Stock Market Update Thursday January 23, 2025

Stock Market Update Thursday January 23, 2025 The S&P 500 (SPX) closed above the 6,100 level, gaining 0.5% on the day and extending its rally to approximately 6% since January 13th. The Nasdaq 100 (QQQ) edged up 0.2%, now sitting just 1% below its all-time high. The Russell 2000 (IWM) reversed an early decline to finish 0.5% higher, reflecting strength in small-cap stocks.

Away From Stocks: The long end of the Treasury curve faced selling pressure, with yields on the 10-year and 30-year notes climbing 5 basis points to 4.65% and 4.87%, respectively. Meanwhile, WTI crude oil softened, retreating toward $74 per barrel, and gold edged slightly lower to close just under $2,753 per ounce. Bitcoin slipped below the $103,000 mark, reflecting waning momentum, while the VIX held steady at 15, signaling subdued market volatility.

Stan Druckenmiller, on CNBC Squawk Box, on Monday said: “I’ve been doing this for 49 years, and we’re probably going from the most anti-business administration to the opposite…We do a lot of talking to CEOs and companies on the ground. And I’d say CEOs are somewhere between relieved and giddy. So we’re a believer in animal spirits.”