Day Traders Diary

5/14/24

The major averages had a nice day rallying in the afternoon as the Dow starts a new winning streak. The Dow Jones Industrial Average rose 126 points or 0.32%. The S&P 500 rose 25 points or 0.48% while the Nasdaq rose 122 points or 0.75%.  

Quiet day for earnings. Dow component, Home Depot was quiet down modestly on better than expected earnings and reaffirmed guidance. International company, Sea Limited was up 2% even as the missed earnings estimates, but beat on sales. To the downside, Chinese company, Alibaba fell 6% after missing estimates.

The meme stocks are back again with GameStop jumping 60% after rising 74 % yesterday as Keith Gill, known as "Roaring Kitty" reappears online once against, this time on X formerly known as Twitter. Another meme stock AMC rose 31% after rising 78% yesterday.

The Dow is coming off its first losing session in nine, snapping its longest winning streak since December. The S&P 500 also inched lower, while the Nasdaq rose slightly. A report from the New York Federal Reserve showed that consumers' expectations for inflation over the short and long term grew in April. The yield on the 10-year Treasury is up 3 basis points to 4.51%. The 2-year Treasury is up a basis point to 4.867%.