Day Traders Diary
![](/media/default/qd_empty.png)
![](/media/default/qd_empty.png)
![](/media/default/qd_empty.png)
![](/media/default/qd_empty.png)
6/12/24
The major averages closed mixed with the Dow down 35 points while the S&P 500 rose 45 points or 0.85% and the Nasdaq rose 264 points or 1.53% thanks to tame inflation data from May which caused bond yields to plummet ahead of the Federal Reserve's meeting this afternoon,
The 10-year treasury yield fell 7 basis points to 4.33%. The 2-year treasury yield dropped 7% basis points to 4.76%. The move in yields comes as the May consumer price index shows that CPI was flat over the month of May and up 3.3% year after year, much better than expected.
Fed funds futures now indicate traders are putting the odds of an interest rate cut in September at about 70% following the data, up from even odds a day before.
Tech stocks jumped after the better than expected inflation data. Apple rose 3% today, up 10% in the last two days following their AI presentation at their worldwide conference. Nvidia is up 3% continuing its rally. The chip sector in general is higher. Microsoft was up a percent, but was surpassed in market cap by Apple. The diamond of the day goes to Oracle up 13% following their earnings report and news of cloud deals with Google Cloud and Open AI.
Commodities in general are higher today. Gold, Silver and oil are up a percent. Silver is up 3% while Bitcoin is jumping 3%.
A number of sectors seem to be sitting out the rally today including the consumer service, consumer stables, the drug sector and energy stocks.
All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.