Day Traders Diary

3/25/24

The major averages pull back to start this abbreviated week after rallying to new highs last week. The Dow Jones Industrial Average fell 162 points to start the day. The S&P dropped 15 points while the Nasdaq dropped 44 points or 0.27%.

The Dow was lower today even as Boeing and Disney were higher. Boeing was modestly higher as their CEO will step down at the end of the year amid controversy over the reliability and safety of their planes. Disney wss higher on an upgrade even as activist Nelson Pelz continues to work forward changes at the mouse house.

In the tech space, Intel and AMD were lower as China blocks the use of their chips in government computers. Most of the big cap techs were lower today.  

The price of oil was higher by a percent as Ukraine attacks another refinery in Russia. At least 10% of Russia's refining capacity has been disrupted by recent attacks,

Interest rates were modestly higher after a big week last week. Key economic data due throughout the week could provide investors with insights into the economic outlook. This includes the Fed's favored inflation gauge, the personal consumption expenditures price index, which is due Friday.

The major averages are on track for their fifth consecutive month of gains. The S&P 500 added roughly 2.3% last week, while the Dow gained just under 2% for its best week since December, nearing the 40,000 level. The Nasdaq Composite rose 2.9% last week.