Stock Market Update Thursday December 19, 2024

Stock Market Update Thursday December 19, 2024 Equity markets struggled to sustain early momentum, with the S&P 500 erasing a near 1% intraday gain to close flat on the session.

Away From Stocks: A pronounced steepening in the U.S. Treasury yield curve took center stage during Thursday's market action. The yield on the 30-year long bond surged to 4.74%, marking a nine basis point increase on top of the seven basis point climb seen in the prior session. Meanwhile, the yield on the two-year note eased to 4.33%, down from 4.35% on Wednesday, reflecting a relative softening at the short end of the curve. In the commodities space, downward pressure persisted as WTI crude oil settled at $69 per barrel, while gold prices ended the day at $2,594 per ounce, underscoring continued softness in hard assets, and the VIX closed at 24.08 in extreme fear levels.

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