Day Traders Diary

12/17/24

The major averages pulled back with the Dow Jones Industrial Average falling for a ninth straight day, the longest losing streak since 1978 ahead of the Fed meeting tomorrow. The 30-stock average declined 267 points, or 0.61%. The S&P 500 fell 23 points or 0.39% while the Nasdaq declined 64 points or 0.32%.

The weakness I the Dow has been driven by a rotation into technology stocks, except today. Most techs like Nvidia, Amazon, Google and Meta were lower today. Chip stocks in general were all lower.

Telsa, Apple and Microsoft were higher. Apple made a new all time high early in the day.

Most sectors were lower today. The healthcare and drug stocks were a bright spot today. Pfizer was up 4% after raising guidance for 2025, lifting the sector. Bristol Myers was upgraded yesterday with a $70 price target.

Bonds were quiet today with the yield on the 10-year Treasury down a basis point to 4.39%. The 2-year Treasury yield fell a basis point as well to 4.24%. November's retail sales figure came in hotter than economists expected, adding some concerns that the Fed may be taking unnecessary action tomorrow.

Commodities were lower again today.  Oil fell nearly a percent as gold fell modestly.

Bitcoin continues its surge rising 0.3% after hitting $107,000 yesterday.