Day Traders Diary

8/27/24

The major averages were quiet again today awaiting earnings from tech titan, Nvidia on Wednesday. The Dow Jones Industrial Average rose 9 points. The S&P 500 rose 8 points while the Nasdaq rose 29 points or 0.16%.

Investors are awaiting earnings from top artificial intelligence beneficiary Nvidia after Wednesday's closing bell. Shares of the graphics processing unit manufacturer fell nearly 1% Monday but rose a percent today. Most chips were higher except for Micron. Apple was higher on positive demand for iphone sales. The dog of the day went to Super Micro Computer down 2.6% after falling 8% on accusations of accounting manipulation. The stock had a nice rebound throughout the day.

Another recent highflyer, Eli Lilly jumped 2% on the open as they introduced a single-dose script of their popular weight loss drug, Zepbound at half the price, aiming to broaden access for patients who self-pay for their drugs.

After a volatile month, stocks are getting more stable footing again, rallying back toward all time highs. A strategist at Capital Economics put out a note saying the S&P 500 index should climb 7% and reach 6,000 by the end of 2024, so long as the U.S. economy makes a soft landing.