Stock Market Update Thursday June 13, 2024

Stock Market Update Thursday June 13, 2024 Equities experienced a modest uptick, with the S&P 500 gaining 20 basis points, buoyed by robust performance in the mega-cap technology sector, which counterbalanced broader market weakness.

Away From Stocks: Treasurys sustained their strong downward trajectory, with both 2-year and 30-year yields shedding an additional seven basis points to reach 4.68% and 4.4%, respectively. WTI crude oil prices held steady near $78 per barrel for the third consecutive session, while gold edged lower to $2,303 per ounce. Bitcoin slipped to $66,700, and the VIX volatility index dipped below 12. Reserve Bank credit remained unchanged at $7.22 billion following a relatively quiet week with a minimal roll-off of less than $1 billion. Interest-bearing assets on the Federal Reserve's balance sheet have contracted by $89 billion since mid-May, representing a 19.1% reduction from their peak in early 2022.

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