Daily Stock Market Update

Daily Stock Market Update

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Daily Stock Market Update
Daily Stock Market Update
Stock Market Update Friday October 11, 2024

Stock Market Update Friday October 11, 2024

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Tom
Oct 11, 2024
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Daily Stock Market Update
Daily Stock Market Update
Stock Market Update Friday October 11, 2024
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Stock Market Update Friday October 11, 2024 Equity markets extended their rally as the S&P 500 advanced 0.67%, reaching new all-time highs and elevating its year-to-date gains to nearly 23%. The Dow Jones Industrial Average surged 400 points to a record high on Friday, with the S&P 500 closing above 5,800 for the first time. Shares of JPMorgan Chase climbed 5% after the bank exceeded earnings estimates, bolstered by better-than-expected net interest income. Wells Fargo's stock also jumped following earnings that surpassed Wall Street expectations. Conversely, Tesla shares dropped 8% as the unveiling of its Cybercab robotaxi underwhelmed investors. Meanwhile, U.S. consumer sentiment unexpectedly declined due to the high cost of living.

Away From Stocks: Treasury's exhibited mixed performance: the two-year yield edged down three basis points to 3.95%, The 30-year Treasury bond ("the long bond") rose to 4.39%, up from 4.26% the previous week. This shift comes ahead of the bond market closure on Monday for Columbus Day. In commodities, West Texas Intermediate (WTI) crude oil consolidated its recent gains, holding above $75 per barrel. Meanwhile, gold advanced by almost 1%, trading at $2,665 per ounce. Bitcoin remained relatively stable, finishing at $63,100. The CBOE Volatility Index (VIX) eased, retreating below 21, indicating a decline in market volatility.

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