Day Traders Diary

10/1/24

The major averages spent most of the day in the red awaiting an Iranian missile attack on Isreal that came in the middle of the day. The Dow Jones Industrial Average fell 173 points after falling nearly 400 points in the morning hours. The S&P 500 fell 53 points while the Nasdaq fell 278 points or 1.5%.

With the rising tensions in the Middle East, West Texas Intermediate crude oil spiked 3%. The energy sector is the strongest sector today up nearly 2%.

Defense stocks were also higher with Lockheed, Northrop and Raytheon all up 2% or more.

Bonds were quiet today with the yield on the 10-year Treasury down 6 basis points to 3.74%. The 2-year Treasury is lower by 3 basis points to 3.61%.

Risk off day for the tech sector. Apple fell down 3% following a strong day to end September. Citigroup lowered iphone sales today for Apple. Yesterday, Morgan Stanley reiterated numbers. Chip stocks were weak today. Micron pulled back 3% today after a 3% decline yesterday.  Nvidia was down 3% on concerns of short term demand.

Insurance stocks rebounded as Hurricane Helena dissipates leaving a lot of devastation in Georgia, North Carolina and Floridia.