Stocks Edge Higher, Bitcoin Holds Steady Awaiting SEC's Decision: What's Driving Markets Wednesday?

Wednesday sees a session of modest gains on Wall Street, with all major large-cap stock indices in the green. Market attention is focused on the long-awaited decision by the Securities and Exchange Commission (SEC) regarding the approval of the Bitcoin ETF, expected today.

The price of Bitcoin BTC/USD remains stable around $46,250 at 01:00 in New York, recovering from losses incurred following a false tweet posted Tuesday on the SEC’s Twitter account, which was later declared compromised due to a hacker attack.

Ethereum ETH/USD, the second-largest cryptocurrency, is up by 4.2%. Investors may view it as the next potential candidate if a Bitcoin ETF receives approval.

Treasury yields are holding steady, while the U.S. dollar is slightly down. Meanwhile, gold continues to lose ground, declining by 0.3% to $2,024 per ounce.

Market participants and Fed watchers prefer to have more clarity on potential moves by the Federal Reserve and eagerly await the December inflation report set to be released on Thursday at 8:30 AM.

Wednesday’s Performance In US Major Indices, ETFs

The SPDR S&P 500 ETF Trust SPY rose 0.3% to $475.38, the SPDR Dow Jones Industrial Average DIA inched 0.2% up to $375.88 and the tech-heavy Invesco QQQ Trust QQQ rose 0.5% higher to $407.76, according to Benzinga Pro data.

Sector-wise, the Consumer Services Select Sector SPDR Fund XLC outperformed, up 1%, followed by the Consumer Discretionary Select Sector SPDR Fund XLY, up 0.6%. The Energy Select Sector SPDR Fund XLE underperformed, down 1.3%.

On an industry level, homebuilders, as tracked by the iShares U.S. Home Construction ETF ITB, gained 1.4%. Stocks in the oil and gas downstream industries continued to underperform, with the VanEck Oil Services ETF OIH down 2%.

Wednesday's Stock Movers

• Intuitive Surgical Inc. ISRG saw its stock surge by more than 7% to reach $352.01, marking its highest point since July 2023, after the company expected strong Q4 results.
• Palo Alto Networks Inc. PANW experienced a 5% increase in its stock price, reaching $308.22, following upward revisions of price targets by both Morgan Stanley and Citigroup.
• Meta Platforms Inc. META rose 3.9%, reaching a new all-time high of $372 in its stock price after Mizuho raised the price target from $400 to $470.

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