Day Traders Diary

3/27/24

The major averages surged today, snapping a three-day losing streak as we head into the month and quarter end. The Dow Jones Industrial Average is up 268 points led by Apple and Intel. The S&P 500 is up 19 points while the Nasdaq is up 18 points.

The drug space had a good day led by Merck up 4% to a new all-time high, after the U.S. Food and Drug Administration approved Winrevair, the company's life-threatening lung condition treatment, for use among patients with pulmonary arterial hypertension.  Medtronic's also had a good day jumping 3% after the FDA approved a new aortic valve replacement device.

On the earnings front, cleaning supply provider, Cintas jumped 8% following earnings and better than expected guidance.

Bonds and yields were quiet today ahead of more economic data. Thursday will see the release of weekly initial jobless claims while Friday we will see the personal consumption expenditures price index numbers, the Fed's favored inflation gauge.

The markets are still on track for a great month and quarter. As it stands now, this will be the best first-quarter gain for the S&P 500 and 30-stock Dow since 2019 and 2021, respectively, when the indexes rose 13.1% and 7.4%. All three major averages are on pace to notch their fifth straight winning month and second straight winning quarter.