iShares Biotechnology ETF (NASDAQ:IBB), Quote.Headers.trade-ideas

iShares Biotechnology ETF

Healthcare

Other

Financial Services

Communication Services

To pursue its objective, the Fund seeks to track the investment results of the NYSE Biotechnology Index (the Underlying Index), which measures the performance of U.S.-listed securities of companies that are classified according to the ICE Uniform Sector Classification schema within the Biotechnology Sub-Industry Group (as determined by ICE Data Indices, LLC or its affiliates (collectively Index Provider or IDI)) and that also meet other eligibility criteria determined by the Index Provider, including minimum market capitalization and liquidity requirements. Companies classified within the Biotechnology Sub-Industry Group include those companies that are engaged in the research and development of therapeutic treatments but that are not focused on the commercialization and mass production of pharmaceutical drugs..

Gilead Sciences Inc

Regeneron

Nvaesrtex Pharmaceuticals Inc

Amgen Inc.

I Q V I A Holdings Inc.

Moderna therapeutics

Mettler-Toledo International Inc.

Biogen Inc. Com

Alnylam Pharmace

Argenx Se Ads

Biotech

Large Cap

News

Markets

Analyst Ratings

Trading Ideas

ETFs

General

AMGN

First Trust NYSE Arca Biotechnology Index Fund

REGN

VRTX

Designed to provide broad exposure to the Healthcare - Biotech segment of the equity market, the iShares Biotechnology ETF (NASDAQ: IBB) is a passively managed exchange traded fund launched on 02/05/2001.

Should You Invest in the iShares Biotechnology ETF?

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Equities

Sector ETFs

Broad U.S. Equity ETFs

Health Care

Tech

ADBE

ALNY

AVGO

COPX

CRWD

OLED

ORCL

QRVO

iShares FTSE NAREIT Residential PLUS Capped Index Fund

SCLX

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

June saw gains in the U.S. stock market, with tech and biotech leading the way. Semiconductor ETFs saw strong inflows, while utilities lagged.

Top Performing Industry ETFs In June: Software Leads Returns, Chipmakers Attract Most Inflows

Wall Street

Mid Cap

Bonds

Commodities

Treasuries

Econ #s

Economics

$BTC

SPDR Dow Jones Industrial Average ETF Trust

SRPT

Wall Street is experiencing a subdued and low volatility trading day Friday, despite the session coinciding with the “triple witching” day, with over $5.1 trillion of notional options exposure expiring, surpassing the previous record 

Stocks Stall As Chip Sector Struggles To Rebound; Dollar Eyes 7-Week Peak, Gold, Bitcoin Retreat: What&#39;s Driving Markets Friday?

INVESCO MKTS COMMODITY by Invesco Markets plc

Invesco Nasdaq Biotechnology ETF

Designed to provide broad exposure to the Healthcare - Biotech segment of the equity market, the iShares Biotechnology ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ibb#NASDAQ">IBB</a>) is a passively managed exchange traded fund launched on 02/05/2001.
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Healthcare - Biotech is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 4, placing it in top 25%.
<h2>Index Details</h2>
The fund is sponsored by Blackrock. It has amassed assets over $7.92 billion, making it one of the largest ETFs attempting to match the performance of the Healthcare - Biotech segment of the equity market. IBB seeks to match the performance of the Nasdaq Biotechnology Index before fees and expenses.
The ICE Biotechnology Index contains securities of NASDAQ listed companies that are classified as either biotechnology or pharmaceuticals.
<h2>Costs</h2>
Expense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.
Annual operating expenses for this ETF are 0.45%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 0.27%.
<h2>Sector Exposure and Top Holdings</h2>
While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund&#39;s holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Healthcare sector--about 100% of the portfolio.
Looking at individual holdings, Vertex Pharmaceuticals Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vrtx#NASDAQ">VRTX</a>) accounts for about 9.31% of total assets, followed by Amgen Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amgn#NASDAQ">AMGN</a>) and Regeneron Pharmaceuticals Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/regn#NASDAQ">REGN</a>).
The top 10 holdings account for about 53.07% of total assets under management.
<h2>Performance and Risk</h2>
The ETF has gained about 8.95% and was up about 14.19% so far this year and in the past one year (as of 07/31/2024), respectively. IBB has traded between $112.41 and $148.26 during this last 52-week period.
The ETF has a beta of 0.74 and standard deviation of 22.11% for the trailing three-year period, making it a high risk choice in the space. With about 221 holdings, it effectively diversifies company-specific risk.
<h2>Alternatives</h2>
IShares Biotechnology ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, IBB is an excellent option for investors seeking exposure to the Health Care ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
First Trust NYSE Arca Biotechnology ETF (ARCA:FBT) tracks NYSE Arca Biotechnology Index and the SPDR S&amp;P Biotech ETF (ARCA:XBI) tracks S&amp;P Biotechnology Select Industry Index. First Trust NYSE Arca Biotechnology ETF has $1.16 billion in assets, SPDR S&amp;P Biotech ETF has $7.77 billion. FBT has an expense ratio of 0.56% and XBI charges 0.35%.
<a href="https://www.zacks.com/stock/news/2312595/should-you-invest-in-the-ishares-biotechnology-etf-ibb?cid=CS-BENZ-FT-sector_etf-2312595">To read this article on Zacks.com click here.</a>

