Stock Market Update Thursday April 18, 2024

Stock Market Update Thursday April 18, 2024 Stocks surged initially but failed to sustain their early 1% gains on the S&P 500, as the broad index closed 0.2% below the unchanged mark, marking its fifth consecutive session in the red. This streak represents its longest losing streak since October.

Away From Stocks: Treasury's likewise came up for sale, with the two-year yield logging a year-to-date high of 4.98%, and the long bond rising three basis points to 4.74%. WTI crude slipped below $82 a barrel, while gold ticked higher to $2,378 per ounce and the VIX settled at 18. Update on Quantitative Tightening: A $13.6 billion weekly decline in Reserve Bank credit leaves the Fed’s portfolio of interest-bearing assets at $7.388 trillion. That’s a decrease of $105 billion over the past four weeks, marking a 17.2% decline from the peak observed in March 2022.

Tesla's stock symbol $TSLA, hit a new yearly low today. Shares are now down 40% so far in 2024. Tesla bulls need to wait for our algorithm buy alert to enter a long position.