Stock Market Update Wednesday April 17, 2024

Stock Market Update Wednesday April 17, 2024 Another session of losses saw the S&P 500 closing near 5,000, marking a 0.6% retreat and leaving the index approximately 4.3% below its March 27th levels.

Away From Stocks: Treasury's experienced a rebound, particularly notable with a well-received 20-year auction, resulting in yields declining by two to eight basis points across the yield curve. The energy sector faced pressure as a larger-than-expected weekly inventory build prompted a 3% pullback in WTI crude, settling just below $83 a barrel. Precious metals saw a decline, with gold slipping by half a percent to $2,372 per ounce. Cryptocurrency markets mirrored the broader decline, with Bitcoin falling to approximately $62,000. The VIX volatility index settled near 18 after testing 19 intraday.