Stock Market Update Monday October 21, 2024

Stock Market Update Monday October 21, 2024 Stocks pulled back from record highs today following six consecutive weeks of gains. The S&P 500 dipped 0.18%, while the Russell 2000 saw a sharper decline of 1.6%. However, the Nasdaq outperformed, gaining 0.27% and providing a bright spot in the markets. Consumer and homebuilder stocks were hit hardest as concerns about a prolonged period of elevated interest rates took hold. Target (TGT) and Builders FirstSource (BLDR) both dropped more than 4%, while Lennar (LEN) also shed over 3.5%. The real estate sector emerged as the worst performer, sliding roughly 2%. In contrast, the technology sector was the only one to close in positive territory.

Away From Stocks: the bond market faced continued pressure, with the 10-year Treasury yield climbing to 4.19%, an increase of 11 basis points from Friday and more than 50 basis points above levels seen since September 18, when the Federal Reserve cut the benchmark rate by 0.50%. WTI crude oil rebounded, nearing $70 per barrel, while gold finished relatively flat at $2,720 per ounce. Bitcoin retreated slightly to $67,600, and the VIX volatility index edged higher, settling just above 18.