Day Traders Diary
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6/13/24
The major averages closed fixed with the Dow Jones lower, but the S&P 500 and Nasdaq higher as more money keeps funneling into the tech sector. The Dow Jones Industrial Average is down over 50 points due to weakness in Amazon, Salesforce, Boeing, Caterpillar and Intel. The S&P 500 is up 12 points while the Nasdaq is up 55 points or 0.33%.
More economic data came out today sending interest rates lower. May's producer price index fell 0.2%. That report comes a day after May's consumer price index rose less than expected last month.
U.S. treasury yields continue to fall after the latest inflation data showed an unexpected drop. The 10-year treasury yield slipped nearly 2 basis points to 4.279%. The yield also hit its lowest level since April 1st, being traded at 4.24%. The 2-year treasury yield dropped nearly 5 basis points at 4.705%.
Tech continues to shine as Broadcom jumps 12% after releasing better than expected earnings report and outlook, and announcing a 10-for-1 stock split. Broadcom attributed the better than expected earnings due to AI products and strong demand. Broadcom's earnings helped lift Nvidia, Qualcomm and Micron.
Tesla is having a good day as investors expect shareholders to vote in favor of Elon Musk's pay package. Tesla also continues to make strides with their battery business expanding production in China and the US.
Outside tech, not much is moving
Dave and Busters is a dog down 10% after the company reported underwhelming first quarter earnings, missing on revenue estimates. Management blamed a slowing economy and tightening discretionary spending.
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