Stock Market Update Tuesday April 9, 2024

Stock Market Update Tuesday April 9, 2024 Market volatility persisted as traders positioned themselves ahead of tomorrow's CPI report. With today's late-day stock market rally, I have a hunch that the report may surprise us with a result cooler than anticipated. Despite a sharp downdraft, the major indices staged a robust rebound this afternoon. Throughout the day, market activity remained stagnant as the indices traded sideways, until a late rally propelled them back to nearly unchanged levels.

Away From Stocks: Treasury yields managed to rebound despite this afternoon’s soft three-year auction, settling lower by roughly five points across the curve, while WTI crude retreated towards $85 a barrel and gold advanced further to $2,354 per ounce. The VIX settled just below 15%, approximately 1.5 points below its mid-morning peak.