Day Traders Diary

6/25/24

The major averages closed mixed once again, but this time money rotated back into tech led by Nvidia. The Dow Jones Industrial Average fell 299 points led by weakness in Boeing, Home Depot and Walmart. The S&P 500 rose 21 points or 0.3% while the Nasdaq was up 220 points or 1.2%.

Nvidia rose 6% after falling more than 6% yesterday, its biggest one-day slide since April 19, when it lost 10%. Nvidia dragged down the Nasdaq by more than 1% yesterday, its biggest one-day loss since April. Apple was modestly higher on an upgrade and a $250 price target. MicroStrategy rose 9% on an upgrade. The software firm is a tracking stock for Bitcoin since it owns 1% of the outstanding coins. Bitcoin rebounded nearly 4% after dropping as much the other day. Tesla is recalling a number of cyber trucks, but the stock still rose over 2%.

Walmart fell 2% after making cautious comp commentary at Bank of America conference. Target was lower as well as they are cutting prices on 3500 products throughout the summer. Lowes and Home Depot were both down over 3% faceing similar headwinds from consumers on spending. Pool Corp fell 8% after lowering guidance as consumers cut out big-ticket items.

Treasury yields were quiet awaiting fresh inflation data on Friday. The 10-year treasury yield was quiet at 4.24%. The 2-year treasury yield rose a basis point to 4.74%. No one is expecting any summer rate cuts, but a September rate cut is still in play which could affect the Presidential election.