Daily Chart Report π Thursday, March 7, 2024
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Todayβs Summary
Thursday, March 7, 2024
Indices: Nasdaq +1.56% | S&P 500 +1.03% | Russell 2000 +0.81% | Dow +0.20%
Sectors: 9 of the 11 sectors closed higher. Communications led, gaining +1.62%. Financials lagged, falling -0.15%.
Commodities: Crude Oil futures fell -0.25% to $78.93 per barrel. Gold futures rose for the sixth day, gaining +0.32% to an all-time high of $2,165 per oz.
Currencies: The US Dollar Index dropped -0.54% to $102.80.
Crypto: Bitcoin rose +1.24% to $66,941. Ethereum gained +1.40% to a two-year high of $3,876.
Volatility: The Volatility Index fell -0.55% to 14.43.
Interest Rates: The US 10-year Treasury yield dropped to 4.087%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Todd Sohn (@Todd_Sohn).
- $NVDA has continued to print all-time highs, rising another +4.5% today. Itβs rapidly gaining weight after eating everyoneβs lunch.
- Its current weight in the S&P 500 is 5.1%, making it the third-largest component behind $AAPL and $MSFT. Todd points out that itβs larger than the entire Energy sector (red) and almost as large as $AAPL (light blue).
- $NVDAβs growing influence in the S&P 500 has helped push the index to new highs, while other Mega-Caps ($AAPL) correct beneath the surface. Breadth expansion has also helped bolster the index, but thatβs also healthy.
The takeaway: $NVDA could soon surpass $AAPL as the second-largest stock. Its continued rise has allowed other mega-caps to correct without impacting the S&P 500.
Quote of the Day
βThe best inside information is on the tape. I would rather follow its indications than act on a tip from J.P. Morgan himself.β
β Richard Wyckoff
Top Links
March Strategy Session: 3 Key Takeaways
The team at All Star Charts highlights three developments to watch this month.
Overwhelmingly Bullish, Even for All Time Highs - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Sector Sentiment - Thrasher Analytics
Andrew Thrasher looks at offensive sectors vs. defensive sectors.
Actively Passive; No, Passively Active - Potomac
Dan Russo shares his thoughts on active investing vs. passive.
16 Charts (and Tables) to Know This Election Year - Carson Group
Ryan Detrick lays out everything you need to know about the market's performance around presidential elections.