Stock Market Update Tuesday March 5, 2024 Stocks experienced a downturn in anticipation of Fed Chair Jerome Powell's appearance on Capitol Hill tomorrow, with the S&P 500 declining by 1% and the Nasdaq 100 absorbing a 1.8% pullback. Concurrently, Bitcoin plummeted by approximately 7% after briefly reaching fresh record highs above $69,000.
Away From Stocks: Treasuries, meanwhile, caught a strong bid, with 2- and 30-year yields declining by seven and nine basis points, respectively, to 4.54% and 4.27%. Meanwhile, WTI ticked lower towards $78 a barrel, and gold logged another fresh high at $2,128 per ounce. The VIX settled at 14.5, up one point on the day.
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