Daily Stock Market Update

Daily Stock Market Update

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Daily Stock Market Update
Daily Stock Market Update
Stock Market Update Thursday November 7, 2024

Stock Market Update Thursday November 7, 2024

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Tom
Nov 07, 2024
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Daily Stock Market Update
Daily Stock Market Update
Stock Market Update Thursday November 7, 2024
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Stock Market Update Thursday November 7, 2024 Rate Cut Amplifies Rally

A 25-basis point rate cut by the Federal Reserve injected fresh momentum into the bull market, amplifying investor optimism and pushing the S&P 500 up another 0.8% to new record highs, bringing its impressive year-to-date return to nearly 27%.

Away From Stocks: Treasuries found some relief after recent volatility, with the yield on the long bond dropping eight basis points, retracing half of the prior day’s sharp increase.

In the commodities space, WTI crude oil nudged above $72 per barrel, reflecting steady demand amid tightening supplies. Gold regained ground, climbing to $2,708 per ounce as inflationary and geopolitical hedges continued to support the precious metal. Bitcoin extended its remarkable ascent, hitting $76,200 as it continued its trajectory toward uncharted highs. Meanwhile, the VIX, a key gauge of market volatility, cooled off, dipping from 22 to around 15 as markets settled in response to the Fed's accommodative stance.

This latest policy adjustment underscores the Fed’s responsiveness to growth concerns and market stability, setting the stage for sustained risk appetite across asset classes.

📈 Technical Alert: $QQQ ETF on the Move! 📉

The green line on our charts is a W.D. Gann level, and the QQQ ETF is behaving like a magnet, steadily gravitating towards it. This level could play a critical role as we watch for potential resistance. Keep an eye out for price action as we approach this zone! 👀

#QQQ #WDGann #TechnicalAnalysis #ETFs #MarketLevels #TradingInsights #StockMarket

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