Day Traders Diary
8/8/22
The major averages closed mixed on Monday, following the S&P 500′s third straight weekly gain, as demand concerns for the semiconductor industry weighed on tech names. The S&P 500 slipped 0.12% to 4,140.06. The Nasdaq Composite ticked down 0.10% to 12,644.46. The Dow held on to a gain of 29.07 points to close at 32,832.54.
Nvidia announced weaker-than-expected revenue for the second quarter, putting pressure on semiconductor stocks. Shares of the chip giant fell more than 6%, and rival stocks like AMD and Broadcom were also under pressure.
Some clean energy related shares gained after the Senate passed the Inflation Reduction Act. The measure includes billions of dollars aimed at addressing climate change. The House is expected to pass the measure later this week.
Disney was the top stock in the Dow, gaining more than 2%.
Monday's moves follow a weekly rise for the S&P 500 and the Nasdaq Composite as a surprisingly strong monthly jobs report eased some recession fears. The resilient labor market also signaled that the economy could withstand more rate hikes from the Federal Reserve.
A new reading for the consumer price index, slated for release Wednesday, will give investors more clarification about the central bank's next move at its policy meeting in September.
Bed Bath & Beyond had its biggest volume day on record, with the consumer goods stock trading more than 120.5 million shares on the day. That's well above the stock's 30-day volume average of 14.266 million.
The stock also rallied nearly 40% on the day, posting a nine-day winning streak.
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