Stock Market Update Friday August 2, 2024
Stock Market Update Friday August 2, 2024 Stocks settled lower, with the S&P 500 and Nasdaq 100 declining by 1.9% and 2.4%, respectively. A softer-than-expected July payrolls report and lackluster results from Amazon.com further agitated an already skittish market, although the averages managed to recover some of their early losses in the afternoon.
Away From Stocks: Treasurys saw another frenzied bid, pushing the two-year yield down to 3.88%, a decrease of 86 basis points from a month ago. WTI crude oil fell to $74 a barrel, gold slipped to $2,437 per ounce after testing $2,475 earlier in the day, and bitcoin retreated below $63,000. The VIX settled at 23.5, down from almost 30 in the morning, but still marked a year-to-date closing high with a nearly seven-point advance for the week.
Our proprietary algorithm issued a sell alert on July 25th and we posted to premium members in Discord.
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