Day Traders Diary

3/26/24

The major averages tried to rebound today but succumbed to profit-taking in the last hour to finish in the red. The Dow Jones Industrial Average fell 31 points after rising over 100 points this morning. The S&P 500 fell 14 points while the Nasdaq fell 68 points.

Big cap tech was relatively quiet as AMD and Micron resumed their ascent upwards. Micron was upgraded. Seagate Tech jumped 7% on an upgrade.

On the earnings front, McCormick& Co jumped 10% on earnings. Staying in the restaurant space, Krispy Kreme jumped 27% after the donut retailer announced it would expand its partnership with McDonald's.

Bonds were quiet again as economic data released Tuesday showed orders for long-lasting goods in the U.S. rose by 1.4% in February, exceeding the 0.8% StreetAccount consensus.

The March's consumer confidence index came in lower than what economists had expected, indicating waning optimism in the U.S. economy.

The major averages are still on pace for their fifth straight winning month. The broad market index is up more than 2% in March. The Nasdaq Composite is toting a 1.8% advance for the period, while the Dow is up 0.8%.