Day Traders Diary

8/21/23

The major averages closed mixed with the Nasdaq Composite snapping a four day losing streak even as Treasury yields reach levels not seen since 2007. The Dow Jones Industrial Average lost 36 points led by declines in J&J. The S&P 500 rose 40 points or 0.69% while the Nasdaq Composite jumped 206 points or 1.55%.

The markets were pretty quiet except for tech and Nvidia. Palo Alto Networks jumped 14% after reporting earnings results late Friday that topped analysts' estimates. Chipmaker, Nvidia is jumped 8% on an upgrade ahead of earnings later in the week. J&J dropped nearly 3% after spinning off their consumer health business that holds such brands as Tylenol, Listerine and Bandi-Aids.

A number of major retailers are on slate to report earnings this week including Macy's, Nordstrom and Kohl's.

Investors are coming off a weekly decline as the market struggles through the summer doldrums. The Nasdaq Composite closed last week lower about 2.6%, down for a third straight week for the first time since December. The Dow closed the week lower by 2.2%, its worst streak since March. The S&P 500 dropped 2.1% and posted its third consecutive losing week, which hadn't happened since February.

This week, investors are anticipating an address Friday morning from Federal Reserve Chair Jerome Powell at the central bank's annual symposium at Jackson Hole, Wyoming.