Day Traders Diary

9/9/24

The major averages had a sharp rebound today following Wall Street's worst week of the year on concerns the economy was slowing down too fast. The Dow Jones Industrial Average rose 484 points or 1.2% after losing more than 1,200 points last week. The S&P 500 jumped 62 points or 1.1% after losing more than 4% last week, its worst week since March 2024.  The Nasdaq Composite jumped 193 points or 1.1% following its worst week in more than 2 years.

Risk back on for at least a day. Nvidia rose 3% after losing 14% last week. In the tech space only Micron Google were lower for the day. Palantir and Dell Technologies popped 14% and 3%, respectively, after S&P Dow Jones Indices said late Friday the stocks will join the S&P 500.

American Airlines is leaving the S&P 500, but rival, JetBlue Airways was up 8% after Bank of America's analyst Andrew Didora upgraded the firm to neutral from underperform.

The bank sector had a good day as Citigroup announced they are comfortable with quarterly and yearly guidance at a Barclays conference. JP Morgan Chase, Visa, Bank of America and Blackstone were all up 2% or more.

Bonds were quiet today awaiting two key inflation reports that could further inform the Fed's rate decision on Sept. 18. August's consumer and producer price reports are slated for release on Wednesday and Thursday morning, respectively. So far traders are predicting a quarter point rate cut by the Fed.

Commodities like Oil, Siver, Copper, Gold and Bitcoin rebounded today after taking a hit last week.