Daily Chart Report π Monday, October 7, 2024
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Todayβs Summary
Monday, October 7, 2024
Indices: Russell 2000 -0.89% | Dow -0.94% | S&P 500 -0.96% | Nasdaq 100 -1.17%
Sectors: Energy was the only sector that closed higher, gaining +0.35%. Utilities lagged, dropping -2.30%.
Commodities: Crude Oil futures rose for the fifth straight day, gaining +3.71% to $77.14 per barrel. Gold futures inched lower by -0.07% to $2,666 per oz.
Currencies: The US Dollar Index was flat at $102.48.
Crypto: Bitcoin is down -1.09% to $62,163. Ethereum is down -1.24% to $2,409.
Volatility: The Volatility Index spiked +17.97% to 22.65.
Interest Rates: The US 10-year Treasury yield rose to a two-month high of 4.028%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
π Today's Chart of the Day was shared by Jake Wujastyk (@Jake_Wujastyk).
- Nvidia ($NVDA) was the only positive stock in the Magnificent 7 today, rising +2.2%. It's the third-largest component in the S&P 500 and Nasdaq, although it surpassed Microsoft ($MSFT) in market cap today.
- It's up +158% YTD, making it the second-best stock in the S&P 500 behind Vistra Corp. ($VST). $NVDA has been dead money since June, but Jake points out that it broke the downtrend line from its June peak today.
- The stock has set the stage for a year-end rally. It's only -5.8% below record highs after correcting -27.1% on a closing basis and -35.6% on an intraday basis.
Takeaway: Sleeping Beauty ($NVDA) is waking up from a four-month nap. After correcting and consolidating since June, $NVDA is ready to rally in Q4.
Quote of the Day
βThe best thing a human being can do is to help another human being know more.β
β Charlie Munger
Top Links
A View from the Floor with Jay Woods, CMT - Freedom Capital Markets
Jay Woods highlights several noteworthy things to watch this week.
AI Week: How to Trade Tesla's CyberCab and AMD's Event - The Rotation Report
Aaron Jacks shares his thoughts on the week ahead.
I Love It When They're Uninvestable - The Strazza Letter
Steve Strazza looks at the continued rally in China.
Economy & Markets: As Good As It Gets? - Ciovacco Capital Management
Chris Ciovacco breaks down the long-term and short-term trends in the stock market.
What More do the Bulls Want? - StockCharts.com
Art Hull examines the outlook for stocks in Q4.
Top Tweets
Youβre all caught up now. Thanks for reading!
