Day Traders Diary
The major averages are modestly lower to start the day following a number of disappointing earnings. The Dow Jones Industrial Average is set to open down 30 points. The S&P 500 is set to open down 3 points while the Nasdaq is modestly in the green.
The S&P 500 gained 1.4% during Wednesday's regular session in its largest one-day jump since July 6. The broad market index finished the day at 3,380. In the final hour of trading, the broader market index briefly traded above its record closing high of 3,386.15. The index has risen every day this month except for a 0.8% loss on Tuesday, up 3.3% for the month of August.
On the earnings front, Cisco is lower by 6% after issuing disappointing quarterly guidance. Cisco also announced that CFO Kelly Kramer will resign but will stay on until a replacement is named. Lyft is also lower by 1.5% after providing mixed earnings results. Lyft also said it may need to suspend operations in California starting next week if court ruling classifying drivers as employees is upheld. Used car dealer, Vroom is down 16% after issuing downside for the quarter. One bright spot, Aspen Technology is jumping 25% after beating top and bottom-line estimates and raising its 2020 outlook.
U.S. Treasuries trade near their flat lines ahead of the unemployment data. The 2-yr yield is flat at 0.16%, and the 10-yr yield is flat at 0.67%. The U.S. Dollar Index is down 0.3% to 93.14. WTI crude futures are down 0.1% to $42.64/bbl.
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