Stock Market Update Thursday March 21, 2024

Stock Market Update Thursday March 21, 2024 The equity market sustained its upward momentum, continuing its rally from yesterday with a gap up early today following the noteworthy development from Jerome Powell & Co., with the S&P 500 and Nasdaq 100 settling higher by around 0.3% and 0.5%, respectively. However, despite the initial surge, the indices underwent a gradual decline, ultimately closing the day with modest gains. Nevertheless, there was palpable excitement as Reddit went public, propelling the stock price to surge by over 40% from an already robust valuation. Tomorrow is Friday, and they usually end up being a positive day for the stock market.

Away From Stocks: Treasuries finished little changed, with the long bond ticking down to 4.44% from 4.45% on Wednesday, while two-year yields bounced to 4.62%, giving back one-third of yesterday’s post-FOMC rally. WTI retreated below $81 a barrel, gold sharply reversed from this morning’s rise, settling at $2,182 per ounce, and the VIX settled just below 13.