Day Traders Diary

11/28/23

The major averages are higher once again, keeping the major averages on track for a sizeable jump and one of the best months of all time. The Dow Jones Industrial Average is up over 100 points or 0.3%. The e S&P 500 is up 12 points while the Nasdaq Composite is up 29 points 0.21%.

General Motors is one of the top blue chips today, popping about 9.3% after the company announced a $10 billion buyback and raised its dividend. NetApp and CrowdStrike are higher on earnings. Phillips 66 is jumping today on news Elliott Investment Management took a $1 billion stake in the energy company.

The yield on the 10-year Treasury note fell below 4.3%, marking the first time since September that it traded below that level. The economic data out showed gross domestic product data for the third quarter grew at a stronger-than-expected pace, accelerating at a 5.2% annualized pace. The boost came primarily from revisions to government spending and investments in nonresidential structures.

Traders are still optimistic that the Fed's rate-hiking cycle is over. The fed funds futures are pricing a chance the central bank could cut rates as early as next spring.

For the month, the major averages are on track for strong monthly gains. The S&P 500 and Dow are up 8.8% and 7.3%, respectively, in November. The Nasdaq is higher by 11.3%.