Day Traders Diary

4/9/24

The major averages closed mixed as they struggle to regain this years positive momentum ahead of the release of key U.S. inflation data. The Dow Jones Industrial Average opened higher, but fell 9 points by weakness in the financials. The S&P 500 rose 7 points while the Nasdaq Composite rose 52 points.

Shares of Alphabet were higher, marking a new 52-week high, after unveiling a new custom Arm-based chip at its Cloud Next conference. Shares of Amazon were also higher breaking a previous record close from 2021. The chips outside of Nvidia are performing well this morning. Intel introduced a new AI chip to rival Nvidia. Applied Materia was higher even though they are rethinking a new $4 billion plant amid federal funding shortfalls.

The benchmark 10-year Treasury was lower by 4 basis points to 4.38% after trading above 4.4% in the previous session.

The March consumer price index report is slated for release Wednesday at 8:30 a.m. ET. Economists surveyed by Dow Jones expect inflation to have increased 0.3% in March on a month-over-month basis.

Commodities continue to show life. Gold prices on Tuesday hit a record high for the eighth straight trading session. Gold futures reached a new record to 2,384. Oil continues to perform well. Bitcoin was lower by nearly 3% after rising 3% yesterday.