Daily Chart Report π Tuesday, October 1, 2024
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Todayβs Summary
Tuesday, October 1, 2024
Indices: Dow -0.41% | S&P 500 -0.93% | Nasdaq 100 -1.43% | Russell 2000 -1.48%
Sectors: 4 of the 11 sectors closed higher. Energy led, gaining +2.28%. Materials lagged, dropping -2.44%.
Commodities: Crude Oil futures rose +2.44% to $69.83 per barrel. Gold futures rose +1.16% to $2,690 per oz.
Currencies: The US Dollar Index rose +0.45% to $101.21.
Crypto: Bitcoin is currently down -3.91% to $60,824. Ethereum is down -5.66% to $2,454.
Volatility: The Volatility Index spiked +15.26% to 19.27.
Interest Rates: The US 10-year Treasury yield dropped to 3.732%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
π Today's Chart of the Day was shared by Scott Brown (@scottcharts).
- Looking at all years since 1950, September has historically been the worst month for the S&P 500. However, the Bulls prevailed this year, booking a solid monthly gain of +2.0%.
- Scott points out that October seasonality is a bit more nuanced. In all years since 1950, October has historically been strong, with an average gain of +0.95%. On the other hand, it has been the worst month in election years, with an average loss of -0.85%.
- The 2008 Financial Crisis significantly skews the Election-year average. Excluding that single data point, the average election year improves from -0.85% to +0.10%.
Takeaway: October seasonality is like a choose-your-own-adventure novel. It's usually a decent month, but it has been more challenging in election years like 2024.
Quote of the Day
"October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August, and February.β
β Mark Twain
Top Links
Dividend Stocks with Strong Q4 Seasonality - Bespoke
Bespoke shares a list of high-dividend paying stocks with strong seasonals in Q4.
October Volatility After Big Gain First Three Quarters - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in October when the first three quarters were strong.
Stock Comparison: Magnificent 7 vs. 2000s Tech Bubble - Visual Capitalist
Visual Capitalist compares today's leaders with the leaders of the dot-com bubble.
Bloomberg Intelligence's Equity Market Minute 10/01/2024 - Bloomberg
Gina Martin Adams discusses the state of the stock market as we enter Q4.
Technical Tuesdays π with The Chart Report - X
Check out our discussion on spaces from earlier today and join us live every Tuesday morning at 11am ET.
Top Tweets
Youβre all caught up now. Thanks for reading!
