Stock Market Update Thursday November 2, 2023 Bullish Momentum Continues. The stock market continued its bullish momentum on Thursday, with the S&P 500 surging by 1.9%. This brought the week's gains to a commendable near 5%, as investors grew more confident that the Federal Reserve might be nearing the end of its rate-hiking cycle.
On the Treasury front, long-dated bonds, particularly the 30-year, exhibited strength, with yields plummeting another 14 basis points to settle at 4.82%. This was in contrast to the two-year yield, which experienced a slight uptick to 4.98% from its previous 4.95%.
In commodities, WTI crude oil showed resilience, navigating its way back toward $82.50 a barrel. The gold sector presented a mixed picture, with gold miners largely trading in positive territory, while the yellow metal itself remained relatively stable, closing at $1,985 per ounce.
Lastly, reflecting the broader market's easing tensions, the VIX index – often termed the 'fear index' – dropped to a six-week low, comfortably below the 16 mark.
"The financial landscape consistently alternates between bull and bear markets, with one invariably succeeding the other."
Most of our premium clients took 14+ SPY points profits today in Discord Day Trading Room 👇