Day Traders Diary

12/4/24

The major average jumped today to new highs led by tech once again after the Fed Chairman made comments at a submit today. The Dow Jones Industrial Average rose 308 points or 0.69% touching 45,000 for the first time . The S&P 500 rose 36 points or 0.6% while the Nasdaq rose 254 points or 2.3%.

Salesforce led the Dow higher up 10% after the company posted fiscal third-quarter revenue that beat estimates with strong 2025 guidance. Chipmaker, Marvell also had a good day up 23% on strong earnings. The chips overall were mixed.

The airlines were a bright spot today as well as JetBlue jumped 8% on strong guidance. All the airlines had a busy holiday travel season without much hangups.

The dog today goes to Campbell Soup down 4% following earnings as their CEO leaves for the NFL. The iconic soup maker beat earnings as sales rose 10% to $2.77 billion. The company reaffirmed guidance for 2025 while also increasing their dividend by 5%. However, the stock is down as current CEO is stepping down to become the new team President of the Washington Commanders.

The 10-year Treasury fell 4 basis points to 4.18%. Meanwhile, the 2-year Treasury yield slipped 5 basis points to 4.12%. The ADP released today revealed that private payrolls grew less than expected in November. Companies added just 146,000 on the month, while economists polled by Dow Jones had estimated growth of 163,000 positions.

The Fed Chairman also made comments this afternoon at an economic summit. The major averages improved through out the afternoon. The Trump administration selected the former SEC Commissioner to lead the agency once again.