Stock Market Update Tuesday February 6, 2024 The early sell-off at the open was driven by a handful of major tech companies, which hold significant weight as index component stocks, thereby exerting a disproportionate influence on the broader market and exerting substantial impact on pricing dynamics. This phenomenon was duly recognized within the first 15 minutes of the trading session. Despite this, by the end of the day, stocks for both the S&P 500 and Nasdaq 100 concluded with marginal movements, hovering around 20 basis points of unchanged levels.
Away From Stocks: A strong three-year Treasury auction catalyzed a solid bid across the Treasury complex ahead of a $42 billion offering of 10-year notes tomorrow, as 2- and 30-year yields fell seven and six basis points, respectively, to 4.39% and 4.29%, WTI crude closed at $73.31 a barrel, gold ticked higher to $2,035 per ounce and the VIX slipped to 13.05 but as long is above the blue line it is showing bullish accumulation.
Bull Flag Developing