Stock Market Update Thursday July 11, 2024

Stock Market Update Thursday July 11, 2024 A cooler-than-anticipated June Consumer Price Index (CPI) report triggered a significant market rotation, with the Russell 2000 small-cap index surging nearly 4%, while the tech-heavy Nasdaq 100 index tumbled 2.2%. The broader S&P 500 index closed 0.9% lower.

Away From Stocks: The bond market experienced a sharp rally in shorter-dated Treasurys, fueled by expectations of imminent Federal Reserve rate cuts. Yields on two-year notes dropped 12 basis points to 4.5%, while the yield on the long bond saw a more moderate decline from 4.47% to 4.41%. Commodities also saw notable movement, with WTI crude oil rising to $83 per barrel and gold surging to $2,414 per ounce, nearing its May peak of $2,450. Bitcoin edged slightly lower to $57,500, and the VIX volatility index remained below 13. The Federal Reserve's balance sheet contracted by $7.2 billion, bringing its holdings of interest-bearing assets to $7.18 trillion. This represents a $40 billion decrease from mid-June and a 19.5% reduction from its peak in March 2022.

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