Day Traders Diary

5/24/23

The major averages drifted lower with the Dow falling for a fourth straight day as lawmakers struggled to reach a deal on the country's debt ceiling, causing more worries of a potential default. The Dow dropped 255.59 points, or 0.77%, at 32,799. The S&P 500 lost 30 points or 0.73% to 4,115 while the Nasdaq Composite lost 76 points or 0.61% to end at 12,484.16.

House speaker McCarthy believes the negotiating teams could make progress Wednesday, but the market is in wait and see mode.

The Federal Reserve's latest meeting signaled more "uncertainty" as to whether the central bank should hike again in June with a decision hinging on upcoming data releases.

On the earnings from, retailer like Kohl's and Abercrombie & Fitch jumped 7.5% and 31.1%, respectively, after surprising Wall Street to with better than expected earnings. Semiconductor giant Nvidia rose after hours thanks to better than expected results.