Day Traders Diary

12/16/24

The major averages are mixed once again with the Dow down once again while tech and the Nasdaq continue to shine ahead of Fed decision on rates this week. The Dow fell 110 points or 0.25% for an eight day losing streak, its longest streak in six years. The S&P 500 rose 22 points or 0.38% while the Nasdaq rose 247 points or 1.24%.

Tech continues to shine as shares of Apple, Google, Tesla and Broadcom making new all- time highs. Ironically, AI chipmaker Nvidia was lower today.

Outside tech, things were not as rosy. Healthcare, telecom and energy stocks took a hit. Commodities were lower including oil and gold. Steel Dynamic was a dog today after lowering guidance on pricing pressures.

Bonds have been rising of late. The 10-year Treasury yield was down a basis point to 4.37% after topping 4.4% on Friday. The 2-year Treasury yield rose a basis point to 4.24%.

The Fed is set to begin a two-day policy meeting on Tuesday with the central bank widely expected to cut its benchmark overnight lending rate another quarter point on Wednesday.

Banks and financials were mixed today.

One investment that likes rate cuts is Bitcoin. Bitcoin continues to shine, up 2.7% today topping $107,000 for the first time.

The markets are coming off a sluggish week, when the Dow fell 1.8%. The S&P 500 dipped 0.6% last week while the eked out a gain of 0.3%.