Day Traders Diary

12/10/24

The major averages sold off once again still awaiting new U.S. inflation data set for release this week. The Dow Jones Industrial Average fell 154 points or 0.4%. The S&P 500 fell 17 points or 0.3% while the Nasdaq Composite was down 49 points or 0.3%.

On the earnings front, tech stock Oracle was down 6% after the database software company posted fiscal second quarter results that missed Wall Street's estimates. The stock is still up over 60% for the year.

Tech overall was weak except for Alphabet, a breakout winner advancing nearly 5% , on the backs of Google making a major breakthrough in quantum computing with the unveiling of its new chip.

Outside tech, things were much better. Plenty of upgrades. Norwegian Cruise Line rose 2% on an upgrade. Other stocks receiving upgrades today include Eli Lilly, Gilead, Bristol, Merck and Pfizer. GM, UPS, American Airlines and AT&T also received upgrades.

Retailer, Ollie Bargain Outlet rose 13% on strong earnings.

Bonds were quiet ahead of key inflation data later this week. Oil was flat even as concerns in Syria rise, and Chinese stimulus could lend support. Gold and bitcoin were modestly higher.

Yesterday, the major averages had one of their worst days so far in December with the S&P 500 and the Nasdaq Composite down over 0.5%.