Day Traders Diary

5/20/24

The major averages closed mixed with the Nasdaq closing at a record high and the Dow Jones Industrial Average closing above the key 40,000 level for the first-time last week.  The Dow Jones fell 196 points or 0.49% led by weakness in JP Morgan. The S&P 500 is up 4 points while the Nasdaq rose 108 points or 0.65%.  

Artificial intelligence names were in the spotlight this week. Nvidia rose 2% to start the week following a number of bullish analyst calls before earnings this Wednesday. Nvidia stock is up 90% for 2024 and is up 200% in the last 12 months. Nvidia's market cap is now the third-largest in the S&P 500 at $2.3 trillion.

Palo Alto Networks, AutoZone, Target, Analog Devices, Intuit and Ralph Lauren will also post earnings this week.

To the downside, JP Morgan fell 4% after thier CEO made comments at an investror day saying no share buybacks at current prices and discussed his possible retirement in the coming years. The bank did raise their 2024 net interest and declared their common dividend for the quarter.

the 10-year Treasury rose 3 basis points to 4.447%. The 2-year Treasury yield was last up more than 2 basis points to 4.852%. The minutes from the Federal Reserve's April 30 to May 1 meeting are due Wednesday. Investors will also watch out for the latest readings on several pieces of economic data including existing home sales, jobless claims and durable goods orders.