Stock Market Update Wednesday July 10, 2024

Stock Market Update Wednesday July 10, 2024 Equity markets rallied on Wednesday, with the benchmark S&P 500 index surging to an unprecedented 5,600 milestone, marking its sixth consecutive record close. 

Away From Stocks: A robust 10-year Treasury note auction, held in anticipation of Thursday's June Consumer Price Index (CPI) data, exerted downward pressure on long-term yields, while the two-year yield held steady at 4.62%. The commodities sector also experienced gains, with West Texas Intermediate (WTI) crude oil rebounding above $82 per barrel and gold prices appreciating to $2,372 per ounce. In contrast, Bitcoin experienced a minor depreciation, settling at $57,500, while the CBOE Volatility Index (VIX), a measure of market volatility, edged closer to 13.

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