Day Traders Diary

3/11/25

The major averages closed lower once again as the sell-off continues as the S&P 500 is on the brink of a correction or a 10% pullback from its high. The Dow Jones Industrial Average fell 478 points, or 1.14%. The S&P 500 fell 42 points or 0.75% while the Nasdaq fell 32 points or 0.18%.

Buyers remain on the sidelines, sitting on their hands as the spat between the US and Canada intensified before hopefully defusing by the end of the day.

Today's weakness followed a sharp sell off on Monday with the Nasdaq having its worst day since September 2022, dropping 4%. The 30-stock Dow lost nearly 900 points. Citigroup this week lowered its rating on U.S. stocks to neutral from overweight, pointing to a "pause in U.S. exceptionalism" as the reason.

Even with the weakness, there were a number of stocks and sectors higher today. A number of tech stocks rose including Nvidia and Tesla. Netflix was higher on an upgrade. Oracle, on the other hand, finished down 3% after missing earnings estimates. Oil, gold and bitcoin were all higher together for the first time in a while.

The benchmark 10-year Treasury yield rose 7 basis points to 4.27%. The 2-year Treasury yield rose 4 basis points to 3.937%, after falling to its lowest level since October earlier in the session. The latest CPI index comes out tomorrow morning.