Day Traders Diary

11/29/23

The major averages closed mixed, keeping the averages still on track for a sizeable rally, one of the best months in a long time. The Dow Jones Industrial Average rose just 13 points. The e S&P 500 fell 4 points while the Nasdaq Composite fell 23 points.  

General Motors was one of the best blue chips today, popping 9% after the company announced a $10 billion buyback and raised its dividend. NetApp and CrowdStrike were higher as well on earnings. Phillips 66 jumped 3% on news Elliott Investment Management took a $1 billion stake in the energy firm.

The yield on the 10-year Treasury note fell below 4.3%, marking the first time since September that it traded below that level. The economic data out showed gross domestic product data for the third quarter grew at a stronger-than-expected pace, accelerating at a 5.2% annualized pace. The boost came primarily from revisions to government spending and investments in nonresidential structures.

Traders are still optimistic that the Fed's rate-hiking cycle is over. The fed funds futures are pricing a chance the central bank could cut rates as early as next spring.

For the month, the major averages are on track for strong monthly gains. The S&P 500 and Dow are up 8.8% and 7.3%, respectively, in November. The Nasdaq is higher by 11.3%.

The Dow would need to gain just about 0.5% to reach a new 2023 high. The S&P 500 and Nasdaq Composite would need to gain around 1% each to reach new 2023 highs.