Day Traders Diary
The major averages pulled back today due to more cautiousness about growing geopolitical risks stemming from U.S.-Iran tensions. The Dow Jones Industrial Average lost 120 points or 0.4%. The S&P 500 pulled back 0.3%. The Nasdaq Composite ended the day just below the flatline.
The major averages pared earlier losses after the Institute for Supply Management said its non-manufacturing index rose to 55 in December from 53.9 in November. That print is also above economist expectations.
President Donald Trump announced last week that the U.S. had killed Iran's top military commander in Baghdad, Gen. Qasem Soleimani. The president also said Sunday that he could slap sanctions on Iraq, after its parliament passed a resolution calling for the government to expel foreign troops from the country.
Semiconductor stocks were among today's strongest performers after Microchip raised its third quarter revenue guidance. Micron rose 8% on an upgrade at Cowen. The Philadelphia Semiconductor Index rose 1.8%.
Other notable gainers included Apache up 26% after it announced a significant oil discovery off the shore of Suriname. Tesla rose 3.9% after it officially opened its Gigafactory 3 in Shanghai.
U.S. Treasuries finished the tight-ranged session little changed. The 2-yr yield remained at 1.54%, the 10-yr yield increased two basis points to 1.83%. The U.S. Dollar Index increased 0.4% to 97.02.
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