Stock Market Update October 12, 2023 A Mid-Day Dip and Subsequent Partial Recovery Define Today's Session. Today's market landscape was particularly notable for its afternoon downturn, which led to intraday lows plunging to -1.00% for the Dow and a staggering -2.7% for the Russell 2000 by approximately 2:15 PM ET. However, a partial rebound ensued towards the market close. The Dow eventually settled down by 173 points or 0.51%, while both the S&P 500 and the Nasdaq closed with declines of -0.62% and -0.63%, respectively. The small-cap heavy Russell 2000 ended the session down by -2.26%. Today's disappointing 30-year Treasury auction proved to be the catalyst for market-wide frailty as we moved towards the close of the trading session. The auction priced a disconcerting four basis points above the 'When Issued' rate, spurring a 13 basis point rise in the long bond to 4.86%. This created headwinds for the equities market, with the S&P 500 relinquishing 0.6% of its value.
On the commodities front, West Texas Intermediate (WTI) crude oil remained resilient, maintaining a position north of $83 per barrel. Gold also displayed relative strength, settling at $1,869 per ounce. Meanwhile, the Volatility Index (VIX) edged closer to 17, underlining the elevated levels of market uncertainty.
Live Day Trading in Discord
Live Day Trading in Discord
