Day Traders Diary

12/13/24

The major averages closed mixed with the Dow Jones Industrial Average falling for a seventh straight session, the longest run of losses since 2020. The blue-chip index lost 86 points, closing at 43,828. The S&P 500 was unchanged at 6051 while the Nasdaq Composite actually rose 23 points to 19,926.

On the week, the Dow posted a 1.8% decline, while the S&P 500 slid 0.5%, ending a three-week winning streak. The Nasdaq rose a modest 0.3% for the week.

A few bright spots today with chipmaker, Broadcom rising 24% on strong earnings and optimism for AI demand in 2025. The strength in Broadcom did not filter to the other chips. Nvidia and AMD fell 2%.

In big cap tech, Tesla had a good day, but the red of the big caps were lower. Apple was modestly higher on an upgrade.

The 10-year Treasury yield rose 7 basis points to 4.40% after jumping more than 6 basis points on Thursday. The yield on the 2-year Treasury was up 5 basis points to 4.24% ahead of the next Fed decision next week.

In the commodity space, oil rebounded with tensions high in the Middle East. Gold was lower while bitcoin rose a percent near all time highs.