Stock Market Update Thursday September 26, 2024

Stock Market Update Thursday September 26, 2024 Stocks maintained their upward momentum, with the S&P 500 advancing another 0.4%, bolstered by China’s latest bullish moves overnight. In contrast, short-dated

Away From Stocks: Treasury's retreated, as the two-year yield surged seven basis points to 3.6%, while the long bond slipped to 4.12% from 4.14% on Wednesday. Commodities saw mixed action: WTI crude dropped sharply below $68 per barrel, while gold extended its rally, climbing to $2,672 per ounce. Bitcoin continued its upward trajectory, nearing $65,000. The VIX remained relatively steady, hovering just above 15, indicating subdued market volatility.

QT Progress Report: Reserve Bank credit declined by $15.5 billion over the past week, bringing the Federal Reserve’s portfolio of interest-bearing assets down to $7.056 trillion. This marks a $45 billion reduction compared to last month and a 20.9% decrease from the peak levels seen in March 2022.