Day Traders Diary

8/29/23

The major averages rose once again rallying into the month end as August comes to a close. The Dow Jones Industrial Average rose 292 points or 0.82%. The S&P 500 rose 64 points while the Nasdaq climbed 238 points.  

Money flowed back into tech as chipmaker Nvidia rose more than 4%. Shares of Meta Platforms, Tesla, Apple and Microsoft all ended the day higher by more than a percent. The sector seemingly received a boost from falling bond yields following the release of new U.S. economic data.

Verizon and AT&T rose over 3% thanks to an upgrade at Citigroup saying the dividends at the telecom giants are safe for nw. Best Buy performed well up over 3% after the retailer reported an earnings beat.

The 2-year Treasury yield tumbled as much as 16 basis points as consumer sentiment data came in softer-than-expected at 106.1. Economists polled by Dow Jones forecast a 116 reading. Elsewhere, the latest job openings and labor turnover survey showed a decline in open listings in July — another sign of a cooling economy.