Day Traders Diary
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7/25/24
The major averages closed mixed after a disastrous Wednesday as earnings continue to flood in. The Dow Jones Industrial Average rose 138 points thanks in part to a 4% rally in IBM. The S&P 500 fell into the red in the last hour while the Nasdaq dropped over 100 points or 0.75%.
The rally today is outside of big cap tech other than IBM. IBM is helping lift other software venders like Salesforce. ServiceNow is up 11% on earnings while KLA Tencor is higher by 2% on earnings.
Outside tech, other companies reporting earnings include Chipotle, Whirlpool, RTX, O'Reilly Auto, Waste Management, and Ford. Only O'Reilly and Whirpool are higher.
Ford is the dog taking a hit on more concerns of warranty repair costs. The S&P 500 and Nasdaq are coming off their biggest one-day pullbacks in more than a year.
In the bond market, the yield on the 10-year Treasury is down 3 basis points to 4.26%. The 2-year Treasury yield is up 3 basis points to 4.44%. The second-quarter GDP report this morning showed the economy grow 2.8%, much more than expected. Economists surveyed by Dow Jones had anticipated growth of 2.1%.
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