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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
The stock market was fighting its way back on Thursday, with all the major averages trading in the green, after a higher-than-expected increase in unemployment claims last week confirmed market predictions that the Fed would opt for a pause in June.
Concurrently, the greenback fell on the back of declining U.S. Treasury yields, fueling a solid rally in precious metals, with gold and silver up 1.6% and 3.5%, respectively.
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Traders currently assign a 72% probability that the Fed will keep interest rates unchanged at the FOMC meeting next week.
Cues From Thursday’s Trading:
The S&P 500 edged 0.5% higher, while the Dow Jones was up 0.3%. Tech outperformed, with the Nasdaq 100 Index up 1.4%, while the Russell 2000 index slipped 0.7%.
| Index | Performance (+/-) | Value | |
|---|---|---|---|
| Nasdaq 100 | +1.4% | 14,489.08 | |
| S&P 500 Index | +0.55% | 4,289.17 | |
| Dow Industrials | +0.36% | 33,788.69 |
Analyst Color:
LPL Financial chief equity strategist Jeffrey Buchbinder has a more muted outlook for the market. "With elevated recession risk, a rally through the high end of our year-end fair value target range on the S&P 500 at 4,400 seems unlikely in the near term," the analyst said.
“And with bonds offering some of the richest yields in decades, the risk-reward for stocks is no longer compelling, in our view,” he added.
Although not ruling out further upside from current levels, thanks to the strong momentum, the analyst said his fair value target range is likely a natural place for stocks to take a breather.
The analyst said he is neutral on equities.
Thursday's Trading In Major US Equity ETFs: In midday trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.51% higher to $428.76, the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) rose 0.4% to $338.46 and the Invesco QQQ Trust (NASDAQ:QQQ) was 1.3% higher to $353.37, according to Benzinga Pro data.
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Among different sectors, the largest gainers were the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY), up 1.5%, and the Technology Select Sector SPDR Fund (NYSE:XLK) up 1.2%. The weakest performers were the Real Estate Select Sector SPDR Fund (NYSE:XLRE) and the Energy Select Sector SPDR Fund (NYSE:XLE), both down by 0.7%.
Latest Economic Data:
The Labor Department reported a higher-than-expected increase in weekly jobless claims for the week ending June 3, up from 233,000 to 261,000, and above the expected 235,000.
See also: How To Trade Futures
Stocks In Focus:
- GameStop Corp. (NYSE:GME) plunged close to 18% after the company reported a first-quarter miss and fired its CEO.
- Smartsheet, Inc. (NYSE:SMAR) and Oxford Industries, Inc. (NYSE:OXM) slumped about 18% and 9%, respectively, following their quarterly results announcements.
- Warner Bros. Discovery, Inc. (NASDAQ:WBD) rose 7%, after climbing 8.5% Wednesday, after talks with Amazon, Inc. (NASDAQ:AMZN) about adding the ad-based tiers of Max to its Prime Video Channels offering.
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Rigetti Computing (NASDAQ:RGTI) rose 21%, as its founder joined quantum technology-focused fund QDNL Participations as a partner,
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Carvana Co. (NYSE:CVNA) surged more than 40% after the online used-car retailer said it expects improving profit metrics in the second quarter as cost-cutting measures take hold.
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Commodities, Bonds, Other Global Equity Markets:
Crude oil fell 3%, with a barrel of WTI-grade crude falling to $70.25. The United States Oil Fund ETF (NYSE:USO) was 3.1% lower to $62.70 per share.
Treasury yields fell, with the 10-year yield down by 7 basis points to 3.73% and the two-year yield down 4 basis points to 4.51%. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) jumped 0.9% lower for the day.
The dollar fell, with the U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), down 0.8%. The EUR/USD pair, which is tracked by the Invesco CurrecyShares Euro Currency Trust (NYSE:FXE), was 0.8% higher to 1.0784.
European equity indices ended mostly in the green. The SPDR DJ Euro STOXX 50 Etf (NYSE:FEZ) rose 1.2%.
Gold gained 1.5% to $1,967/oz. The SPDR Gold Trust (NYSE:GLD) was 1.5% higher at $182. Silver rallied 3.7% to $24.28, with the iShares Silver Trust (NYSE:SLV) up 3.7% to $22.2 per unit. Bitcoin (CRYPTO: BTC) ticked up 0.7% to $26,554.
Staff writer Piero Cingari updated this report midday Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.