Day Traders Diary

11/13/24

The major averages closed mixed with the Dow Jones rebounding after its first down day since the Presidential election. The Dow Jones Industrial Average rose 47 points led by Amazon, Chevron and Disney. The S&P 500 was up a point while the Nasdaq fell 50 points.

The averages and bonds are quiet today. The yield on the 10-year Treasury is up 2 basis points to 4.45%. The 2-year Treasury yield fell 5 basis points to 4.29%. The October consumer price index accelerated to a 2.6% annual rate, matching the consensus estimate from economists polled by Dow Jones. Core prices, which exclude food and energy from the reading, rose 3.3% last month, which also matched estimates.

On the earnings front, Spotify was up 12% while Cava was up 2%. Both beat earnings expectations. Spirit Airlines fell over 50% on growing concerns of a pending bankruptcy.

Rivian was up 12% on news they are looking to create a partnership with Volkswagen.

Tech was quiet today with all the chips lower except for Intel. On Semiconductor was lower even though it received a couple upgrades.  Even Bitcoin finished in the red after rallying 3% over $90,000 for the first time.

On Monday, the Dow closed above 44,000 for the first time while both the S&P 500 and Nasdaq Composite recorded fresh record highs.