Day Traders Diary

5/7/25

The major averages were following a slew of earnings, news from Apple regarding Google's browser and the Fed's announcement leaving interest rates unchanged. The Dow Jones Industrial Average rose 284 points or 0.7% thanks in large part to Disney. The S&P 500 rose 24 points or 0.43% while the Nasdaq rose 48 points.

On the earnings front, Disney rose 10% on better than expected earnings and guidance with news of a new market in the coming years in the Middle East in Abu Dhabi. Other companies reporting earnings include tech stocks like AMD, SuperMicro, Arista Networks and Uber. Only AMD was higher. The rest of the chip space got a bump on the report that President Trump will rescind global chip restrictions. No specifics yet.

In the tech space, Google was a dog, down 7%  on the headlines that Apple is looking into adding AI search capabilities to its Safari web browser, a disclosure that Apple senior vice president of services Eddy Cue made in a testimony to US Department of Justice today.

The Federal reserve left rates unchanged as expected. However, economic uncertainty could cause rate cuts later in the year. 10-year Treasury yield fell 3 basis points to 4.28%. The 2-year Treasury yield was changed at 3.79%.

In the commodity space, oil was lower and remains not far from a 52 week low. Gold was lower as well while bitcoin rose a percent near recent highs.