Day Traders Diary
10/9/24
The major averages surged for a second straight day with the S&P 500 jumping to a new record, as technology and many other sectors powered higher as investors shook off geopolitical concerns. The Dow Jones Industrial Average rose 456 points or 1.08%. The S&P 500 rose 43 points or 0.75% while the Nasdaq Composite rose 115 points or 0.64%.
It was broad based rally spearheaded by big cap tech like Microsoft, Amazon and Apple. Google was the exception, down 2% as the DOJ proposes remedies to curb Google's search dominance with the possibility of a breakup.
Drug stocks were higher led by Pfizer up 3% as the CEO will meet with activist hedge fund, Starboard about possible changes at the drug giant.
To the downside, we have Boeing was down 2% as negotiations with machinist breaks down, contract proposal is withdrawn, management considers stock offering to raise more money while S&P credit rating could downgrade their debt if things worsen.
Interest rates keep creeping higher as the 10-year Treasury was up 3 basis points to 4.07%. The 2-year Treasury was up 3 basis points to 4.01%. The Federal Reserve's September meeting that showed division over the aggressiveness of the cut.
Wednesday's gains came despite lingering fears of a broader war in the Middle East and a disappointing session in China as investors took profits from the recent stimulus-fueled rally. The China Shenzhen registered its worst day since 1997.
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