Day Traders Diary

11/25/24

The major averages are higher to start the holiday week led by the Dow and the Russell 2000 as Wall Street seems to like President-elect Trump's choice for Treasury secretary, Scott Bessent who could help guide the economy without sparking inflation. The Dow Jones rose 440 points, or 0.99%. The S&P 500 was modestly higher, up 18 points while the Nasdaq was up 51 points or 0.27%. The Russell 2000 jumped nearly 2% to surpass a prior all-time high set in 2021.

The retail sector is leading the charge today even though earnings have not been spectacular from the group. One stand out in the sector is Bath and Body Works up 17% on earnings. Target is bouncing back 4% on an upgrade while Dicks Sporting Goods is up nearly 3% ahead of earnings tomorrow. Macy's ahead of their parade is down 2% as they delay quarterly results on accounting concerns.

The bond market also liked the Treasury pick. The 10-year Treasury slid more than 14 basis points to 4.26%. The 2-year Treasury lost more than 10 basis points to 4.26%.

Gold and the price of oil fell 3% on reports Israel is nearing a ceasefire with Hezbollah. OPEC+ will meet on Sunday to consider leaving its current oil output cuts in place from Jan. 1 according to Azerbaijan's Energy Minister Parviz Shahbazov told Reuters.

Bitcoin was down 3% today and down 6% from the highs last week, nearly touching the psychological level of $100,000. The world's biggest cryptocurrency has risen over 40% since Nov. 5 election.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.