Day Traders Diary

8/29/24

The major averages are mixed to end the day with the Dow Jones trading at all time highs even as tech titan, Nvidia trades lower following spectacular earnings, but tepid guidance. The Dow Jones Industrial Average rose over 300 points or nearly 1%. The S&P 500 is modestly higher by 10 points while the Nasdaq hugs the flatline after rising 100 points to start the day.  

Nvidia fell 5% today, but the good is the broader market held up. Many chip stocks are higher today including Micron, Intel, Texas Instruments and Analog Devices. The other big cap tech stocks held up as well. Apple rose over a percent on an upgrade at Citigroup as their Top Pick. Tesla was higher on an upgrade.

On the earning front CrowdStrike and HP Inc were higher on earnings. The dog of the day goes to Dollar General (DG) down 30% after missing earnings, missing sales estimates and lowering guidance for the full year. Same store sales growth was also cut in half as their financially constrained customers are struggling to get by.

The 10-year Treasury was up 4 basis points to 3.87%, while the yield on the 2-year Treasury was up 3 basis points to 3.898%. Economic data released today, the Weekly jobless claims fell from the prior week, further easing recession concerns. Second-quarter gross domestic product was revised higher to 3% growth from an initial 2.8% rate.