Stock Market Update Monday June 3, 2024

Stock Market Update Monday June 3, 2024 The equity markets experienced a volatile session today, characterized by notable intraday fluctuations.  Trading was briefly disrupted due to a technical glitch at the New York Stock Exchange, resulting in the temporary halting of several stocks, including Berkshire Hathaway, after they plummeted 80% to 90%.

The S&P 500 index, which initially opened higher following overnight gains of 0.5%, ultimately closed slightly lower. Conversely, the Nasdaq Composite, bolstered by renewed fervor surrounding artificial intelligence (AI), managed to retain most of its gains despite the broader market weakness.  The anticipation surrounding the upcoming 10-for-1 stock split in Nvidia on June 10th, as well as Apple's expected announcement of enhanced AI capabilities for the iPhone on the same day, further fueled investor enthusiasm.

Away From Stocks: In the fixed income market, U.S. Treasuries experienced a robust rally, with yields on the long bond declining by 10 basis points to 4.55%. Weaker-than-expected economic data may have contributed to this trend.

The commodities market also witnessed significant movement, with WTI crude oil prices plunging to a four-month low of $74 per barrel, while gold prices rebounded above $2,350 per ounce. Bitcoin surpassed the $69,200 mark, and the CBOE Volatility Index (VIX) inched above 13.