Day Traders Diary

11/21/24

The major averages surged today following earnings from a number of tech stocks. The Dow Jones Industrial Average rose 461 points or 1% led by Goldman Sachs, industrials giant Caterpillar and retailer Home Depot. The S&P 500 rose 31 points or 0.53%. The Nasdaq rose just 6 points.

Nvidia had blow out earnings, but ironically the stock was modestly lower on the day. The rest of the chips were higher. The biggest weakness was in tech giants Amazon and Google down 2% and 5% respectively. The DOJ is going after Google to spin off Crome and Android business. The Trump administration may reverse this in the coming months.

Snowflake was the diamond today, popping nearly 30% after the company topped Wall Street's estimates and lifted its product revenue guidance for the fiscal year. Salesforce rallied about 5%, helping to lift the Dow.

Bitcoin hit a fresh milestone, crossing the $98,000 level for the first time late Wednesday as investors maintained their hopes that a second Donald Trump presidency will usher in supportive regulation for the industry.