June closed on a high note for the stock market, with the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), gaining 3.2%, despite significant disparities in <a href="https://www.benzinga.com/etfs">sector and industry performances.</a>
The technology sector, as tracked by the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), led the 11 S&amp;P 500 sectors in performance last month, surging 7.7% and achieving its strongest monthly gain this year. 
In stark contrast, utilities lagged, with the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) dropping 6.3%, marking the worst month since September 2023.
<h3 class="wp-block-heading">Top Performing Industry ETFs In June</h3>
The iShares Expanded Tech-Software Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGV#NYSE">IGV</a>) rallied 11.3% last month, topping the rankings among industry ETFs. 
Hot on its heels was the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>), which climbed 8.4%, showcasing strong momentum in the semiconductor sector. 
Since hitting its low in October 2023, the VanEck Semiconductor ETF has rallied by an astounding 87%, and over 200% since October 2022, reflecting the spectacular growth in AI-driven stocks.
Securing the third spot in terms of monthly performance, the SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) gained 4%. 
Within the software sector, standout performers included Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>), which surged by 24.9%, CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) with a 22.1% increase, and Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), up by 20%.
Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) led chipmakers with a 21% rise. Universal Display Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NYSE">OLED</a>) followed closely with a 19.7% increase, and Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) posted an 18% gain. 
Among chipmakers, Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Universal Display Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NYSE">OLED</a>) and Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) led gains, with performances of 21%, 19.7% and 18%, respectively.
In the biotech arena, Scilex Holding Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCLX#NASDAQ">SCLX</a>) experienced a 78.8% spike, making it the top industry gainer. Alnylam Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALNY#NASDAQ">ALNY</a>) surged by 63.7%, while Avidity Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>) saw a robust 52% increase.
<h3 class="wp-block-heading">Top Performing Industry ETFs By Inflows In June</h3>
Examining fund flows, the VanEck Semiconductor ETF has emerged as a top choice for investors, attracting over $1 billion according to Tradingview data, and achieving its ninth consecutive month of inflows. Year-to-date the fund has registered $4.60 billion in net inflows.
The iShares Expanded Tech-Software Sector ETF pulled in approximately $480 million in June, breaking a six-month streak of outflows and registering its highest monthly inflows since September 2022. Yet, its year-to-date net flows are still negative, down by $1.15 billion. 
The iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>) collected $148 million in inflows last month, reflecting strong investor interest. Another industry witnessing robust inflows was represented by the Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>), which attracted about $130 million.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39577080/manufacturing-contracts-more-than-expected-in-june-putting-pressure-on-profitabilit">Manufacturing Contracts More Than Expected In June, &#8216;Putting Pressure On Profitability&#8217;: Yields Rise, Stocks Fall</a></li>
</ul>
Photo: Shutterstock

