Day Traders Diary
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7/3/24
The major averages were quiet ahead of the Fourth of July holiday following weaker than expected economic data. The Dow Jones Industrial Average lost 23 points while the S&P 500 rose 28 points or 0.5% while the Nasdaq rose 159 points or 0.88%. The S&P 500 and Nasdaq closed at new all-time highs.
Treasury yields fell again after weak economic data was released Wednesday. The 10-year treasury yield was down nearly 7 basis points to 4.36%. The 2-year treasury yield dropped 5 basis points to 4.68%. ADP data showed that in June there was weaker private payroll growth than forecasted and weekly claims for unemployment benefits came in higher than expected.
Tech led the rally once again. Nvidia decided to participate, rising 4%. Micron and Broadcom were up 3% or more today as well. Big cap tech was modestly higher. Only Amazon was lower among the big cap techs. Tesla rose another 6% today after rallying 9% and 5% the previous two days. The stock is up over 30% in the last two weeks following better than expected second quarter deliveries and a slew of upgrades. Wedbush upgraded the stock with a $300 price target today.
Outside tech, MGM jumped 2% on an upgrade. Paramount Global was higher by 6% as the media and entertainment stock may have a merger deal with Skydance Media. On the earnings front, Constellation Brands fell 3% following earnings. Earnings actually beat expectations, but sales missed as the long hoped turnaround in the wine and spirits business has yet to materialize.
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