Day Traders Diary

9/11/24

A roller coaster ride today with the major averages selling off sharply this morning with the Dow dropping 700 points before slowly recovering, closing in the green by the close. The 30-stock Dow rose 137 points after losing as much as 743 points during the morning hours. The S&P 500 rose 58 points or 1% while the Nasdaq Composite rose 369 points or 2%.

Part of the sell off was due to the core reading on the consumer price index out this morning that rose slightly more than expected. This dampened investor hopes for a half-point rate cut from the Federal Reserve. Traders are now pricing in an 85% chance that the central bank will approve a 25 basis point interest rate reduction at its Sept. 17-18 meeting, according to the CME Group's FedWatch measure.

In the tech space, Nvidia rose 7% after saying demand for the quarter is great and their new chip, Blackwell will start scaling in the fourth quarter. Arm Holdings was up 10% while the Semiconductor ETF gained over 4%.

The solar stocks performed well following the debate last night. First Solar rose 15% while Trump Media & Technology fell 13% as many believe Vice President Kamala Harris won the debate last night.

September has been the worst month for the S&P 500 over the last 10 years, averaging a loss of more than 1% during that time. The averages so far are negative for the month and September has been negative the last four years.