Stock Market Update Tuesday April 2, 2024

Stock Market Update Tuesday April 2, 2024 Stocks and bonds both faced sharp early pressure before paring their losses in the afternoon, with the Nasdaq 100 settling 0.9% in the red after an early 1.4% decline. The recent intraday shifts have seen a departure from the technology sector toward commodities, with energy and materials showing notable strength over technology in recent weeks. Despite rising interest rates, precious metals and WTI crude oil have remained on an upward trajectory, unaffected by the increase.

Away From Stocks: The 10-year yield finished the day at 4.36% after reaching fresh 2024 intraday highs near 4.4%. WTI crude climbed above $85 a barrel for the first time since the fall, gold reached a fresh peak at $2,276 per ounce, and the VIX closed at 14.6 after surpassing 15 shortly after the opening bell.