Stock Market Update Tuesday August 27, 2024 Equities saw modest gains as recent moderate volatility subsided ahead of Nvidia's earnings report tomorrow. Today's market action was dominated by another significant drop in short-term rates, with the two-year Treasury yield plunging eight basis points to close at 3.83%, marking a 110 basis point decline over the last three months and hitting its lowest level in over a year. In the commodities space, WTI crude retreated below $76 per barrel, while gold advanced, reaching $2,525 per ounce. Bitcoin dipped below $62,000, and the VIX settled down three-quarters of a point to just under 15.5.
Wednesday, 8/28
4:20 PM ET: NVIDIA (NVDA) Reports Q2 FY25 Earnings
A bull flag bullish pattern appears to be forming, suggesting potential upside momentum. The key question is whether Nvidia will break out following tomorrow's earnings report. If the results exceed expectations, it could serve as the catalyst needed to propel the stock higher, confirming the bull flag and potentially triggering a strong upward move. Traders will be closely watching for a decisive break above recent resistance levels, which could set the stage for further gains. #SPX500 $SPY $QQQ #BITCOIN #CRYPTO
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