Day Traders Diary

9/12/24

The major averages are higher still trying to shake off a tough start to September ahead of a possible rate cut next week by the Federal Reserve. The Dow Jones Industrial Average is up 185 points or 0.45%. The S&P 500 is up 40 points or 0.73% while the Nasdaq Composite is up 175 points.

The economic data out this morning was mixed but encouraging. The producer price index rose 0.2% in wholesale prices in August, in line with expectations. The PPI report follows consumer inflation data released Wednesday that indicated an uptick in core prices, but also that inflation in August declined to its lowest level since February 2021. The yield on the 10-year Treasury was up three basis points to 3.687%. The 2-year Treasury yield was up a basis point to 3.654%.

Megacap tech and semiconductor names continued to rally on Thursday, boosting the Nvidia, Broadcom, Oracle, Google and Meta.

Investors are coming off a choppy trading session that was initially weighed down by the consumer price index report before it saw a late-day advance in tech shares that helped the major benchmarks rebound from their lows