Baystreet.ca – Thursday’s Stock Trades

Traders have plenty of picks to consider after the market’s rising volatility following the Federal Reserve’s 50 bps rate cut. In addition to trading the index ETFs like Nasdaq (QQQ) and S&P 500 (SPY), consider the retail sector again.

Dollar General (DG) potentially bottomed after the stock fell to around $80. It closed at $86.86 after speculators bet that the firm would achieve its aggressive store-opening targets.

Technology investors may consider buying insurance against Nvidia (NVDA). The stock rallied back to $120 only to fall for several consecutive days to close at $113.37. Similarly, the Semiconductor Bull 3X Shares (SOXY) risks testing August’s lows. Semiconductor stocks are losing momentum as investors becoming increasingly fearful of a September-October market correction.

In the media sector, Warner Bros Discovery (WBD) erased its August-September sell-off in only a few trading sessions. WBD stock rose from below $7.00 to above $8.50. Be wary of sellers taking profits at $8.40. Sony (SONY) investors may start selling their position aggressively. The firm lost an estimated $200 million from its Concord online game launch failure.

In the mining sector, United States Steel (X) gained 10% in the last week. Nippon Steel, which is bidding for the firm, received an extension from U.S. security officials. As a result, regulators will decide on the $14.9 billion acquisition after the U.S. elections in November.