S&P 500 Closes Down as Stocks Retreat, but Stays Above Support
The easing of monetary policy by central banks previously supported a stock market rally, with the S&P 500 often reaching record highs.
The easing of monetary policy by central banks previously supported a stock market rally, with the S&P 500 often reaching record highs. However, no new highs have been reached in the last two weeks, and yesterday, the S&P 500 closed lower. Major US indices, led by the Dow Industrial Average with a 1% drop, have struggled, with the S&P 500 following with a 0.8% decline.
Consumer cyclical stocks saw significant losses, driven by drops in companies like Travelers, Amazon, and Walt Disney. Despite this recent pullback, the S&P 500 remains above the former peak of 5,650 points, which has now become a support level. This suggests that the selling pressure might be temporary, and bullish momentum could resume soon.
S&P 500 Chart Daily – The Support Still Holding
Supporting this optimistic outlook, Goldman Sachs has raised its target for the S&P 500 to 6,000 points by the end of 2024, up from a previous estimate of 5,600 points. The firm even projects an increase to 6,300 points within the next year, underscoring continued confidence in the US benchmark index’s growth potential.
- Major Tech Stock Movements:
- US Treasury Yields:
- 2-year: 3.986%, up by 5.5 basis points
- 5-year: 3.856%, up by 4.3 basis points
- 10-year: 4.015%, up by 3.5 basis points
- 30-year: 4.296%, up by 2.8 basis points
S&P 500 Live Chart
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