Stock Market Update Wednesday November 13, 2024

The stock market update for Wednesday, November 13, 2024, indicates that the inline Consumer Price Index (CPI) reading for October has strengthened market sentiment around a potential rate cut in December. Equity markets saw little movement, while the S&P 500 and Nasdaq 100 closed flat.

Away From Stocks: There was a rally in shorter-dated Treasurys. The two-year Treasury yield decreased by seven basis points to settle at 4.27%, while yields on the long bond rose to 4.63% from Tuesday's 4.58%. In commodities, West Texas Intermediate (WTI) crude oil remained steady at $68 per barrel. Gold struggled to sustain its early gains, slipping back to $2,576 per ounce. Bitcoin continued to hold above the $89,000 mark, while the Cboe Volatility Index (VIX) edged down to 14, reflecting tempered market volatility.