Day Traders Diary

3/21/24

The major averages surged once again with the three major averages closing at new records highs for the second straight day following the Federal Reserve's latest policy decision to leave rates unchanged but signaled possible rate cuts later in the year. The Dow Jones Industrial Average jumped 269 points or 0.68%. The S&P 500 rose 16 points or 0.32% while the Nasdaq rose 32 points or 0.20%.

Chip stocks look good again as Micron Technology rose 14% on better-than-anticipated earnings. Nvidia rose a percent while Broadcom rose 5% as both received upgrades. The weakness in tech came from Apple down 4% on an anti-trust suit.    

Discount retailer Five Below was the dog down 15% on disappointing quarterly results and theft issues with their self-checkout system. Chewy and Darden were lower on earnings as well.

The yield on the 10-year Treasury was flat at 4.271%. The 2-year Treasury added 4 basis points to 4.64%.

The central bank left rates unchanged at the conclusion of its March policy meeting, but signaled that it anticipates cutting three times this year. However, policymakers failed to offer hints about when the rate cuts may come.