Stock Market Update Thursday, October 31, 2024 The S&P 500 extended its decline for a second consecutive session, weighed down by losses in heavyweight tech stocks, notably Microsoft and Meta. Meta’s cautionary outlook on escalating AI-related expenses, despite a modest revenue beat, further pressured sentiment. This led to a tech-driven sell-off, with the S&P 500 sliding 1.9% and the Nasdaq 100 retreating by 2.5%. In economic news, a key U.S. inflation measure showed a moderate uptick, accompanied by rising consumer spending, underscoring the robustness of underlying economic activity.
Away From Stocks: Despite the equity downturn, Treasury's showed muted movement as markets await tomorrow’s payroll report; the two-year yield ticked up slightly to 4.16% from 4.15%, while the 30-year bond eased down two basis points to 4.47%.
In commodities, WTI crude extended its rally, nearing $71 per barrel, while gold dropped 1.5%, settling at $2,748 per ounce. Bitcoin saw a pullback, holding just above $70,000, and market volatility climbed as the VIX spiked nearly three points, reaching just above 23.
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