Day Traders Diary

3/11/24

The major averages closed mixed after a down opening on a quiet day for news. The Dow Jones Industrial Average rose 46 points after falling 160 points or 0.41% on the open. The S&P 500 fell 5 points or 0.11% while the Nasdaq fell 65 points or 0.41%.

AI chip stocks have led the rally so far in 2024, but most were lower today. Nvidia fell 2% on news of a copyright lawsuit. AMD was down 4%. Taiwan semi 5% even as Bernstein upgraded the stock. Netflix was lower on an upgrade as well.  Applied Materials was lower by 2% even as they raised their dividend 25%.

Bitcoin related stocks performed well as Bitcoin rose 4% to new highs.

Today's action followed a losing week for the major averages. The 30-stock Dow slid 0.9% last week, notching its worst performance since October. The S&P 500 retreated by 0.3%, while the Nasdaq Composite tumbled 1.2%.

The yield on the 10-year Treasury was quiet at 4.079% while the 2-year Treasury yield was stuck at 4.494%, awaiting fresh inflation data tomorrow in the form of February's consumer and producer price indexes.