Stock Market Update Thursday September 12, 2024

Stock Market Update Thursday September 12, 2024 Stocks extended their rally today, bolstered by strength in mega-cap tech names. The S&P 500 climbed 0.75%, marking its fourth consecutive session of gains, while the Nasdaq advanced 1%, and the Russell 2000 outperformed, rising 1.16%. All 11 sectors posted gains, with communication services leading the way, up approximately 1.7%. Notably, Meta and Alphabet surged more than 2%, and Nvidia continued its upward momentum, adding 1.9%.

After enduring its worst week of the year, the S&P 500 has now recovered more than 3% since Monday, reflecting renewed investor confidence and bringing the index within striking distance of its mid-July highs.

Away From Stocks: Treasury's faced modest selling pressure, with the yield on the long bond steady at 4%. WTI crude surged 3%, settling at $69 per barrel, while bitcoin advanced to $58,300, and gold hit a fresh peak near $2,460 per ounce. The VIX also eased significantly, settling near 17 after testing 24 less than a week ago, signaling a notable decline in market volatility.