Stock Market Update Tuesday July 16, 2024

Stock Market Update Tuesday July 16, 2024 Small-cap equities surged on Monday, extending their remarkable run, with the Russell 2,000 index adding another 3.4% to its five-day gains, reaching a staggering 11%. This impressive rally surpasses the index's full-year performance in four of the last ten years. Meanwhile, the broader S&P 500 index experienced a more modest gain of 0.6%, while the tech-heavy Nasdaq 100 index remained relatively flat.

Away From Stocks: Treasury yields retreated, with the long bond yield declining eight basis points to 4.38% and the 10-year note yield settling at 4.17%, marking fresh four-month lows. WTI crude oil prices dipped below $81 per barrel, while gold prices jumped to new closing highs at $2,468 per ounce. Bitcoin edged higher to $64,900, and the VIX volatility index remained slightly above 13.

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