Stock Market Update Tuesday June 30, 2024
Stock Market Update Tuesday June 30, 2024 Stocks extended their advance, with the S&P 500 climbing 0.8% to cap its strongest quarterly performance since the pandemic-era rally. The benchmark surged 15% during the quarter, while the Nasdaq 100 soared 27% since March 31, fueled by continued strength in AI and mega-cap technology stocks. The Philadelphia Semiconductor Index (SOX) was the standout performer, rocketing 88% over the same period.
Away From Stocks: Treasurys weakened, pushing yields higher across the curve. The 2-year Treasury yield rose to 4.14% from 4.10% on Monday, while the 30-year bond yield climbed five basis points to 4.91%. WTI crude held steady near $70 per barrel, gold finished little changed at $4,020 per ounce, bitcoin retreated below $59,000, and the CBOE Volatility Index (VIX) slipped to fresh two-week lows, closing just above 16, reflecting continued investor complacency.
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