Stock Market Update Friday October 25, 2024

Stock Market Update Friday October 25, 2024 An initial upward gap in equities encountered selling pressure, causing the S&P 500 to retrace its gains and end flat. This downward shift concluded the S&P 500's six-week rally, resulting in a roughly 1% loss over the last trading week. Meanwhile, the Nasdaq 100 edged up 0.6%, driven by resilient momentum in technology stocks. The Nasdaq Composite reached a fresh all-time high today, marking its first peak since July. US Consumer Sentiment rose to a six-month high on rate relief. Tesla continued its post-earnings rally, advancing another 3% on top of yesterday’s substantial 20% surge, underscoring robust investor confidence in the stock’s future growth. The Magnificent Seven stocks—comprising Tesla, Alphabet, Meta, Microsoft, Apple, Amazon, and Nvidia—all recorded gains, with heightened anticipation ahead of major earnings reports from Alphabet, Meta, Microsoft, Apple, and Amazon scheduled for next week. Today’s session saw technology lead sector performance, closely followed by communication services.

Away From Stocks: Treasury yields saw an upward movement of four basis points nearly across the curve, with the two-year note closing at 4.11% and the 30-year bond yielding 4.51%. In the commodities space, WTI crude prices rebounded, approaching $72 per barrel, while gold advanced modestly to settle around $2,745 per ounce, reflecting a mild safe-haven demand. Meanwhile, Bitcoin softened slightly, trading lower at $66,800, and the VIX, often a barometer of market volatility, climbed back above the 20-mark, signaling an uptick in investor caution.