Day Traders Diary

9/27/23

The major averages opened higher, but then gave up the gains as the price of oil gushed higher and interest rates stayed near recent highs. The Dow Jones Industrial Average rose over 100 points only to fall 100 points into the lunch hour, closing down 68 points. The S&P 500 opened higher but closed virtually unchanged up 98 cents. The Nasdaq was up 29 points.  

The benchmark 10-year Treasury yield hit its highest levels since 2007. The 2-year Treasury yield also climbed. AS mentioned, U.S. crude futures popped more than 3% to settle at $93.68 per barrel.

Energy was the best-performing sector, rising 2.5%. Notable gainers include Marathon Oil and Devon Energy, both up more than 4%.

These moves come after the S&P 500 on Tuesday fell below the key 4,300 level for the first time since June. The Dow also posted its biggest one-day loss since March, dropping more than 300 points to close below its 200-day moving average for the first time since May.

September is a seasonally weak month for stocks and this year has been no different. The S&P 500 is down 5% month to date, while the Dow is down more than 3%. The Nasdaq is the laggard of the three, losing more than 6% this month.