Day Traders Diary

4/4/24

All three major averages open higher, but then fell into the red on Fed official comments and higher oil prices. The Dow Jones Industrial Average fell 530 points or 1.35% after a 200 plus move in the morning hours. The S&P 500 fell 64 points or 1.23% while the Nasdaq fell 228 points or 1.4%.

The three major averages fell more than 2% off their intraday highs. Between its highs and lows of the day, the Dow fell more than 860 points.

Crude oil jumped midday, which coincided with stocks rolling over. WTI oil topped $86 a barrel to reach its highest level since October on increased tensions between Israel and Iran, raising concerns about energy prices reaccelerating inflation concerns.

Minneapolis Fed President Neel Kashkari made comments today as he wondered if the central bank should cut rates at all if inflation remained sticky. The 10-year Treasury yield held steady at 4.29%.

Big cap tech had a good morning session, but then sold off in the afternoon. Meta was one of the lone standouts up a percent on an upgrade. On the earnings front, jeans are back. Levi Strauss jumped 12% following better than expected earnings thanks in part to cost cuts. Another retailer, Wayfair inched higher on an upgrade. A blast from the past, Blackberry rose 2% on better than expected earnings.