Stock Market Update Wednesday October 16, 2024

Stock Market Update Wednesday October 16, 2024 The Dow Jones Industrial Average surged 300 points on Wednesday, reaching another record close, as equities extended their gains following the previous session's pullback. The S&P 500 also climbed 0.4%, signaling continued strength in the broader market. Nvidia remains in the spotlight, poised to dominate the upcoming Big Tech earnings season once again, bolstered by its leadership in AI technologies. In related news, Citi upgraded Cisco Systems, noting that Wall Street is underestimating the company's AI-driven growth potential. Meanwhile, Morgan Stanley surpassed earnings expectations, with better-than-anticipated results in wealth management, trading, and banking operations.

Away From Stocks: In the fixed income market, Treasury yields firmed marginally, as the 2-year and 30-year yields both declined by two basis points, closing at 3.93% and 4.3%, respectively. In commodities, WTI crude oil stabilized, consolidating recent losses at $70.50 per barrel. Meanwhile, spot gold gained traction, climbing to $2,674 per ounce after approaching its all-time high of $2,685. Bitcoin continued to strengthen, trading at $67,800, while the VIX reversed Tuesday’s spike, easing below the 20 level.