Stock Market Update Thursday May 23, 2024

Stock Market Update Thursday May 23, 2024 Despite Nvidia's exceptional earnings report, investor sentiment remained subdued, resulting in a 0.7% decline in the S&P 500 due to notable afternoon selling pressure. 

Away From Stocks: The fixed-income market also experienced a downturn, with 2-year and 30-year Treasury yields increasing by five and three basis points, respectively, to 4.91% and 4.58%. The precious metals market was not immune to the bearish sentiment, with gold experiencing a significant 2% decline to $2,332 per ounce. Additionally, WTI crude oil dipped below $77 per barrel, Bitcoin retraced to $67,300, and the VIX volatility index edged up half a point, approaching 13.