Stock Market Update Friday May 10, 2024

Stock Market Update Friday May 10, 2024 Equity markets closed nearly flat on Friday, with the S&P 500 registering a modest gain to conclude a positive week. The index advanced 1.4% over the five-day period, reflecting a continuation of the bullish trend.

Fixed income markets, however, experienced a shift in sentiment. Treasury yields edged higher, with the two-year yield rising seven basis points to 4.87% and the long bond yield increasing to 4.64% from Thursday's level of 4.6%. This upward movement in yields suggests a potential sell-off in the bond market, as investors price in expectations of higher interest rates.

The price of WTI crude oil retreated slightly, dipping towards $78 per barrel. This could be due to a confluence of factors, such as increased supply or softening demand.

Conversely, gold prices maintained their upward momentum, reaching $2,364 per ounce. This could be interpreted as a haven trade, where investors seek the perceived safety of gold during periods of market uncertainty.

Bitcoin prices, however, retreated to their lowest point in a week, settling at $60,700. This pullback suggests a potential cooling-off period for the cryptocurrency after a period of strong gains.

Finally, the VIX volatility index remained subdued, closing at 12.6 and reaching new year-to-date lows. This indicates low volatility expectations in the market, which is often seen as a sign of investor confidence.