Stock Market Update Thursday August 8, 2024

Stock Market Update Thursday August 8, 2024 Positive momentum from Japan's overnight rally sparked a bullish opening on our domestic exchanges, with the SPY ETF appreciating by 1.5% and the Nasdaq Composite approaching a 2% gain by midday. The afternoon session saw an intensification of the upward trajectory, propelled by the Nasdaq's robust 2.5% advance.

Away From Stocks: Meanwhile, in the currency markets, the dollar exhibited stability, while fixed-income securities experienced a minor decline. Crypto is rallying in line with broader markets, with Bitcoin (BTC) surging by 8.54% and nearly reaching $60,000. Solana (SOL) continues its impressive performance, rising by 8.44% and now trading above $160. Ethereum (ETH) has also seen a significant increase, up 10.07% to nearly $2,600. This rally is characterized by broad participation across various cryptocurrencies. The precious metals sector also witnessed significant gains, with silver outperforming gold, posting a 3% surge compared to gold's nearly 2% appreciation.