Day Traders Diary

3/7/24

The major averages had a nice day thanks to a rebound in the tech sector and easing inflation data.The Dow Jones Industrial Average finished up 130 points or 0.31%. The S&P 500 rose 52 points or 1.03% while the Nasdaq Composite rose 241 points or 1.51%.

Chip stocks led the rally once again with Nvidia, Intel, Broadcom, and Qualcomm higher by 3%.

Information technology and communication services stocks led the S&P 500 higher with Facebook/Meta up over 3%.

The rally today was boosted after the European Central Bank lowered forecasts for annual inflation and growth this morning while keeping key interest rates steady. The ECB's announcement comes after Federal Reserve Chair Jerome Powell told Congress on Wednesday that he expects interest rates to come down this year, but not anytime soon.

Bond yields were quiet with the 10-year Treasury steady at 4.114%. The 2-year Treasury slipped 3 basis points to 4.531%.