Stock Market Update Friday May 24, 2024 Equities staged a robust recovery from Thursday's sharp downturn, with the market rallying through midday, led by the Nasdaq Composite's surge of over 1%. Significant intraday volatility was observed in individual stocks. However, the major indices traded sideways throughout the afternoon session, consolidating their earlier gains.
Away From Stocks: Treasury's saw minimal movement, with the long bond yield edging down one basis point to 4.57% and the two-year yield rising slightly to 4.93%. Gold prices stabilized following recent declines, hovering around $2,334 per ounce. WTI crude oil and Bitcoin both recovered, reaching approximately $78 a barrel and $68,900 per token, respectively. The VIX volatility index declined further, closing below 12 ahead of the T+1 settlement implementation.
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