Day Traders Diary

11/7/24

The major averages were mixed after hitting record highs yesterday on a huge rally following Donald Trump's decisive victory in the presidential election. The Dow Jones Industrial Average was quiet, down 59 cents. The S&P 500 rose 44 points or 0.74% while the Nasdaq Composite jumped 285 points or 1.5%.  The three major averages hit intraday record highs today.

The financial stocks surged Wednesday, but cooled off today. JPMorgan Chase fell 4% while American Express fell nearly 3%. The regional bank ETF fell 3%. Telecom, railroads, many industrials and defensive stocks were lower as well.  

Big cap tech continued to shine. Apple was quiet yesterday, but up 2% along with the other big cap techs. Semiconductors also performed well. Arm Holdings rose 4% on earnings. Qualcomm was modestly lower on earnings. Bitcoin climbed 0.29% to new highs. Gold and oil were higher again today.   

Bond yields pulled back with the 10-year Treasury yield down 12 basis points to 4.32% after jumping over 14 basis points in the previous session. The yield on the 2-year Treasury fell 7 basis points to 4.21%. Chair Jerome Powell and the Fed did in fact lower rates by a quarter of a percent today as expected according to CME Group's Fed Watch tool.