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Stock Market Update Thursday February 22, 2024

Stock Market Update Thursday February 22, 2024 The Nvidia news sparked a surge in tech stocks and anything connected to the exciting AI phenomenon. While some assumptions may seem far fetched, it's important to recognize the potential and innovation driving this sector. It was a day of remarkable achievements, driven by the euphoric 16% surge in Nvidia following better-than-expected fourth-quarter results yesterday evening. Consequently, stocks rallied by 2.9% for the Nasdaq 100, setting new record highs with an impressive near 9% advance for this nascent 2024.

The last instance when the Nasdaq100 index experienced a one-day gain exceeding 3% to conclude at a record high was on 3/22/2000 (interesting). Subsequently, the market exhibited sideways movement until August 2000, and then sold off. We will be waiting for such a sell-off to occur when our algorithms give us the sell signal. We never predict markets; we only prepare for them. We have tools to assess the amount of liquidity available and how quickly investors want it deployed.

SPY ETF Weekly Stock Chart March 2000
SPY ETF Weekly Stock Chart March 2000

Away From Stocks: The 2-year and 10-year Treasuries rose to 4.69% and 4.33%, respectively, with each establishing a fresh multi-month peak. WTI crude settled at $78.50 to remain near its highest levels since the fall, while gold stayed at $2,024 for a third straight session, and the VIX pulled back below 15.


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