Day Traders Diary

9/26/24

The major averages got a lift today from strong tech earnings from Micron and bullish comments from Billionaire, David Tepper on China following their stimulus package laid out earlier in the week. The Dow Jones Industrial Average is up 268 points or 0.64%. The S&P 400 is up 25 points or 0.45% while the Nasdaq is up 113 points.

Micron is the diamond today up 14% higher after issuing strong guidance for the current quarter. Results for Micron's fiscal fourth quarter also topped analysts' estimates. All the chip and chip equipment makers are performing well except for Super Micro Computer. The stock is down 12% after the DOJ initiates a probe into their accounting. .

On the economic front, weekly jobless claims fell more than expected, pointing to a steady labor market. Durable goods orders for August were unchanged versus economists' expectations for a decline. And the final reading of second-quarter GDP was unrevised at a strong 3%. The yield on the 10-year Treasury was up a basis point to 3.79%. The 2-year Treasury rose 6 basis points to 3.616%.

Billionaire, David Tepper, owner of National Football League's Carolina Panthers team, revealed that he's going all in on China on the back of a rate cut and a flood of support measures the government recently announced to shore up a flailing economy. Chinese stocks, casino stocks and many industrial stocks that rely on China for sales were up big today.

Both the S&P 500 and the Dow fell Wednesday, taking a breather from their recent strong runs. Both indexes had hit fresh all-time highs earlier in the day.