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Stock Market Update Wednesday June 5, 2024

Stock Market Update Wednesday June 5, 2024 The stock market experienced a resurgence of bullish sentiment, propelled by the Nasdaq and its AI-related stocks, which were in high demand. By midday, the Nasdaq had surged 1.5%, outpacing the S&P 500's gain of just under 1%. This upward momentum appears to be fueled by a combination of factors, including fear of missing out (FOMO), AI hype, a rally in fixed income, and anticipation of data that could prompt the Federal Reserve to ease monetary policy. The ever-present passive buying pressure further amplified the rally, significantly influencing market dynamics. Although the pace of gains moderated in the afternoon, the market closed near its highs, reflecting a broad-based frenzy as evidenced by the trading statistics.

Away From Stocks: Fixed income and the U.S. dollar also strengthened. Precious metals rebounded, with gold regaining nearly all of its prior day's losses through a 1% increase, and silver recouping half of its Tuesday decline with a 1.5% gain.


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