Stock Market Update Tuesday June 25, 2024 Today was another erratic trading session from an index perspective. The Nasdaq Composite rose by 1% by midday, while the S&P 500 remained flat, and the Dow Jones Industrial Average declined by 1%. Beneath the surface, numerous large-cap tech stocks experienced buying pressure. In the afternoon, indices extended their gains. Nvidia stock closed over 6% catalyzed a 1.1% rally in the Nasdaq 100 and a 0.4% uptick in the S&P 500, offsetting Monday’s losses.
Away From Stocks: The U.S. Treasury market saw a bull steepening of the yield curve, with two-year yields declining six basis points to 4.65%, and the 30-year bond yield decreasing slightly to 4.36% from 4.38%. WTI crude oil prices retreated below $81 per barrel, gold prices adjusted downward to $2,319 per ounce, Bitcoin advanced towards $62,000, and the VIX, a measure of market volatility, settled below 13.
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Historically, election years often exhibit a tendency for rallies in early June. Our analysis suggests that, following recent volatility in late May, June is likely to see a resumption of upward momentum in the market. Despite this optimistic outlook, our trading strategy will remain firmly grounded in algorithmic signals for both entry and exit points, ensuring a disciplined and data-driven approach to managing our portfolio.
Today, market breadth exhibited weakness, with six out of eleven sectors experiencing declines exceeding 1%. Consequently, overall market performance was less robust than the 1% gain in the QQQ ETF might suggest, indicating a rotation of capital back into large-cap technology stocks. Trading volume in the SPY ETF was light today, and similar activity is anticipated tomorrow. However, Thursday's release of key macroeconomic data, as detailed in our Discord room's economic calendar, may introduce volatility into the market.
