Day Traders Diary

6/14/24

The major averages closed mixed with the Nasdaq closing at a new record high following a cooling in consumer sentiment. The Dow Jones Industrial Average fell 57points. The S&P 500 rose 2 points while the Nasdaq Composite rose 21 points to a new high.

The trend this week has been a cooling in economic numbers and slowing inflation helping rally the bond and stock markets. The S&P 500 and Nasdaq have both made new highs this week. The S&P 500 and Nasdaq Composite rose 1.6% and3.2%, respectively on the week.

U.S. treasury yields continue to fall on Friday as data released this week alluding to easing inflation. The 10-year treasury yield was down nearly 3 basis points at 4.211%. The 2-year treasury yield was slightly higher at 4.692%. The producer price index number out this morning, a key measure of inflation in the wholesale market, fell 0.2% in May.

Even though the markets were mixed, there were plenty of stocks higher including tech. Adobe jumped 14% following earnings that beat estimates while the outlook for the rest of the year remains strong. A dog today was in the retail sector. Restoration Hardware fell 15% after they missed estimates by 27 cents even as revenue was in line. Guidance for the second quarter showed sales will be below consensus, but did still reaffirms sales guidance for the full year.