Day Traders Diary

4/22/24

The major averages rose to start the week as the S&P 500 snapped a six day winning streak as tensions in the Middle East eased. The Dow Jones Industrial Average finished up 253 points or 0.6%. The S&P 500 rose 43 points while the Nasdaq rose 169 points. 

A big week for earnings this week with a focus on Magnificent Seven tech companies. Chipmaker and artificial intelligence favorite Nvidia climbed 4%, rebounding from a nearly 14% selloff last week. Arm Holdings rebounded more than 6%. 

Companies reporting this week include Tesla, Meta Platforms, American Airlines, Microsoft
 and Alphabet. Tesla was down 3% on concerns of more job cuts ahead of earnings. Verizon fell 4% following better than expected earnings and in-line guidance. 

Regional bank, Truist Financial was higher by 3% on better than expected earnings. The regional banks and a number of the big cap banks are showing some life the last several weeks. 

The price of oil was stable today as Iran does not plan to respond to Israel's retaliatory strike launched Friday into Saturday. 

Treasury yields were also quiet ahead of key data, including the personal consumption expenditures price index for March, which is due Friday. The Fed has another policy meeting on April 30-May 1.