Day Traders Diary

2/5/25

The major averages rose for a second day in a row, as investors looked past the trade turmoil that weighed on the market earlier in the week. The blue-chip Dow Jones Industrial Average climbed 317 points, or 0.71% thanks in part to Amgen and Nvidia. The S&P 500 rose 23 points or 0.39% while the Nasdaq Composite rose 38 points or 0.19%.

Nvidia jumped more than 5% after server maker Super Micro Computer announced full production availability of its artificial intelligence data center with Nvidia's Blackwell platform. Super Micro shares rose around 8% following the announcement.

Only AMD in the chip sector was lower on lackluster earnings. Alphabet shares tumbled 7% after the Google parent posted a cloud revenue miss even as they ramp up spending on AI.

In the healthcare sector, Amgen rose 6% lifting the Dow on the heels of its better-than-expected adjusted earnings thanks to numerous drugs and products. ABBV was higher as well on earnings.

In the bond market, the 10 year Treasury yield fell 8 basis points to trade at 4.42%, while the 2-year Treasury yield fell more than 2 basis points to 4.19%. In the economic news, ADP reported Wednesday that private payrolls expanded by 183,000 jobs in January, above the 150,000 gain that economists polled by Dow Jones had penciled in. January's reading is also just above the 176,000 jobs created in December.

The price of oil fell 2% as US inventories rose unexpectedly. Gold was modestly higher while bitcoin fell 2% still stuck in a range.