Day Traders Diary

5/13/24

The major averages closed mixed as the Dow snapped its longest winning streak of the year. The Dow Jones Industrial Average fell 81 points or 0.21%. The S&P 500 fell a points while the Nasdaq Composite rose 47 points or 0.29%.

Apple and Tesla led the led the rally in big cap stocks while Meta, Microsoft and Amazon took a breather today. Apple was up a percent as they look to add AI technology ChatGPT to their iPhones. Tesla was higher as the Biden Administration looks to add new tariffs Chinese EV technology.

No major earnings to speak of today. 92% of S&P 500 companies have reported, with nearly 80% of firms surpassing Wall Street forecasts, per FactSet data.

Interest rates dipped a little as investors look ahead to April's consumer price index report due out on Wednesday. April's CPI print could serve as a key gauge of whether equities can remain on stable footing after a stronger-than-expected first-quarter earnings season.

Shares of meme stock GameStop soared 75% after "Roaring Kitty," the moniker of the Reddit trader behind 2021′s short squeeze, posted online for the first time in three years.Bitcoin was up 2.5%.

The 30-stock Dow is coming off its best weekly performance of 2024, rising more than 2% last week. The S&P 500 and Nasdaq climbed more than 1% each during that period.