Day Traders Diary

3/14/24

The major averages reversed course closing in the red after the release of hotter-than-expected U.S. inflation data that sent Treasury yields higher. The Dow Jones Industrial Average opened higher, but closed down 137 points. The S&P 500 fell 14 points or 0.26% while the Nasdaq fell 49 points.

February's producer price index, a measure of wholesale inflation, advanced 0.6% last month. Excluding food and energy prices, core PPI climbed 0.3% in February. Economists polled by Dow Jones expected a 0.3% gain for headline PPI and a 0.2% increase for the core reading.

The inflation data pushed the 10-year Treasury up 10 basis points to 4.29%. The 2 year Treasury closed up 7 basis points to 4.69%.

Tech today was mixed with old tech like Apple, Microsoft, Google and Amazon aal up 1% or more. Nvidia and Tesla were down 3% or more. Most of the chips came under pressure.

Oil and oil stocks have perked up of late. Conoco, Exxon and Chevron were up 1.18% or better.