points to 1.65%, and the 10-yr yield declined five basis points to 1.69%. The U.S. Dollar Index held firm, increasing 0.2% to 99.21.