Day Traders Diary

5/28/25

The major averages drifted lower on a quiet day for news ahead of the tech giant, Nvidia's  quarterly earnings. The Dow Jones Industrial Average fell 244 points, or 0.58% to close at  42,098. The S&P 500 slid 32 points or 0.56% to end at 5,888 while the Nasdaq Composite shed 98 points or 0.51% to settle at 19,100.

A few earnings reports from Abercrombie and Fitch, Dicks, Macy's, Box and others. Okta shares plunged more than 16% after the identity management software company kept its guidance steady despite a better-than-expected quarter due to macroeconomic uncertainty. Abercrombie & Fitch was a diamond up 14% after beating and raising guidance while also issuing a share buyback.

Tech was quiet ahead of Nvidia's earnings. Investors will be paying close attention to what China restrictions will mean for the artificial intelligence chipmaker, which sees no slowing in demand for its graphics processors. Broadcom was one of the few chip stocks higher on an upgrade with a $301 price target.

Interest rates where modestly higher as the Fed released minutes from its May meeting Wednesday afternoon. The minutes showed that participants found a cautious monetary policy approach to be appropriate amid a period of economic uncertainty and that it could face "difficult tradeoffs" if inflation rises. The 30-year Treasury yield reached the 5% level today. The 10-year Treasury yield rose 4 basis points to 4.48%. The 2-year yield added 4 basis points to close at 3.99%.

In the commodity space, oil was modestly higher. Gold and bitcoin were modestly lower.