Stock Market Update Tuesday October 22, 2024

Stock Market Update Tuesday October 22, 2024 Stocks staged a partial recovery from earlier declines, closing near the breakeven point. The S&P 500 edged down by 0.05%, the Nasdaq showed a slight gain of 0.18%, while the Russell 2000 underperformed, declining 0.29%. In equities, Philip Morris and General Motors led the S&P 500, each rallying approximately 10%. The Consumer Staples sector outperformed as the strongest group, while Industrials lagged as the worst-performing sector.

Away From Stocks: U.S. Treasury yields also saw notable movement, with the 10-year yield climbing above 4.2% for the first time in three months, signaling ongoing pressure in the bond market. Treasuries remained under strain as the long bond yield held steady at 4.49%, while the 2-year and 10-year yields inched up by one basis point each, reaching 4.03% and 4.2%, respectively—both hitting their highest levels since mid-August and late July. Commodities saw mixed action, with WTI crude advancing to $71.50 per barrel, and gold continuing its upward trend, closing at $2,748 per ounce. Meanwhile, Bitcoin remained steady at $67,400, and volatility, as measured by the VIX, held just above 18.