Day Traders Diary
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6/26/24
The major averages were quiet and mixed today as we head into the quarter end. The Dow Jones Industrial Average rose 15 points even as some components like Apple and Amazon surged. The S&P 500 rose 8 points while the Nasdaq rose 87 points or 0.49%.
The S&P 500 has been quiet the last week, but is up nearly 15% year to date. The Nasdaq is on pace for an 18% first-half of the year advance thanks in part to Nvidia. Nvidia was modestly higher as the chip sector was mixed. Other big caps like Apple, Amazon and Telsa performed well. Tesla was up nearly 5% on an upgrade with a $265 price target. Amazon was up nearly 4% topping $2 trillion market cap for the first time.
FedEx jumped 15% on earnings and guidance. The company is also looking to buy back $2.5 billion worth of stock. UPS was up nearly 3% as well.
Rivian jumped 23% after Volkswagen said it would invest $5 billion in a new EV joint venture. Tesla is up as well.
U.S. Treasury yields were higher as a Federal Governor Michelle Bowman said the central bank was not ready to cut rates now and would instead wait until data showed inflation was easing towards the Fed's 2% target. The 10-year treasury yield was up 7 basis points to 4.30%. The 2-year treasury yield was up 5 basis points to 4.73%.
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