Stock Market Update Wednesday July 24, 2024

Equities experienced a significant sell-off, with the S&P 500 declining 2.3%, terminating the broad market index's 356-session streak without a 2% drop.

Stock Market Update Wednesday July 24, 2024 Equities experienced a significant sell-off, with the S&P 500 declining 2.3%, terminating the broad market index's 356-session streak without a 2% drop. The tech-heavy Nasdaq 100 suffered a steeper decline of 3.6%, while the Roundhill Magnificent Seven ETF plummeted 6.1%.

Away From Stocks: Treasury yield curve steepened considerably, with the two-year yield reaching 4.37% and the long bond yield reaching 4.54%, resulting in a 17-basis point spread, the widest in over two years.  WTI crude oil prices stabilized at $77.50 per barrel, gold retreated from early gains to close at $2,398 per ounce, bitcoin remained relatively unchanged at $65,800, and the VIX volatility index surged over three points to 18, nearing its year-to-date high from April.

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