Day Traders Diary

8/8/24

The major averages remain volatile with the Dow rebounding and surging over 600 points after opening lower following weak economic data. The Dow Jones Industrial Average rose over 600 points or 1.5%. The S&P 500 rose 100 points or 2% while the Nasdaq Composite is jumped over 400 points or 2.5%.

Pharmaceutical giant Eli Lilly led the charge, up 8% on strong earnings and raised outlook due to strong demand for diabetes treatment Mounjaro and obesity drug Zepbound. The drug sector in general looks good.

Tech rebounded today with chipmakers Nvidia up 5%. Broadcom, Micron and Intel rose 6%. There was insider buying at Intel while Micron restarted their share buyback plan.  Big cap tech also had a good day led by a near 4% rally in Meta.

The latest weekly jobless claims came in below forecasts, helping to allay some recent concerns on the strength of the labor market. First-time filings for jobless benefits came in at 233,000 last week, down 17,000 from the previous week and lower than the Dow Jones estimate for 240,000, the Labor Department reported Thursday.

The 10-year Treasury yield is up 2 basis points to 3.99%. The yield on the 2-year note was up nearly 5 basis points to 4.048%.