Stock Market Update Monday April 15, 2024

Stock Market Update Monday April 15, 2024 Today's retail sales report exceeded expectations, and the upward revision of last month's figures added to the positive sentiment. However, despite these favorable factors, the overall impact was a fleeting equity rally that was largely erased by midday, leaving the indices marginally in positive territory. As the afternoon progressed, sellers seized control, driving the market lower, with the Nasdaq taking the lead as it incurred a 2% loss, overshadowing other indices.

Away From Stocks: A hotter-than-expected reading of March retail sales spurred broad-based pressure on the Treasury complex. Two- and thirty-year yields jumped to 4.93% and 4.74%, respectively, from Friday's levels of 4.88% and 4.61%. WTI crude rebounded from early weakness to finish near $86 a barrel, while gold shook off Friday afternoon’s downdraft with a near 1% advance to $2,384 per ounce. The VIX also logged fresh year-to-date highs above 19, up four points over the past week.