Stock Market Update Wednesday October 30, 2024

Stock Market Update Wednesday October 30, 2024 Equities faced mild downward pressure this afternoon, with the S&P 500 closing 0.3% lower. The U.S. economy expanded at an annualized rate of 2.8%, driven by robust consumer spending that continues to underpin growth despite headwinds. Labor market data from ADP indicated a surge in hiring, marking the fastest pace in over a year and signaling ongoing strength in employment. Meanwhile, mortgage demand stagnated as interest rates climbed sharply, reflecting heightened borrowing costs ahead of the upcoming election and curbing refinancing and purchasing activity in the housing market.

Away From Stocks: In fixed-income markets, U.S. Treasury's displayed mixed movement: the two-year yield rose by four basis points to 4.15%, while the 30-year bond yield eased to 4.49% from Tuesday's 4.52%. Commodities saw upward momentum, as WTI crude rebounded to $69 per barrel and gold gained to $2,788 per ounce. Bitcoin remained stable, trading around $73,000, and volatility ticked higher with the VIX index closing above 20.