Day Traders Diary

3/15/24

The major averages pulled back again notching its second-straight weekly loss, with technology stocks under pressure as inflation concerns remain front and center ahead of the Federal Reserve's policy meeting next week. The Dow Jones Industrial Average fell 190 points or 0.49%. The S&P 500 fell 33 points or 0.65% while the Nasdaq Composite fell 155 points or 0.96%.

On the week, the S&P 500 shed 0.13%, the Dow fell just 0.02% while the Nasdaq declined 0.7%.

Tech took it on the chin this week as interest rates crept higher on inflation data.

Amazon, Microsoft, Google, Meta and even Nvidia fell today. Only AMD and Micron performed well today up 2% or better.

The underperforming sector and indexes have perked up of late as tech has come under pressure. The Russell 2000 outperformed, gaining 0.4% thanks to strength in its energy stocks and regional bank stocks.

Energy in general has been acting better. The price of oil was modestly lower, but Marathon Petroleum, Phillips 55 and Valero were higher by 2% or more.

Interest rates were quiet today, but rose for the week, rising 22 basis points or the benchmark 10-year Treasury now sitting at 4.3%.