Day Traders Diary

6/4/24

The major averages finally rallied together after an uneven start to the month of June. The Dow Jones Industrial Average rose 140 points or 0.36%. The S&P 500 rose 7 points while the Nasdaq rose 28 points.  

A quiet day on the news front. Dow gains were kept in check by weakness in Dow, 3M and Caterpillar once again. Bath & Body Works was a dog today, the worst-performing stock in the S&P 500, losing 13% on the back of disappointing guidance.

Bonds were lower again with the 10-year Treasury down by 7 basis points at 4.318%. The 2-year Treasury is down 5 basis points to 4.77%. Investors await the latest jobs market data out on Friday with the nonfarm payrolls report for May. Employment data from the Labor Department showed 8.059 million vacancies in April, the lowest level in more than three years. An estimate from Dow Jones called for 8.4 million openings.

Strategist Tom lee was on CNBC today predicting a 4% rally in the month of June as he expects inflation to cool going forward. Tom Lee is also bullish on Bitcoin with a $150,000 price target over the next 12 to 18 months. Bitcoin was up 2% today closing in on an all time high.

Tuesday's market move comes one day after the Dow fell more than 115 points, or 0.3%, on the first trading day of June. The S&P 500 and Nasdaq Composite both rose modestly on Monday as weak manufacturing data weighed on market sentiment.