Day Traders Diary

11/29/24

The major averages rallied this holiday abbreviated session as Black Holiday sales get snapped up. The Dow Jones Industrial Average rose 188 points or 0.42%. The S&P 500 rose 33 points or 0.56% while the Nasdaq rose 157 points or 0.83%.

The tech rally got going thanks to a Bloomberg report that the Biden administration was considering additional barriers on the sale of semiconductor equipment to China that weren't as strong as previously expected. The chip equipment stocks Lam Research, KLA Tencor and Applied Materials were up nearly 2% or more. The chips also had a good day as Nvidia rose 2%.

Apple was up a percent on an upgrade and a $300 price target. Tesla also continues its stellar run.

The rally today was broad based with 3 out of every 5 S&P 500 members finishing in the green.

The 10-year Treasury dipped 3 basis points to 4.21%, the lowest point since Oct. 30th. The 2-year Treasury fell 3 basis points, sitting at 4.18%. No economic data today.

Oil was quiet today ahead of OPEC+ meeting. Gold was higher by half a percent while Bitcoin rose 2% closing in on $100,000 again.

On the week, the Dow has added 1.4%, up 7% for November. The S&P 500 and Nasdaq Composite each advanced 1.1% on the week and up 5% and 6%, respectively for the month.

Today's gains gave the Dow and S&P 500 their best months of 2024.