Day Traders Diary

11/20/24

The major averages closed lower following a slew of retail earnings, continued heightened tensions in Ukraine and the highly-anticipated earnings report from Nvidia. The Dow Jones Industrial Average rose 139 points after falling over 100 points on the open. The SP 500 rose 13 cents after spending most of the day in the red. The Nasdaq Composite fell into the red down 21 points.

In the retail space, Target was the dog down over 20% after missing earnings by a wide margin. The retail sector in general was lower today. Walmart was the diamond yesterday on strong earnings. Walmart may be stealing market share from Target. Today's diamond goes to William Sonoma up over 25% on strong earnings.

Comcast made news after announcing plans to spin off its cable networks, including MSNBC and CNBC. The separation is expected to take roughly a year. Comcast first hinted at a potential split during its October earnings call.

In the tech space, all eyes are on Nvidia ahead of earnings tonight and the health of the AI space. Nvidia and the rest of the chip space were lower today. Apple was lower even though they received an upgrade with a $290 price target.

The 10-year Treasury was up a basis point to 4.39%. The 2-year Treasury yield was up 2 basis points to 4.29% on the geopolitical tensions. Gold was also higher on the Ukraine-Russia tensions. The price of oil was muted. Bitcoin made a new high today as option trading on the Bitcoin ETFs start this week,