Stock Market Update Friday January 10, 2024 The focal point of today's market narrative was the release of the Non-Farm Payrolls (NFP) report ahead of the market open. The data came in hotter than expected, driving treasury yields higher and further eroding optimism for near-term Federal Reserve rate cuts. For the week, the S&P 500 (SPX) posted a 2.8% decline, while the Nasdaq Composite endured steeper losses, with the Invesco QQQ ETF shedding 1.6% today and 3.6% for the week. The S&P 500 closed 1.5% lower today, pushing the benchmark index into negative territory for January. Small caps, as tracked by the Russell 2000 Index (IWM), continued to bear the brunt of selling pressure, dropping 4% this week, including a sharp 2.2% slide today.
Away From Stocks: Treasury yields jumped to 4.4% for the two-year note and 4.96% on the long bond, up 13 and four basis points, respectively, while WTI crude approached its October highs at just below $77 a barrel and gold posted its fourth straight green finish at $2,692 per ounce. Bitcoin rose to near $95,000 and the VIX wrapped up the week a bit below 20.
Black Rock Inc. is a key stock to watch in the markets. The S&P 500 SPY ETF closed below a crucial support level today. What’s next for the stock market?