Day Traders Diary

4/1/24

The major averages closed mixed to start the second quarter and the first day of April as interest rates pushed higher. The Dow Jones Industrial Average fell 240 points or 0.6%. The S&P 500 fell 10 points while the Nasdaq Composite actually rose 17 points.

Treasury yields rose Monday as the benchmark 10-year Treasury yield was up 13 basis points at 4.319%. This was the first day the markets could react to the personal consumption expenditures price index released on Good Friday. Core PCE, which excludes food and energy, showed inflation rose 2.8% on a 12-month basis in February, in line with expectations. On a monthly basis, the measure was up 0.3% from a month ago, the Commerce Department said.

Eight of the 11 S&P 500 sectors were in the red today led by rate-sensitive real estate sector. Big cap tech had a good day with Meta Platforms and Alphabet up over a percent, leading the communication services sector to a 1.5% gain.

Wall Street wrapped up a winning March, extending its rally to a fifth straight month. The major averages also had a great quarter with the S&P 500 jumping 10.2% for its best first-quarter performance since 2019, while the Dow Jones Industrial Average added 5.6%. The Nasdaq Composite popped 9.1%.