Daily Chart Report π Tuesday, June 4, 2024
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Todayβs Summary
Tuesday, June 4, 2024
Indices: Dow +0.36% | Nasdaq 100 +0.29% | S&P 500 +0.15% | Russell 2000 -1.25%
Sectors: 6 of the 11 sectors closed higher. Real Estate led, rising +0.95%. Materials lagged, falling -1.11%.
Commodities: Crude Oil futures fell -1.31% to a three-month low of $73.25 per barrel. Gold futures fell -0.92% to $2,347 per oz.
Currencies: The US Dollar Index inched higher by +0.10% to $104.15.
Crypto: Bitcoin rose +2.51% to $70,531. Ethereum rose +1.26% to $3,814.
Volatility: The Volatility Index rose +0.23% to 13.15.
Interest Rates: The US 10-year Treasury yield dropped to a two-month low of 4.332%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Adam Turnquist (@adam_turnquist).
- Crude Oil (black) fell for the fifth straight day, closing at a three-month low of $73.25 per barrel.
- Meanwhile, the US 10-year Treasury yield (blue) dropped to a two-month low of 4.33%, closing below its 200-day moving average for the first time since March.
- Adam points out that Crude Oil is leading yields lower. The US Dollar ($DXY) is also moving lower with yields. This bodes well for risk assets, including Stocks, Gold, Crypto, and more.
The Takeaway: The weakness in Crude Oil is putting pressure on Treasury yields and the US Dollar. This will likely act as a tailwind for Stocks and other risk assets.
Quote of the Day
βEconomic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend, and step off before it is discredited.β
- George Soros
Top Links
Bull Market 2-Year Anniversary - All Star Charts
JC Parets looks at several key areas of the market.
Chart Advisor - Investopedia
Shane Murphy examines Emerging Markets, Nat Gas, and Defensive sectors.
These SURPRISING Sectors Are Showing Strength - StockCharts
Julius de Kempenaer analyzes the strongest and weakest sectors of the S&P 500.
Letβs Get Technical: A Conversation with Katie Stockton - Barron's Live
Katie Stockton shares her thoughts on the current market environment.