Stock Market Update Wednesday September 4, 2024

Stock Market Update Wednesday September 4, 2024 Stocks consolidated yesterday’s big drop, with the S&P 500 and Nasdaq 100 each finishing just below unchanged. The S&P 500 slipped 0.16%, the Nasdaq retreated 0.3%, and the Russell 2000 was down 0.21%. Nvidia shares declined over 1%, compounding the steep losses from Tuesday. Mega cap technology and semiconductor stocks managed to stabilize, with Advanced Micro Devices and Tesla rallying approximately 3% and 4%, respectively. Other tech names like Oracle, Marvell Technology, and Qualcomm also edged higher. Among sectors, Utilities outperformed, gaining around 0.8%, while Energy lagged, down 1.4%.

Away From Stocks: Treasury's maintained something resembling a panic bid, as two-year yields plunged another 12 basis points to 3.76%, and the long bond dropped to 4.06% from 4.13% on WTI crude continued to slide, dropping to just below $69 per barrel, while gold finished little changed at $2,494 per ounce, bitcoin settled at $58,000, and the VIX climbed above 21.