Stock Market Update Monday June 17, 2024 Equity markets opened cautiously but rapidly transitioned into a bullish rally by midday, fueled primarily by the continued, impressive surge in AI-related technology stocks. This strong momentum propelled the S&P500 and Nasdaq100 to new all-time highs, with notable gains of 0.8% and 1.2%, respectively.
Away From Stocks: Treasury market experienced a mild pullback from its recent rally, with yields on the two-year note edging up to 4.75% from 4.67%, and the long bond yield increasing by six basis points to 4.4%. WTI crude oil prices continued their ascent towards $80 per barrel, while gold prices retreated to $2,319 per ounce. Bitcoin remained stagnant below the $67,000 mark, and the VIX volatility index closed yet again below 13, signaling continued market complacency.
On May 7th, 2024, we alerted our premium members to enter a long position based on our proprietary algorithm.
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