Stock Market Update Tuesday May 28, 2024

Stock Market Update Tuesday May 28, 2024 The S&P 500 index closed unchanged, yet the trading session was marked by heightened intraday volatility. The broad market experienced downward pressure in the mid-afternoon before rallying into the close. 

Away From Stocks: Treasury yields increased across the curve, reflecting weaker demand in today's two- and five-year auctions. Meanwhile, WTI crude oil surpassed $80 per barrel for the first time in nearly a month, while gold inched higher to $2,360 per ounce. Bitcoin retreated to $68,300, and the VIX volatility index rose half a point, approaching 13.

The SOX Semiconductor index is breaking out today. As the saying goes, 'If the semis fail, you better bail. But the semis are doing the exact opposite, breaking out to new all-time highs, which is extremely bullish for the overall economy.