Day Traders Diary

6/24/24

The major averages closed mixed once again as money continues to rotate in the underperforming sectors heading into the quarter end. The Dow Jones surged 260 points or 0.67% led by Dow members JPMorgan Chase, Goldman Sachs and Chevron all up over 1%. The S&P 500 fell 16 points while the tech-heavy Nasdaq Composite fell 192 points or 1%.

The information technology sector was the weakest sector down 2%. AI chipmaker, Nvidia fell 6% on no news. Broadcom and Qualcomm were both lower by over 4%. All the chips were lower today. IBM is one of the few tech stocks higher today on an upgrade and a $200 price target at Goldman Sachs. Apple was modestly higher as well even as the EU accuses them of violating their laws.

The price of oil was up a percent ahead of the fourth of July and the start of the summer driving season. Exxon and Chevron were both up over 2%.

ResMed and Inspire Medical Systems were two stocks tumbling today after Eli Lilly said its weight-loss drug reduced sleep apnea in people with obesity.

Treasuries had little movement entering the final week of June, waiting for Friday's key inflation report. The 10-year treasury yield is flat at 4.25%. The 2-year treasury yield is up a basis point to 4.74%. Bank stocks are performing well up a percent today.

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.