Stock Market Update Monday October 28, 2024

Stock Market Update Monday October 28, 2024 Stocks surged today as market participants positioned themselves ahead of critical earnings announcements from several major tech companies. The S&P 500 index advanced 0.27%, the Nasdaq Composite rose 0.26%, and small-cap heavy Russell 2000 outperformed, rallying 1.76%. Meanwhile, crude oil prices plummeted nearly 6% in response to restrained Israeli airstrikes involving Iran. This significant dip in oil triggered a sell-off in energy stocks, making the energy sector the only one to close in negative territory. Conversely, financials led the day’s gains, outperforming other sectors. This week, investors are gearing up for a slew of major events, including earnings releases from five of the "Magnificent Seven" tech giants, a pivotal stage in the U.S. presidential race, and critical economic indicators, with Friday’s October Jobs Report in focus.

Away From Stocks: Long-dated U.S. Treasury’s continued to face selling pressure, with yields on the 10-year and 30-year notes increasing by three and two basis points to 4.28% and 4.53%, respectively. WTI crude took a significant hit, tumbling over 5% to settle around $68 per barrel. Gold inched down, trading at $2,742 per ounce, while Bitcoin extended its gains, surpassing the $69,000 mark. The VIX, often seen as the market’s "fear gauge," hovered just below the 20 level, indicating a tempered risk environment.