Day Traders Diary

6/10/24

The major averages are quiet following the May jobs report on Friday and a Federal Reserve's meeting and more economic data this week. The Dow Jones Industrial Average is modestly lower down just 23 points. The S&P 500 is up 9 points while the Nasdaq Composite is up 65 points or 0.38%.

Bond yields are higher once again following the strong jobs data out last Friday. The 2-year Treasury yield was up a basis point to 4.883%. The yield on the 10-year Treasury rose nearly 4 basis points to 4.465%.

Tech is leading the averages higher once again. Nvidia is up a percent after a 10-1 split this morning. The chip stocks are, for the most part, higher today. Micron technology is jumping 3% while Broadcom is up 2 after receiving a positive view in Barron's over the weekend. Crowdstrike is jumping 9% on news they will be added to the S&P 500.

 Apple is one of the few tech stocks lower ahead of their Worldwide Developers Conference later today where they plan to boast their AI potential.

All three of the major averages rose last week even though bond yields moved higher as the economic data came in stronger than expected. The Dow posted a 0.29% gain, while the S&P 500 added nearly 1.32% and the Nasdaq advanced 2.38%.