Day Traders Diary

5/18/23

The major averages are higher once again after opening mixed this morning. The Dow Jones Industrial Average rose over 100 points or 0.4%. The S&P 500 is up 40 points or 1% while the Nasdaq Composite is jumping 185 points or 1.5% . Advancers at the New York Stock Exchange held a slight advantage over decliners with less than one hour left of trading. About 1,500 NYSE-listed names were higher, while 1,300 others declined.

House Speaker Kevin McCarthy said Thursday that he's optimistic congressional negotiators could reach a deal in time for a House vote next week.

His comments come with just two weeks until June 1, which is the earliest day the U.S. could default, according to Treasury Secretary Janet Yellen. Jeff Kilburg, CEO of KKM Financial, said traders have been able to "look through" some of the drama surrounding the debt ceiling negotiations.

Retail giant Walmart helped the market, adding about 1% on the back of its strong financial report. The company beat Wall Street forecasts on both earnings per share and revenue in its first quarter and raised its expectations for full-year performance.

Regarding interest rates and the Dallas Fed President Lorie Logan said the latest economic data doesn't argue for a pause in rate hikes yet. She noted the June policy decision will be based on inflation and employment data that hasn't been released yet.