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Stock Market Update Wednesday March 6, 2024

Stock Market Update Wednesday March 6, 2024 Stocks gapped up ahead of tomorrow’s State of the Union Address, rising by 0.5% on the S&P 500 to recoup roughly half of yesterday’s decline.

Away From Stocks: The long bond declined by three basis points to 4.24%, while 2-year yields ticked up to 4.55% from 4.54%. WTI crude pushed back above $79 a barrel, gold jumped to $2,148 per ounce, bitcoin rebounded above $66,000, and the VIX remained at 14.5.

Bitcoin needs to close above our resistance level and consolidate to continue higher.

  • NFP Friday March 8th: We do not care about the numbers we only care how the market reacts.

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