Day Traders Diary

2/20/24

The major averages pulled back to start this holiday-shortened week ahead of a big earnings report from Nvidia tomorrow night. The Dow Jones Industrial Average fell 64 points. The S&P 500 closed 30 points or 0.6% while the Nasdaq fell 144 points or 0.92%.

Tech led the weakness with Nvidia falling 4%. Many of the big cap tech and AI chipmakers were lower as well. The PHLX Semiconductor Index (SOX) slid 1.6%

Most sectors were lower today except for consumer staples, sporting a gain of 1.1% thanks to Walmart. Walmart was the diamond today, up 3% making a new all-time high this morning following better than expected earnings.  Walmart easily beat by 16 cents as revenues rose 5.7% to $173.4 billion. The company also announced the acquisition of TV platform Vizio for $2.3 billion to accelerate its retail media business,

Today's downside is coming  off a week where the major averages made new all-time highs.