Day Traders Diary
3/8/24
The major averages succumb to profit-taking to end a volatile week with plenty of earnings and economic data. The Dow Jones Industrial Average finished down 68 points or 0.18%. The S&P 500 fell 33 points or 0.65% while the Nasdaq fell 188 points or 1.16%.
The February jobs report showed conflicting data as the jobs added last month were much more than expected, coming in at 275,000 compared with an estimate of 198,000 from economists polled by Dow Jones. This can imply an economy is still running hot. However, the unemployment rate ticked higher to 3.9% and wage growth was lighter than feared, offering morsels of hope that the labor market has cooled enough to appease the Fed. The January jobs growth was also revised lower.
U.S. Treasury yields finished modestly lower following the data. The 10-year Treasury was down a basis point to 4.07%. The 2-year Treasury fell 3 basis points to 4.48%.
On the earnings front, more tech stocks reporting. Broadcom and Marvell both fell over 7% on better than expected earnings. In the retail space, Costco fell 7% on earnings.
To the upside, DocuSign and Gap were higher by 4% or more on earnings. Carvana jumped 7% on an upgrade following earnings last week.
Today's downside action pushed the averages into the red for the week. The broad S&P 500 fell 0.26% on the week. The blue-chip Dow fell 0.93% while the tech-heavy Nasdaq dropped 1.17% on the week.
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