Day Traders Diary

9/25/24

The major averages closed mixed dragged down by Dow components as corporate news and earnings moved the markets today. The Dow Jones Industrial Average fell 293 points or 0.7%, dragged down by a 5% drop in Amgen. The S&P 500 fell 10 points while the Nasdaq rose 7 points.

A number of earnings reports out today. KB Homes fell 4% as earnings missed and gross margins were lower. They did raise full year sales guidance. Software firm, Progressive Software rose 11% after beating on earnings and sales. Industrial, Worthington Enterprises opened lower on disappointing earnings but tried to rebounded as management made comments that lower interest rates should help going forward. Micron reports tonight.

A number of upgrades and downgrades this morning. Hewlett Packard Enterprise was up 5% on an upgrade from Barclays, citing strong artificial data center demand as a positive catalyst. Ford, GM and Rivian were lower on downgrades at Morgan Stanley. SAP was down 3% as they are getting investigated for price fixing in the US.

All three averages are on track for a positive September, though fears of a slowing economy still linger after last week's rate cut from the Federal Reserve. The yield on the 10-year Treasury is up 3 basis points to 3.77%. The 2-year Treasury is up 2 basis points at 3.54%.

Upcoming economic data includes new home sales for August, due out on Wednesday morning, and weekly jobless claims on Thursday.