Stock Market Update Tuesday July 30, 2024

Stock Market Update Tuesday July 30, 2024 Equities experienced a downturn, with the S&P 500 and Nasdaq 100 declining 0.5% and 1.4%, respectively, although they managed to recover slightly from their intraday lows. Conversely, the small-cap Russell 2000 index bucked the trend, posting a 0.4% gain.

Away From Stocks: Treasurys saw some buying interest, with the two-year yield slipping to 4.35%, its lowest level since early February, while the yield on the long bond dipped two basis points to 4.4%. Commodities markets were mixed, with WTI crude oil declining to $75 per barrel, while gold prices advanced to $2,409 per ounce. In the cryptocurrency space, Bitcoin experienced a pullback to $66,100, and the VIX volatility index rose back above 17.

We advised our premium members to maintain a cautious stance with Nvidia $NVDA until our algorithm generates a buy alert. We recommend against attempting to time the market bottom or catch a falling knife.

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