Day Traders Diary

8/6/24

Turnaround Tuesday as the major averages recovering some losses from the previous three trading days as investors took a pause from recession fears and Japanese equities rallied. The Dow Jones Industrial Average rose 294 points, or 0.76%, to end at 38,997.  The S&P 500 rose 52 points or 1% while the tech-heavy Nasdaq Composite gained 166 points or 1%.  

All 11 sectors of the broad market index were positive for the day. Large co tech stock rebounded led by 4% rally in Nvidia and Meta Platforms. Large cap Apple was one of the few techs to close lower along with AMD down 3%.

Japanese markets are on an even wilder ride with the Nikkei posting its best day since October 2008, soaring 10% after its worst session since 1987, losing 12.4% yesterday.

The US Volatility index has retested COVID levels rising from 18 to 65 over the last several trading days only to pull back 28% today down to 27.71.