Day Traders Diary
The Dow Jones Industrial Average recovered the bulk of its nearly 600-point decline following a sharp decline in bond yields on the open. Throughout the day, bond yields stabilized to temper worries over slowing economic growth pushing the major averages positive or back toward the unchanged level. The Dow finished down 22 points at 26,007. At its lows of the day, the Dow had fallen more 589.13 points. The S&P 500 eked out a small gain after dropping nearly 2%, climbing 0.1% to 2,883. The Nasdaq Composite advanced 0.4% to 7,862, led by Apple, after the tech-heavy index fell as much as 1.7%.
The 10-year Treasury yield traded around 1.71%. The benchmark rate briefly dipped below 1.6% earlier in the day to lows not seen since 2016. The decline in the Chinese yuan against the U.S. dollar was also curbed, easing tensions on the currency front. Central banks from New Zealand, India, and Thailand cut interest rates today as New Zealand indicated that rates may go negative.
Gold jumped more than 2%, marking the first time since 2013 the metal traded above $1,500. Its year-to-date gains have also surpassed those of the S&P 500.
On the earnings news, Dow component Walt Disney fell nearly 5% after it missed top and bottom-line estimates. CVS Health rose 7.5% and Match Group rose 24% on positive results and guidance.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.