top of page

Stock Market Update Thursday October 10, 2024

Stock Market Update Thursday October 10, 2024 U.S. equities retreated from record highs, with the major indices closing slightly lower as the market cooled off from recent gains. The S&P 500 edged down by 0.21%, the Nasdaq Composite slipped 0.05%, and the small-cap-focused Russell 2000 underperformed with a 0.73% decline. Energy stocks led the sectors, outperforming others, while Real Estate lagged, marking the day’s worst-performing sector. The "Magnificent 7" tech-heavyweights showed mixed results. Meta dropped over 1%, and Tesla fell nearly 1% ahead of its anticipated Robotaxi announcement. Nvidia, however, bucked the trend, climbing 1.63% to lead the group.


Despite the dip in broader indices, there was new 52-week highs for the S&P 500, with 14 stocks reaching new peaks compared to just 2 hitting new lows. Among those celebrating record highs, IBM—a Dow Jones Industrial Average component—achieved an all-time high. Financial stocks and notable names such as Netflix, Live Nation, Royal Caribbean, and T-Mobile also contributed to the strong performance across multiple sectors. This wave of new highs underscores underlying strength in various pockets of the market.


Away From Stocks: long-duration Treasury's faced continued pressure, with the 10-year yield climbing to 4.09% and the 30-year yield reaching 4.38%, marking increases of 33 and 30 basis points, respectively, over the past seven trading sessions. West Texas Intermediate (WTI) crude oil bounced back above $75 per barrel, while gold rebounded to $2,630 an ounce, signaling strength in safe-haven assets. Bitcoin remained stable at $63,100, and the CBOE Volatility Index (VIX) settled near 21, reflecting relatively subdued market volatility despite inflationary concerns

 

    Want to read more?

    Subscribe to algotradealert.com to keep reading this exclusive post.

    bottom of page