Day Traders Diary

4/15/24

The rebound from this morning did not last as the averages fell into the red following a sharp sell-off last week following a number of bank earnings and an Iranian attack against Israel on Saturday. The Dow Jones Industrial Average fell 248 points, or 0.65%. The S&P 500 fell 61 points or 1.2% while the Nasdaq Composite fell 290 points or 1.8%.  

There were a few bright spots in the market today. Goldman Sachs led the Dow up 3% following better than expected earnings. Charles Schwab was up a percent while M&T Bank rose 2.9% on better than expected earnings and guidance. JPMorgan was modestly higher after taking a hit on Friday amid concerns about their comments about lending for the rest of the year.

Interest rates did not help the markets with the 10-year Treasury jumping 11 basis points to 4.61% as retail sales numbers out this morning increased 0.7% for the month of March, providing the latest indication that consumption remains strong in spite of inflationary pressures.

Oil prices were modestly lower after a big jump last week ahead of the Iranian attacks.

against Israel. Iran launched more than 300 drones and missiles against military targets in Israel on Saturday in an attack that President Joe Biden described as "unprecedented."

Gold rose a percent to $2,399 an ounce. Bullion hit a record level last week and is up around 15% this year as investors seek safety from sticky inflation and geopolitical tensions.

Both the Dow and S&P 500 had their worst weekly performances last week since 2023.