S&P 500 Closes Near Record Levels As Risk Sentiment Improves

S&P 500 has been bouncing in a tight range and today we saw another bounce as stock indices recovered from yesterday's decline.

Skerdian Meta•Tuesday, October 8, 2024•1 min read

S&P 500 has been bouncing in a tight range and today we saw another bounce as stock indices recovered from yesterday’s decline. The SPX index broke above the resistance in September, establishing a new high, which as turned into support now, which signals further upside momentum.

US Stock indices had another good day

The geopolitical situation in the Middle East has been very volatile which has keep uncertainties high, therefore stock markets have been consolidating in a range after the gains they made in September. The S&P 500 index had formed a resistance zone at the previous record highs around $2,650 points, which buyers broke in September. Now this resistance has turned into a support zone which continues to hold.

S&P 500 Chart Daily – The Support Continues to Hold

Here’s a breakdown of the recent market activity:

Major U.S. Indices Movement

Dow Industrial Average:
- Up by 341 points, then down by 398, and up again by 126.13 points.
- Percentage Change: +0.30%
S&P 500:
- Gained 51 points, dropped 55.13 points, and gained 55.21 points.
- Percentage Change: +0.97%
Nasdaq:
- Rose by 219 points, fell by 213.95 points, and rose again by 259.01 points.
- Percentage Change: +1.45%
Russell 2000 (Small-Cap):
- Modest increase of +0.09%

Key Movers in China

Chinese stocks saw declines due to renewed concerns over stimulus support:
- Tencent: -8.5%
- Nio: -8.03%
- Alibaba: -6.63%
- iShares MSCI China ETF: -10.81%

Notable Gainers

Some of the stocks that gained significantly today include:
- Trump Media & Technology Group: +18.54%
- Robinhood Markets: +9.86%
- Palantir: +6.56%
- Chewy: +5.32%
- Palo Alto Networks: +4.79%
- Intel: +4.20%
- NVIDIA: +4.05%

This movement reflects mixed market sentiment, with solid gains in some U.S. tech and media stocks, contrasted by significant declines in major Chinese stocks amid concerns over the nation’s economic policies.

S&P 500 Live Chart

S&P500

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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S&P 500 Closes Near Record Levels As Risk Sentiment Improves

S&P 500 has been bouncing in a tight range and today we saw another bounce as stock indices recovered from yesterday's decline.