Stock Market Update Monday October 14, 2024 The S&P 500 reached a new all-time high today, advancing by 0.77% reaching new record highs and bringing its year-to-date gain to nearly 24% The Nasdaq Composite also showed strength, gaining 0.87%, while the Russell 2000, representing small-cap stocks, closed up 0.63%.
Notably, over 50 stocks reached their highest levels in a year, including major names like McDonald’s, BlackRock, United Airlines, Lowe’s, and Wells Fargo of the 30 S&P 500 companies that have reported earnings thus far, results have exceeded analyst estimates by an average of 5%, marking an improvement from the 3% beat seen at this point in the previous quarter. Looking ahead, Bank of America, Citigroup, Goldman Sachs, and Johnson & Johnson are slated to report their earnings tomorrow, which will be closely watched for further market direction.
Away From Stocks: Despite the bond market being closed for Columbus Day, the iShares 20+ Year Treasury Bond ETF (TLT) initially faced selling pressure before recovering slightly, ending the session marginally positive. In commodities, WTI crude retreated below $74 per barrel, while gold ticked higher to $2,653 per ounce. In the digital asset space, Bitcoin surged past $66,000 for the first time since summer, signaling renewed interest. Meanwhile, market volatility subsided as the VIX dropped below the 20 level, reflecting a calm in investor sentiment.
