Day Traders Diary

2/22/24

The major averages surged today thanks to strong earnings from Nvidia as AI demand accelerates through the tech space. The Dow Jones Industrial Average rose 456 points or 1.1%. The S&P 500 rose 105 points or 2.1% while the Nasdaq surged 460 points or 2.96%.

Nvidia jumped 16%, making a new all time high almost topping $2 trillion as earnings beat by 57 cents and revenue rose 265% from a year ago. Nvidia also provided upside guidance as demand is accelerating as demand moves worldwide. TD Cowen upgraded the stock with a $900 price target.

Supplier, Super Micro Computer jumped 32%. Other big cap chip stocks performed well with AMD up 10%, Broadcom rose 6% and Micron up 5%. Other big cap techs like Meta rose 3% while Amazon rose 3%.

The rest of the market is quiet. AT&T customers and shareholders are not happy as their network had an outage this morning. The stock was down 2%.

Interest rates have been quietly creeping higher with the 10 year Treasury up to 4.32%. The 2 year Treasury is up to 4.7% following the Fed minutes from January suggesting policymakers should be careful and not rush to cut rates.