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Stock Market Update Friday May 31, 2024

Stock Market Update Friday May 31, 2024 Equities closed out the month with a dramatic flourish, as a late-session surge propelled the S&P 500 from negative territory to a nearly 1% gain on the day, driving May's total advance beyond 5%. 

Away From Stocks: Treasuries experienced moderate buying interest across the curve, leading to a decline in yields, with the 2-year and 30-year benchmarks falling by three and four basis points to 4.89% and 4.65%, respectively. Meanwhile, WTI crude oil retreated to $77 per barrel, gold dipped to $2,328 per ounce, and Bitcoin edged slightly lower to $67,600. Notably, the VIX volatility index tumbled below 13 from 14.5 on Thursday, potentially foreshadowing the afternoon surge in equities that followed a notably weak open.

Following our May 6th buy alert, indicated by a prominent larger green dot, our premium members have realized significant gains. On May 15th, we issued an Intraday Stock Market Update advising members to secure some profits. These alerts, verifiable on both Substack and Discord, demonstrate our commitment to providing timely and actionable insights. Looking ahead, investors should note that important macroeconomic data is expected to be released over the next two weeks.

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