Stock Market Update Monday October 7, 2024

Stock Market Update Monday October 7, 2024 Stocks declined today as the yield on the U.S. 10-year Treasury note surged above 4% for the first time in two months, and crude oil prices spiked. The S&P 500 fell 0.96%, the Nasdaq Composite dropped 1.18%, and the Russell 2000 decreased by 1.05%. The Energy sector was the only one to close in positive territory, while the Utilities sector was the worst-performing group, declining more than 2%. All of the "Magnificent Seven" stocks closed lower, with the exception of Nvidia, which gained 2%. Amazon and Apple were hit with analyst downgrades, sending their shares lower by 3% and 2.25%, respectively.

Away From Stocks: Yields on 2-year and 30-year U.S. Treasury bonds rose by six and four basis points, respectively, to 3.99% and 4.3%. West Texas Intermediate (WTI) crude oil continued its upward momentum, pushing above $77 per barrel. Gold settled slightly lower at $2,643 per ounce, while Bitcoin caught a modest bid at $63,100. The CBOE Volatility Index (VIX) jumped over three points to close at 22.6, its highest finish since the aftermath of the early August market convulsions.