Stock Market Update Tuesday September 24, 2024 The Dow Jones Industrial Average and the S&P 500 both notched fresh record highs today, even as consumer confidence saw its steepest decline in three years. Despite the concerning sentiment, the S&P 500 rose 0.25%, hitting its 41st all-time high of the year, signaling resilient market strength, bolstered by a 4% surge in Nvidia $NVDA. Other mega-cap tech stocks saw mixed performance: Apple $AAPL, Amazon $AMZN, and Alphabet $GOOGL posted gains, while Microsoft $MSFT and Meta Platforms $META ended the day lower, reflecting sector rotation. Tesla $TSLA, which led the previous day’s rally, continued its upward trajectory, closing 1.7% higher. Investor optimism remains elevated ahead of the company's Q3 vehicle delivery report and the anticipated unveiling of its autonomous robotaxi, expected to be a significant catalyst for future growth.
The Nasdaq Composite advanced 0.56%, although it remains 3% below its July peak. Meanwhile, the Dow gained 83 points, and the Russell 2000 added 0.24%, highlighting broad market gains. Sector performance was led by Materials and Technology, continuing their upward momentum. Financials and Utilities underperformed.
Away From Stocks: Short-term rates continued to decline, with the two-year Treasury yield hitting a fresh multi-year low at 3.49%, down from 3.57%, reflecting heightened expectations of dovish monetary policy. Meanwhile, WTI crude rebounded, climbing back above $71 per barrel. Gold sustained its upward momentum, holding firm at $2,659 per ounce. Bitcoin surged past $64,000, extending its recent bullish trend, while the VIX, a key gauge of market volatility, settled slightly above 15, indicating a relatively calm risk environment.
Comments