Stock Market Update Friday July 12, 2024 Big tech stocks rebounded, leading the S&P 500 to a 0.6% gain, mirroring the tech sector's advance. However, both indices retreated from intraday highs due to late-session selling pressure.
Away From Stocks: The treasury market rally continued, with two-year yields falling five basis points to 4.45%, the lowest level since early February. WTI crude oil dipped below $83 a barrel, while gold erased earlier losses, closing near $2,411 per ounce. Bitcoin followed a similar pattern, stabilizing at $57,500. The VIX volatility index declined half a point, settling slightly above 12.
Technical analysis of the SPY ETF indicates short-term overbought conditions, suggesting a potential bearish reversal in the near future.
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