Day Traders Diary
The major averages rebounded with the Dow jumping over 300 points following the worst day of the year. The S&P 500 closed up 1.3% while the Nasdaq Composite climbed 1.5%. The Dow snapped a five-day losing streak, while the S&P 500 and Nasdaq rose for the first time in seven sessions.
The Treasury Department labeled China a currency manipulator yesterday for the first time since 1994 after it allowed the yuan to weaken beyond 7 per dollar. Selling pressure was abated after China fixed the yuan at a modestly higher level, announced that it will issue 30 billion yuan, or $4.25 billion, of offshore-denominated bills, and said it will keep the yuan stable.
Some of the stocks that led Monday's sell-off, such as Apple, Micron Technology and Nike, were among the best-performing stocks on Tuesday. Apple and Micron Technology both gained more than 1%. Nike advanced nearly 3%.
On the earnings front, Take-Two Interactive rose 6% after beating revenue estimates, guiding Q2revenue above consensus, and raising its full-year outlook. Allergan is higher after beating top and bottom-line estimates and raising its FY19 revenue outlook. Avis Budget finished lower despite beating earnings estimates and increasing its share repurchase authorization by $100 million. Marriott International fell as well after issuing downside FY19 EPS guidance.
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