Market Brief 18 October, 2024

Good evening, investors and traders! Today, the markets closed with a positive sentiment, with the S&P 500 Index (GSPC) up by 0.31% to 5,862.55 and the Nasdaq 100 Index (NDX) up by 0.55% to 20,320.17. The news cycle was dominated by the SEC's appeal of the Ripple case, with Ripple's chief legal officer stating that the appeal does not challenge the ruling that XRP is not a security. Gold prices reached a new all-time high, surpassing $2,700 per ounce, driven by election uncertainty and hopes for rate cuts. China's economic growth slowed in the third quarter, underscoring the need for additional stimulus to help the world's second-largest economy reach its annual growth target. The markets are likely to remain volatile in the coming days as investors digest these developments and prepare for the upcoming US election.