Day Traders Diary

2/27/24

The major averages were quiet for a second straight day as investors went through retail earnings while also looking ahead to key inflation data slated for release later this week. The Dow fell 96 points or 0.25%. The S&P 500 rose 8 points or 0.17% while the Nasdaq Composite added 59 points or 0.37%.

The retail earnings out today included Macys, Lowes, Workday, Dillard's, AutoZone, JM Smucker's and Norwegian Cruise Line. Only Workday and JM Smucker's were lower today.  Norwegian jumped 19% on strong earnings and guidance.

Coinbase was up 2% after rising 19% the last two days as Bitcoin rose 10% the last two days to new recent highs.

The diamond of the day goes to Viking Therapeutics jumping 118% thanks to positive top line results for their obesity drug. Viking's phase 2 results showed patients in a mid-stage trail lost 14% of their body weight after just 13 weeks. The drug trial was not big, but investors are speculating Viking's drug could rival Eli Lilly's weight loss drug, Zepbound.

Interest rates inched higher as data from the U.S. Department of Commerce released on Tuesday showed that orders for long-lasting goods declined more than expected in January, with the leading factor being a large drop in demand for transportation. The latest consumer confidence numbers also fell on worries regarding the labor market and the political landscape.