Stock Market Update Wednesday April 3, 2024

Stock Market Update Wednesday April 3, 2024 This morning's macro data, represented by the ISM survey, seemed to invigorate market participants as it showed a slightly cooler trend than expected across all parameters. There is a palpable anticipation among investors for data that could sway the Federal Reserve to ease its policies. In light of this prospect, indices surged approximately 0.5% higher through midday. However, as the afternoon progressed, much of the rally dissipated.

Away From Stocks: Treasury's saw a subdued session, marked by a two-basis point decline in two-year yields to 4.68%. Meanwhile, precious metals maintained their strong rally, with gold achieving its fifth consecutive record close just shy of $2,300 and silver approaching $27 per ounce. Additionally, WTI crude advanced to $85 a barrel, and the VIX eased back towards 14.