Day Traders Diary


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.

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