The stock market update for Wednesday, November 13, 2024, indicates that the inline Consumer Price Index (CPI) reading for October has strengthened market sentiment around a potential rate cut in December. Equity markets saw little movement, while the S&P 500 and Nasdaq 100 closed flat.
Away From Stocks: There was a rally in shorter-dated Treasurys. The two-year Treasury yield decreased by seven basis points to settle at 4.27%, while yields on the long bond rose to 4.63% from Tuesday's 4.58%. In commodities, West Texas Intermediate (WTI) crude oil remained steady at $68 per barrel. Gold struggled to sustain its early gains, slipping back to $2,576 per ounce. Bitcoin continued to hold above the $89,000 mark, while the Cboe Volatility Index (VIX) edged down to 14, reflecting tempered market volatility.
