Stock Market Update Friday October 18, 2024

Stock Market Update Friday October 18, 2024 Stocks advanced toward moderate gains, with the S&P 500 rising approximately 0.5% in the final hour of trading. This pushed the broad-market index closer to new all-time highs and set it on course for a sixth consecutive weekly increase. By the close, the S&P 500 notched a 0.4% gain, marking a fresh record high. The Nasdaq outpaced it, climbing 0.63%, while the Dow Jones Industrial Average added 37 points, hitting a record of its own. All three major indices wrapped up their sixth consecutive week of gains, the S&P’s longest winning streak this year. Sector-wise, Communication Services led the pack, with strong performance from Netflix. Netflix third-quarter subscribers barely beat estimates as ad-tier members jump 35%. Energy, however, lagged behind as the worst-performing sector of the session.

Away From Stocks: Treasury yields saw a slight pullback, as the two-year note hovered near 3.95%, reflecting a softening in short-term borrowing costs. Meanwhile, WTI crude oil dropped below $69 per barrel, while gold surged, reaching $2,720 per ounce, indicating a flight to safe-haven assets. Bitcoin rallied, approaching the $69,000 mark, and the CBOE Volatility Index (VIX) dipped to around 18, suggesting a calming market sentiment.

Keys to Success in Investing: Timing & Direction. Our analysis suggest Tesla $TSLA Stock will be higher at the end of November. Waiting for a buy alert to enter a long position.