Day Traders Diary

4/3/24

The major averages closed mixed as the indexes are looking for their first up day for the week, month and quarter. The Dow Jones Industrial Average fell 43 points. The S&P 500 rose 5 points while the Nasdaq rose 37 points.

Artificial intelligence darling Nvidia fell into the red in the last hour but most chip stocks were higher. Intel is the lone stand out to the down 8% after reporting a big loss for their foundry chip business.

On the earnings front, Dave and Busters was higher by 10% on better than expected number and a share buyback. Cal-Maine was higher by 3% after beating expectations, Signet Jewelers is higher after raising guidance. Tesla was higher even though one analyst downgraded it to a sell.

Treasury yields were quiet, but elevated after the Atlanta Fed President Raphael Bostic told CNBC Wednesday morning he only sees one move lower this year, sometime in the fourth quarter. Fed Chair Jerome Powell said in the afternoon that the central bank needs more evidence of easing inflation before lowering rates.