Day Traders Diary

5/7/24

The major averages closed mixed after a couple strong days following encouraging economic data. The Dow Jones Industrial Average rose 31 points. The S&P 500 rose 6 points while the Nasdaq fell 16 points.

The yield on the 10-year Treasury fell 3 basis points to 4.45% after a nice rally the last couple days as economic data shows a cooling of the economy and inflation data. Fed Chair Jerome Powell also ruled out any interest rate hike by the central bank.

The Dow and S&P 500 gains were kept in check by a 9% decline in Disney shares after the media and entertainment giant posted a slight revenue miss but exceeded quarterly earnings expectations. Recent highflier and technology firm, Palantir plunged 15% on weaker-than-expected guidance.