Stock Market Update Friday May 3, 2024

Stock Market Update Friday May 3, 2024 A surprisingly weak April payrolls report triggered a significant bullish reversal in the market. The S&P 500 surged 1.25%, clawing back into positive territory for the week after a sharp downturn on Tuesday. This positive sentiment was further underscored by the VIX volatility index dipping below 14 for the first time since late March, signifying a notable decline in market fear and a surge in investor confidence.

Away From Stocks: The US Treasury market saw significant buying pressure, driving down yields on both the 2-year and 30-year notes by six basis points each to 4.81% and 4.66%, respectively. This indicates a strong demand for US government debt, potentially reflecting a flight to safety in the market. Meanwhile, the price of West Texas Intermediate (WTI) crude oil slipped to $78 per barrel, suggesting a potential easing of inflationary pressures. Gold prices remained relatively stable, hovering just above $2,300 per ounce.

These time pivots are known before the stock market opens at 9:30am