Stock Market Update Thursday August 29, 2024 A flat close masked volatile intraday swings, with the major averages erasing overnight losses and rallying nearly 2% on the Nasdaq 100 before retracing gains by the session's end. Nvidia recorded a 6.4% post-earnings decline, closing near its session lows.
Away From Stocks: Treasury's faced modest selling pressure, with the 2-year and 30-year yields rising to 3.87% and 4.15%, respectively, up four and two basis points on the day. Meanwhile, WTI crude rebounded towards $76 per barrel, and gold advanced to $2,521 per ounce. Bitcoin edged higher, finishing at $59,500, while the VIX retreated below 16, down over a point.
U.S. equities managed to post fractional gains on Thursday, with 9 out of 11 sectors closing in positive territory. The Dow climbed 200 points to reach a new all-time record close, while the S&P 500 Equal Weight ETF (RSP), Financial ETF (XLF), Healthcare ETF (XLV), and Industrial ETF (XLI) all achieved fresh all-time highs, suggesting that the recent stall in the S&P 500 may be temporary. Market breadth was notably strong, with advancers outpacing decliners by more than 3-to-1, driven by gains of over 1% in the Energy, Materials, and Industrials sectors. Looking ahead, tomorrow's macroeconomic calendar features the release of the Fed’s preferred inflation indicator at 8:30 AM Eastern Time. Additionally, we anticipate lighter trading volume due to the approaching holiday, with U.S. markets closed on Monday. In tomorrow's Stock Market Update we will discuss what we see happening in the next couple of months.
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