Day Traders Diary

12/11/24

The major averages closed mixed with the Nasdaq Composite snapping back nearly 2% above 20,000 for the first time following the November inflation report. The Dow Jones Industrial Average fell 99 points. The S&P 500 rose 49 points or 0.8% while the Nasdaq rose 347 points or 1.77%.

Alphabet/Google led the charge up 5% after releasing their latest version of their AL software, Gemini 2.0, after announcing a breakthrough yesterday with a new chip called, Willow for quantum computing. The other big cap techs were also strong with Amazon, Meta, Nvidia and Netflix up over 2%.

Telsa rose 4% to a new all time high. Elon Musk is now worth over $400 billion, the world's richest person.

Outside tech, things were quieter. The healthcare space was weak as a bipartisan coalition has drafted a bill to force prescription drug middlemen to divest pharmacies they own to bring down drug pricing. CVS Health, Cigna Group and UnitedHealth Group were all down 5% or more.

On the earnings front Macy, GE Aerospace, Dave & Busters were lower. Meme stock, GameStop rose 10% on earnings.

The 10-year Treasury yield rose 2 basis points to 4.25% while the 2-year Treasury was down a basis point to 4.13% following the inflation data that was inline, seemingly clearing the way for the Fed to lower rates by  25 bp points next week.  

In the commodity space, oil was up 2%, gold was higher by a percent while bitcoin jumped 4%.