Day Traders Diary


The major averages are mixed, but improving led by the techs and Nvidia. The Dow Jones Industrial Average rallied into the green after being down over 100 points on the open. The S&P 500 is up 45 points or 1% while the Nasdaq Composite jumped 240 points or nearly 2%.

This is a Nvidia rally with the stock up over 25% thanks to strong earnings, but much better than expected earnings and revenue guidance going forward thanks to demand for their artificial intelligence chips.

Several analysts covering Nvidia hiked their price targets on the stock following the results. Nvidia's surge brought the chipmaker within striking distance of a $1 trillion market capitalization.

Other semiconductor stocks followed Nvidia's lead, including Advanced Micro Devices and Taiwan Semiconductor up 10% respectively. The Semiconductor ETF is up 8%.

Uncertainty around the debt ceiling is holding back some stocks and averages. Fitch Ratings put the U.S.′ AAA long-term foreign-currency issuer default rating on a negative watch, saying that ongoing negotiations heighten the risk that the government could miss payments on some of its obligations. Fitch said it still expects a resolution before the X-date.

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