October 2024
31/10/24 22:33
S&P 500
In October 2024, the S&P 500 ended a five-month winning streak, declining by about 1% as it closed at 5,705 points. This pullback was driven by volatility in bond markets, with rising yields adding pressure to equities, especially in tech-heavy segments. Despite this monthly drop, the index’s overall year-to-date gains remained strong, attributed to earlier rallies fueled by optimism in sectors like technology and financials, as well as AI-driven market enthusiasm
CRUDE OIL
Crude oil prices experienced fluctuations due to geopolitical tensions, market uncertainty, and changes in global supply-demand dynamics. Brent crude prices began the month around $81 but steadily declined, reaching approximately $71.63 per barrel by late October. Similarly, West Texas Intermediate (WTI) prices fell to about $67.38 per barrel as of October 28. These shifts were influenced primarily by supply disruptions from the Middle East and fluctuations in demand forecasts amid global economic concerns.
This month also saw resistance and support levels shifting in line with these changes, and overall market sentiment leaned bearish by the end of the month as prices trended lower compared to earlier highs in September. While initial supply fears drove prices up, a re-stabilization of production levels and inventory build-up contributed to price softening in the latter part of October.
BITCOIN
Bitcoin saw a strong surge, aligning with the “Uptober” trend often associated with this month. Early October showed solid gains as Bitcoin’s price initially surged past $68,000. This upward momentum was sustained by increasing institutional interest and positive sentiment across the cryptocurrency market, which fueled both volume and investor optimism. Mid-month, Bitcoin experienced a brief dip due to some profit-taking, but it quickly regained strength, ending October around $70,000, up significantly from its start-of-month levels
Analysts see this rally as part of a larger bullish trend, suggesting the potential for further price growth as Bitcoin heads toward the end of the year. October’s performance was particularly significant, as it not only boosted Bitcoin but also had a ripple effect on altcoins and general market sentiment, reinforcing the market’s enthusiasm for “Uptober.”
In October 2024, the S&P 500 ended a five-month winning streak, declining by about 1% as it closed at 5,705 points. This pullback was driven by volatility in bond markets, with rising yields adding pressure to equities, especially in tech-heavy segments. Despite this monthly drop, the index’s overall year-to-date gains remained strong, attributed to earlier rallies fueled by optimism in sectors like technology and financials, as well as AI-driven market enthusiasm
CRUDE OIL
Crude oil prices experienced fluctuations due to geopolitical tensions, market uncertainty, and changes in global supply-demand dynamics. Brent crude prices began the month around $81 but steadily declined, reaching approximately $71.63 per barrel by late October. Similarly, West Texas Intermediate (WTI) prices fell to about $67.38 per barrel as of October 28. These shifts were influenced primarily by supply disruptions from the Middle East and fluctuations in demand forecasts amid global economic concerns.
This month also saw resistance and support levels shifting in line with these changes, and overall market sentiment leaned bearish by the end of the month as prices trended lower compared to earlier highs in September. While initial supply fears drove prices up, a re-stabilization of production levels and inventory build-up contributed to price softening in the latter part of October.
BITCOIN
Bitcoin saw a strong surge, aligning with the “Uptober” trend often associated with this month. Early October showed solid gains as Bitcoin’s price initially surged past $68,000. This upward momentum was sustained by increasing institutional interest and positive sentiment across the cryptocurrency market, which fueled both volume and investor optimism. Mid-month, Bitcoin experienced a brief dip due to some profit-taking, but it quickly regained strength, ending October around $70,000, up significantly from its start-of-month levels
Analysts see this rally as part of a larger bullish trend, suggesting the potential for further price growth as Bitcoin heads toward the end of the year. October’s performance was particularly significant, as it not only boosted Bitcoin but also had a ripple effect on altcoins and general market sentiment, reinforcing the market’s enthusiasm for “Uptober.”