Day Traders Diary

12/2/24

The major averages closed mixed to start December after November finished as the best month of the year. The Dow Jones Industrial Average fell 128 points or 0.3%.  The blue-chip index rose 14 points while the Nasdaq rose 185 points.

Tech was a leader today led by the chip space. Intel rose 4% as their CEO is stepping down after four years of underperformance. Shares of Tesla rose 3% following an upgrade to buy from neutral at Roth MKM, citing as a catalyst Musk's close relationship with President-elect Donald Trump. AI server maker Super Micro Computer jumped 30% after a special committee found "no evidence of misconduct" and the firm's financial statements were "materially accurate."

The rest of the big cap tech like Microsoft, Amazon, Google, Apple and Meta were higher as well.  

Outside tech things are much weaker.

Stellantis fell 6% as their CEO resigns. The CEO clashed with the board of directors on how to revive the company. The owner of Jeep, Fiat and Peugeot is struggling with overcapacity and high inventory levels particularly in North America.

The yield on the 10-year Treasury slipped a basis point to 4.18%. Meanwhile, the 2-year Treasury yield is up 2 basis points to 4.19%. On Friday, the 10-year Treasury yield had fallen to its lowest levels since late October.

Oil was quiet, but modestly lower. Gold and Bitcoin were down about one percent.

November marked the best month of 2024 for both the Dow and S&P 500 with the two gaining 7.5% and 5.7% respectively for the period. Most of the gains came in a postelection rally after President-elect Donald Trump emerged as the winner. Both of the indexes notched closing highs on Friday to end the month.