Day Traders Diary

10/31/24

No treat in the markets today as the major averages took a hit following earnings from a number of blue chip techs that did not live up to expectations. The Dow Jones Industrial Average fell 378 points or 0.9%. The S&P 500 fell 108 points or 1.86% while the Nasdaq fell 512 points or 2.75%.

Microsoft and Meta started the slide in the markets today falling 6% and 4% respectively. All the big cap techs were lower. The major chip stocks fell 3% or more led by Nvidia and Broadcom. Apple and Amazon report earnings tonight.

Outside tech there were a ton of earnings reports from the likes of Carvana, Starbucks, Ebay, Amgen, MetLife, Robinhood, Sprouts Farms, Southern Company, Peloton, Mastercard, Estee Lauder, Roku, Roblox, Peabody Energy, Uber, Bristol Myers, Eaton, Merck, Lincoln Financial and Cigna.

Carvana, Peloton, Cigna, Lincoln, Peabody and Sothern Company were diamonds today. The rest were lower.

Bonds were quiet ahead of Friday's jobs report. The 10-year Treasury is up 2 basis points to 4.28%. The 2-year Treasury is flat at 4.15%. The latest personal consumption expenditures price index showed 12-month inflation rose at a rate of 2.1% in September, in line with estimates.

With today's sell off, the major averages are on track to end the week in the red. The Dow has dropped 0.4% week to date, while the S&P 500 and Nasdaq are down 1.3% and 1.8%, respectively.

For the month, the 30-stock Dow is down 0.9. The broad market index is lower by 0.5% in October, while the Nasdaq is marginally higher.