Daily Stock Market Update

Daily Stock Market Update

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Daily Stock Market Update
Daily Stock Market Update
Stock Market Update Thursday October 10, 2024

Stock Market Update Thursday October 10, 2024

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Tom
Oct 10, 2024
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Daily Stock Market Update
Daily Stock Market Update
Stock Market Update Thursday October 10, 2024
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Stock Market Update Thursday October 10, 2024 U.S. equities retreated from record highs, with the major indices closing slightly lower as the market cooled off from recent gains. The S&P 500 edged down by 0.21%, the Nasdaq Composite slipped 0.05%, and the small-cap-focused Russell 2000 underperformed with a 0.73% decline. Energy stocks led the sectors, outperforming others, while Real Estate lagged, marking the day’s worst-performing sector. The "Magnificent 7" tech-heavyweights showed mixed results. Meta dropped over 1%, and Tesla fell nearly 1% ahead of its anticipated Robotaxi announcement. Nvidia, however, bucked the trend, climbing 1.63% to lead the group.

Despite the dip in broader indices, there was new 52-week highs for the S&P 500, with 14 stocks reaching new peaks compared to just 2 hitting new lows. Among those celebrating record highs, IBM—a Dow Jones Industrial Average component—achieved an all-time high. Financial stocks and notable names such as Netflix, Live Nation, Royal Caribbean, and T-Mobile also contributed to the strong performance across multiple sectors. This wave of new highs underscores underlying strength in various pockets of the market.

Away From Stocks: long-duration Treasury's faced continued pressure, with the 10-year yield climbing to 4.09% and the 30-year yield reaching 4.38%, marking increases of 33 and 30 basis points, respectively, over the past seven trading sessions. West Texas Intermediate (WTI) crude oil bounced back above $75 per barrel, while gold rebounded to $2,630 an ounce, signaling strength in safe-haven assets. Bitcoin remained stable at $63,100, and the CBOE Volatility Index (VIX) settled near 21, reflecting relatively subdued market volatility despite inflationary concerns

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