Day Traders Diary

1/13/20

The major averages closed little changed in volatile trading Tuesday as J.P. Morgan Chase and Citigroup led the banks higher on strong quarterly results. The Dow Jones Industrial Average rose 32 points, or 0.1% to 28,939. The S&P 500 pulled back 0.1% to 3,283 while the Nasdaq Composite slid 0.2% to 9,251.

Besides the banks, Delta Air Lines jumped 3% on earnings, boosted by lower fuel costs and strong travel demand. Walt Disney rose a percent on news their streaming app has been downloaded more than 40 million times. Visa rose 0.4% after agreeing to acquire Plaid for $5.3 billion.

The tech sector fell after indications that the U.S. would remove tariffs with the signing of a Phase One deal. The report may have been a good excuse to sell a market that is overbought on a short-term basis, but buyers remained a resilient bunch. Apple fell a percent on a downgrade while the chips took a hit as well.

Boston Scientific fell 6.2% after issuing downside revenue guidance.

U.S. Treasuries finished the quiet session on a mostly higher note. The 2-yr yield was unchanged at 1.58%, and the 10-yr yield declined three basis points to 1.82%. The U.S. Dollar Index finished flat at 97.38. WTI crude increased 0.3%, or $0.18, to $58.30/bbl.