Daily Chart Report π Friday, August 2, 2024
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Todayβs Summary
Friday, August 2, 2024
Indices: Dow -1.51% | S&P 500 -1.84% | Nasdaq 100 -2.38% | Russell 2000 -3.52%
Sectors: 3 of the 11 sectors closed higher. Consumer Staples led, gaining +0.88%. Consumer Discretionary lagged, dropping -3.68%.
Commodities: Crude Oil futures dropped -3.66% to $73.52 per barrel. Gold futures fell -0.44% to $2,470 per oz.
Currencies: The US Dollar Index had its worst day of the year, dropping -1.08% to $103.13.
Crypto: Bitcoin dropped -5.93% to $61,421. Ethereum slid -6.71% to $2,986.
Volatility: The Volatility Index surged +25.83% to a new 52-week high of 23.38.
Interest Rates: The US 10-year Treasury yield dropped to a new 52-week low of 3.794%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Gregory Krupinski (@G_krupins).
- The S&P 500 ($SPY) closed lower for the third consecutive week, dropping -2.12%.
- While Stocks had their second-worst week of the year, Bonds had their best week in well over a year. The U.S. Aggregate Bond ETF ($AGG) rose +2.04%, scoring its first 52-week high since July 2020.
- Greg points out that it was a great week for the 60/40 portfolio. $AGG/$SPY jumped +4.25%, marking itβs best week since March 2023. However, this was a risk-off move, indicative of a flight to safety.
The Takeaway: Bonds broke out to new 52-week highs, while Stocks sold off for the third straight week. The 60/40 portfolio is working again, but thereβs nothing bullish about this flight to safety.
Quote of the Day
βIf youβre not grateful, youβre not rich,
no matter how much you have.β
β John Templeton
Top Links
Stock Market Analysis August 2, 2024 - Alphatrends
Brian Shannon breaks down this week's sell-off and some key levels to watch next week.
Treasury Rally Enters its Fourth Month - Bespoke
Bespoke looks at the rebound in Treasury Bonds.
It's Like a Brick Wall - All Star Charts
JC Parets shares his thoughts on the current market environment.
It's Been a Long Time Mr Bear, Where Have You Been? - RRG Charts
Julius de Kempenaer examines recent sector rotation within the S&P 500.
Hot Julys Often Lead to Market Slides for the Dow - Almanac Trader
Jeff Hirsch points out that a strong July has historically led to a meaningful pullback in the second half of the year.