Stock Market Update Monday September 16, 2024 The major indices fluctuated today as market participants positioned themselves ahead of a widely anticipated interest rate cut, the first since the pandemic era. The S&P 500 edged higher by 0.13%, while the Nasdaq Composite slipped 0.52%. The Dow Jones Industrial Average bucked the trend, closing at a record high. Financials led sector gains, advancing over 1%, buoyed by Goldman Sachs data indicating that hedge funds accelerated their exposure to banking stocks at the fastest pace in over a year. Conversely, Technology underperformed, weighed down by declines in heavyweights like Apple, Micron, Nvidia, and Broadcom.
Away From Stocks: Treasuries extended their rally, with the 30-year bond yield declining by four basis points to 3.94%, while the two-year note hit a fresh 2024 low, settling at 3.56%. WTI crude continued its recovery, trading at $70.50 per barrel. Meanwhile, gold posted another positive session, closing at $2,583 per ounce. Bitcoin edged below the $58,000 mark, and the VIX remained elevated, holding above 17.
The RSP ETF, which tracks the S&P 500 Equal Weight Index, and the DIA ETF, which tracks the Dow Jones Industrial Average, both closed at new all-time highs.
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