Day Traders Diary

9/10/24

The major averages closed fixed as the markets try to find their footing here in the month of September. the Dow Jones Industrial Average fell 92 points after falling more than 300 points earlier I the session. The S&P 500 is up 24 points or 0.45% while the Nasdaq rose 141 points or 0.84%.

The rally started today with tech and an 11% rally in Oracle following strong earnings in cloud software. Nvidia was up a percent. Broadcom rose 3%, but the rest of the chips were flat to negative. The tech sector is still negative for the quarter.

Bank stocks came under pressure today after a strong start to the week. JPMorgan fell 7.3% after the company offered cautious commentary on net interest income in 2025 at an industry conference. Goldman Sachs fell 4% after lowering trading revenue for the quarter.

Speaking of traders, they have their eyes on economic reports over the next several days. The consumer price index report for August is due out Wednesday, followed by the producer price index on Thursday. Investors are betting that a widely anticipated interest rate cut at the Federal Reserve's Sept. 17-18 meeting could help assuage concerns over a weakening economy.