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Stock Market Update Friday March 8, 2024

Stock Market Update Friday March 8, 2024 Stocks hitting a new high is typically seen as a bullish sign in the financial markets, it is only the last new high that is bearish. Today's reversal is notably bearish, characterized by the markets achieving a new high but closing lower on a Friday, which is an uncommon occurrence. The session saw an intraday reversal, with both the S&P 500 and Nasdaq 100 erasing early gains to finish down by 0.6% and 1.4%, respectively. Nvidia also experienced a significant decline of around 5%, accompanied by heavy trading volume.

Away From Stocks:

NFP Friday March 8th: Today's nonfarm payroll data once again "beat the number." However, it was also once again misleading. Despite the government reporting 75,000 more jobs created than expected, last month's figures were revised down by about 125,000 jobs, which significantly impacted the overall interpretation. So, when considering the net effect, it was essentially a loss, with the underlying details of the numbers showing little variation.

Treasury's mostly consolidated their recent rally with the two-year yield edging lower to 4.48% from 4.5%, while WTI crude slipped below $78 a barrel, gold advanced to $2,178 per ounce for its eighth straight green finish and bitcoin briefly topped $70,000 before retreating a bit. The VIX closed at 14.73

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