Stock Market Update Wednesday July 17, 2024

Stock Market Update Wednesday July 17, 2024 Equity markets exhibited a mixed performance, with the Nasdaq leading a modest pullback while the Dow Jones Industrial Average and the Russell 2000 held firm, signaling a healthy rotation of capital. This shift is noteworthy as it underscores an ongoing reallocation from large-cap technology stocks to small-cap equities, offering potential value opportunities for discerning investors.

Away From Stocks: The U.S. dollar (USD) exhibited weakness. Fixed income prices remained relatively unchanged. Precious metals paused for consolidation, with silver prices retreating by 3%, while gold prices experienced a more modest decline of 0.5%. Mining equities also experienced downward pressure. On the energy front, crude oil prices surged by over 2.5%. In the options market, the VIX, a key volatility index, closed significantly higher by 9.62%.