Stock Market Update Thursday August 1, 2024

Stock Market Update Thursday August 1, 2024 Equities experienced a significant downturn, with the S&P 500 and Nasdaq 100 declining 1.4% and 2.4%, respectively, erasing yesterday's gains and extending the recent volatile price action.

Away From Stocks: Treasuries saw strong demand, with the two-year yield falling 13 basis points to 4.16%, now more than one percentage point below the federal funds rate, while the 10-year yield dipped below 4% for the first time in six months. In the commodities markets, WTI crude oil edged lower to below $77 per barrel, while spot gold prices remained largely unchanged at $2,443 per ounce. Bitcoin declined to $63,500, and the VIX volatility index closed at 18.5, approaching its year-to-date closing high.