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Stock Market Update Tuesday January 23, 2024

Stock Market Update Tuesday January 23, 2024 Stocks edged higher by 0.3% on the S&P 500, continuing the rally. This trend was particularly notable in the Nasdaq indices and the S&P 500. However, the DJIA and the Russell 2000 saw declines, highlighting a lack of unified upward momentum. Despite reaching higher closing highs, the overall breadth of the market remained negative.


Away From Stocks: Treasury's saw a mixed picture with the two-year yield declining six basis points to 4.31% and the long bond rising by the same sum to 4.38%. WTI crude remained just south of $74.46 a barrel, gold ticked higher to $2,029 per ounce and the VIX slipped 12.54









 

As users observed today, it wasn't the broad market that moved prices up from the open; instead, it was the 20 high-percentage index component stocks that drove index pricing. This is what maintained the stock market's pattern of higher highs and higher lows, with the close of each bar very close to the highs—a classic up cycle pattern. The broad market didn't begin to reverse from negative until late in the day.


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