Day Traders Diary

12/3/24

The major averages were mixed and quiet for a second straight day with the Dow slipping 76 points. The S&P 500 rose 2 points to a new high. The Nasdaq rose 76 points, leading the markets once again.

The 10-year Treasury rose 4 basis points to 4.23%, while the yield on the 2-year Treasury dipped 2 basis points to 4.17%. The economic data released this morning showed that job openings were higher in October compared to September. Job openings hit a total of 7.74 million last month, topping the Dow Jones estimate of 7.5 million. The Federal Reserve will meet again on Dec. 17-18. Fed funds futures are currently pricing in a nearly 73% probability that the central bank will lower rates again,

In the tech space, Meta jumped 3%. All the big cap techs were higher. Apple rose a percent to a new high. Micron rose over a percent as their rivals in South Korea are under Martial Law.

Outside tech things were more quiet. The diamond today goes to AT&T up 3% following an upbeat outlook for 2025 and beyond for 5G and fiber expansion.

FedEx and UPS were cautious, down 4% and 3% respectively on cautious analyst comments. UPS is hiring over 100,000 seasonal workers this year while FedEx and UPS are expected to handle 2.2 billion deliveries and returns, delivering 85 million packages a day.

Oil, Gold and Bitcoin were all modestly higher today.