Day Traders Diary
The major averages are trading higher for now as global bond yields rebounded while investors digested better-than-expected trade data out of China. The Dow Jones Industrial Average is set to open up 150 points higher this morning. The S&P 500 and Nasdaq 100 are set to open 0.75% higher.
The U.S. 10-year Treasury yield briefly dipped below 1.6% yesterday to hit a 2016 low, but was back up near 1.76% this morning. Tumbling yields and escalation in trade tensions between China and the United States has accentuated the fears of a global economic slowdown. Strong data out of China helped further calm fears this morning. China said exports rose 3.3% on a year-over-year basis in July. Economists polled by Reuters expected exports to fall by 2%.
On the earnings front, Lyft is higher by 7% after beating top and bottom-line estimates and issuing upside revenue guidance. Booking Holdings is up 5% following earnings while Monster Beverage is down 9% after missing expectations. Disney is rebounding 2% on an upgrade from Credit Suisse citing expectation for a successful Disney+ launch.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.