Day Traders Diary

4/8/24

The major averages tried to rally to start this eclipse Monday, but finished mixed as interest rates keep nudging higher. The Dow Jones Industrial Average fell 11 points. The S&P 500 fell a point while the Nasdaq rose 5points.

The benchmark 10-year Treasury yield rose 4 basis points to 4.42% ahead of the March consumer and producer price indexes out later this week.

Economists polled by Dow Jones expect the CPI number, scheduled for release Wednesday morning, to increase 0.3% last month and 3.5% year over year.

The higher interest rates helped lift the bank particularly, the regional banks. Synchrony Financial rose 3% following an upgrade last week. The banks will start reporting earnings this week.

 Tesla jumped 5% after a sharp drop last week after the CEO, Elon Musk said the company's rob taxi will be unveiled in early August.

In the chip space, Taiwan Semi was up a percent after the US Depart of Commerce announced funding to build a new fab plant in Phoenix. Applied Materials was higher on an upgrade. The rest of the sector was quiet.

The 30-stock Dow posted its worst weekly performance since March 2023 last week. The S&P 500 declined nearly 1% during the period, its biggest weekly loss since early January.