Day Traders Diary

9/11/23

The major averages rose on Patriot Day ahead of a big week for inflation data. The Dow Jones Industrial Average rose by 87 points or 0.26%. The S&P 500 rose 29 points or 0.67% while the Nasdaq jumped 156 points or 1%.

Bullish sentiment today was helped by a Wall Street Journal article over the weekend saying there was a consensus among the Federal Reserve not to raise rates at next week's meeting. The report also cited a policy shift in which members are seeing less urgency to add another rate hike later this year, as inflation data has been improving.

In corporate news, Disney (DIS) and Charter Comm (CHTR) both rose after CNBC's David Faber reported Monday, citing sources, the media conglomerates reached a deal to end their cable blackout fight ahead of Monday Night Football.

Tesla jumped more than 9% after Morgan Stanley upgraded the stock and predicted a significant rally ahead because of breakthroughs with its autonomous software. Qualcomm was higher by 3% after the semiconductor company said Monday it will supply Apple with 5G modems for smartphones through 2026.

Investors are looking forward to key inflation data in the week ahead after a string of stronger-than-expected economic data points last week had renewed worries that the Federal Reserve could raise rates more than previously expected.

Wednesday and Thursday bring the latest consumer price index and producer price index readings, respectively. Investors are hoping for low readings, although both are expected to jump due to energy cost pressures.