In the first quarter of 2024, the financial markets witnessed a mixed landscape: stocks and commodities achieved milestones, while long-term U.S. Treasury bonds dipped as interest rates ticked higher. Notably, the Dow Jones Industrial Average, S&P 500, and NASDAQ Composite all recorded record highs by late March. Concurrently, the yield on 10-year U.S. Treasury bonds escalated from 3.88 percent at year-end to 4.32 percent on the first of April.
The commodities market also displayed impressive trends. Gold’s value reached a historic peak, trading above $2250 per ounce. Similarly, West Texas Intermediate crude oil prices climbed to over $83 per barrel, up from around $71 at year-end. Furthermore, cocoa futures witnessed a significant surge, soaring beyond $10,000 a ton, marking an increase of over 130 percent this year, indicating a forthcoming rise in chocolate prices.