Day Traders Diary
The major averages finished mixed with the Dow Jones snapped a 6-day winning streak while tech stocks lifted Nasdaq Composite to record level above 10,000. The 30-stock average slid 300 points, or 1.09%, and snapped its six-session winning streak to close at 27,272. The S&P 500 dropped 0.78% to 3,207 while the Nasdaq Composite rallied to a record high on Tuesday, briefly breaking above 10,000 for the first time, as traders loaded up on major technology names while taking profits from stocks that benefit from the economy reopening.
The big cap techs Apple, Amazon, Microsoft, Alphabet and Facebook posted solid gains, as money appeared to rotate out of cyclical sectors and back into these tech behemoths.
The rotation was a balancing act between taking profits and parking money in the mega-caps for their perceived safety.
Within the transportation space, profit-taking interest cooled down the airline stocks.
U.S. Treasuries ended the session on a higher note, driving yields lower across the curve. The 2-yr yield declined two basis points to 0.20%, and the 10-yr yield declined six basis points to 0.83%. The U.S. Dollar Index declined 0.2% to 96.42. WTI crude gained 1.8%, or $0.68, to $38.92/bbl.
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