Day Traders Diary

12/9/24

The major averages closed in the red as the Nasdaq Composite reserved course, pulling back from record highs to start the week. The Dow Jones Industrial Average fell 240 points or 0.54%. The S&P 500 fell 37 points or 0.6% while the Nasdaq dropped 123 points or 0.6%.

 A number of tech stocks like Tesla, Palantir and IBM made new recent highs before reversing and falling into the red. Nvidia was down nearly 3% as Chinese regulators announce an investigation into violating antimonopoly law. AMD fell 6% on a downgrade. The rest of the chips are holding up better.

Apple, Microsoft, Amazon and Google were all higher. Apple was up a percent to a new high.

Besides tech, bitcoin retreated as well, a sign that investors are moving away from risk-taking. The cryptocurrency topped $100,000 for the first time ever last week.

Oil and gold were higher attributed to new stimulus plans in China. The Chinese large cap ETF jumped 8% today as Alibaba rose 7% and JD.com jumped 11%.

The yield on the 10-year Treasury fell  3 basis points to 4.15%. The 2-year Treasury yield declined 4 basis points to 4.09% as traders look ahead to key inflation data before the next Fed meeting next week.

Last week, the S&P 500 and Nasdaq closed at fresh records Friday, rising 1% and 3.3% for the week, The Dow fell 0.6% on the week.