Day Traders Diary

2/28/24

The major averages pull back once again as the buyers wait for key inflation report due out later this week. The Dow Jones fell 23 points or 0.06%. The S&P 500 fell 8 points or 0.17% while the Nasdaq Composite fell 87 points or 0.55%, notching a third straight day of losses.

UnitedHealth weighed on the Dow Jones today, falling 3% on news of an antitrust probe by the DOJ. Apple and the rest of the tech sector hurt the major averages.

A few tech stocks were higher today. eBay rose 7% following better than expected earnings, a hike to the dividend and a new share buyback. Equipment maker, Ambarella was higher on better than expected earnings.

Bond yields actually pulled back a little ahead of key inflation data. Investors are looking toward the personal consumption expenditure reading for January on Thursday, which is the Federal Reserve's preferred measure of inflation.