Wall Street is experiencing a subdued and low volatility trading day Friday, despite the session coinciding with the &#8220;triple witching&#8221; day, with over $5.1 trillion of notional options exposure expiring, surpassing the previous record <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39435525/5-5-trillion-in-options-are-set-to-expire-on-triple-witching-friday-why-nvidia-coul">set in December 2023.</a>
Chipmakers continue to struggle in the aftermath of Thursday&#8217;s sell-off, suggesting that while the wave of profit-taking is easing, there is little sign of new buyers stepping in at these levels.
Nvidia Corp. is down 1.6%, poised to break an eight-week winning streak. The sector benchmark, the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>), is witnessing its worst two-day performance since May 1.
The major indices and sectors remained flat, while biotech stocks showed the strongest performance among industries, with the iShares Biotechnology ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NASDAQ">IBB</a>) up 1.9%. Treasury yields were stable, with the 10-year at 4.26%.
On the macro front, S&amp;P Global reported the strongest growth in U.S. private sector activity in two <a href="https://www.benzinga.com/markets/equities/24/06/39434041/us-private-sector-activity-exceeds-estimates-fastest-growth-in-2-years-will-the-fed-welcome-the-">years, surpassing analyst expectations.</a>
Gold saw a decline of 1.4%, reversing Thursday&#8217;s positive performance. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1.8%, heading for its fifth consecutive session of losses, marking the longest losing streak since October 2023.
Oil prices retreated below $81 per barrel, ending a streak of three consecutive sessions of gains.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,019.94</td>
<td>0.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,140.67</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,464.09</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,694.57</td>
<td>-0.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.4% lower to $544.76.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.2% lower to $391.50.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.1% lower to $480.81.</li>
<li>Sector-wise, the&nbsp;Communication Services&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)&nbsp;outperformed, up by 0.4%, while the&nbsp;Financials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) lagged, falling 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Serepta Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>) rocketed by over 30% after the company announced expanded U.S. FDA approval of ELEVIDYS for Duchenne Muscular Dystrophy <a href="https://www.benzinga.com/quote/SRPT/news" target="_blank" rel="noreferrer noopener">patients ages 4 and above</a>.</li>
<li>Hertz Global Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) rose over 14%, mimicking Thursday&#8217;s move, after the car rental company upsized its bond offering to $1 billion to finance a fleet refresh. </li>
<li>FactSet Research Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDS#NYSE">FDS</a>) rose 4% following stronger-than-expected quarterly earnings. CarMax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) was 1% higher in reactions to quarterly results.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39423623/worlds-biggest-s-p-500-etf-bleeds-outflows-why-isnt-the-market-crashing-corrected">World&#8217;s Biggest S&amp;P 500 ETF Bleeds Outflows: Why Isn&#8217;t The Market Crashing? (CORRECTED)</a>
Photo created using artificial intelligence via MidJourney.

Stocks Stall As Chip Sector Struggles To Rebound; Dollar Eyes 7-Week Peak, Gold, Bitcoin Retreat: What's Driving Markets Friday?

As April comes to a close, it&#8217;s time to compile the rankings for the top-performing sector and industry exchange-traded <a href="https://www.benzinga.com/etfs">funds of the month.</a>
Taking a broader look at the stock market, the S&amp;P 500 Index, represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), finished April on a downturn, declining by approximately 3%. This marks the end of a five-month streak of gains.
Similarly, the tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), experienced a 3.5% decline.
Among large-cap indices, blue-chip stocks showed slight underperformance, with the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) slipping by 4.5%.
Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), plummeted by over 6%, marking their worst performance since October 2023.
Overall, it has been a challenging month for the stock market, primarily due to inflation surprises surpassing expectations. This has led to a recalibration of market expectations regarding potential Federal Reserve rate cuts.
Additionally, complex global geopolitical tensions have emerged, notably between Israel and Iran, alongside the ongoing issue in the Gaza Strip.
May is anticipated to start with a crucial event as investors await the Federal Reserve Open Market Committee <a href="https://www.benzinga.com/general/macro-notification/24/04/38526201/is-hawkish-shift-on-inflation-imminent-wall-street-analysts-traders-brace-for-fed-impa">(FOMC) meeting on Wednesday. </a>
While no interest rate changes are expected, all eyes will be on Fed Chair Jerome Powell&#8216;s remarks to assess the Fed&#8217;s stance in response to recent inflation surprises.
Read also: <a href="https://www.benzinga.com/general/macro-notification/24/04/38491988/federal-reserve-meeting-preview-high-interest-rates-need-more-time-to-work-bank-of-ame">Federal Reserve Meeting Preview: High Interest Rates &#8216;Need More Time To Work,&#8217; Bank of America Says</a>
<h2 class="wp-block-heading">Performance Of Sector ETFs In April 2024</h2>
At the sector level, only the utilities sector managed to avoid losses for the month, rising by 2.1%.
The largest stock contributors to the utilities&#8217; performance in April are NextEra Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>), The Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>), Dominion Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>) and NRG Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>) which showed monthly gains between 4% and 8%. 
Energy stocks remained broadly stable, while the other nine S&amp;P 500&#8217;s sectors showcased losses.
Real estate experienced the worst performance, down by over 7%, dragged down by its high sensitivity to interest rates, as Treasury yields increase across the board during the month. 
Following real estate, the technology and healthcare sectors also showed poor performance in April.
<h4 class="wp-block-heading">April&#8217;s Best And Worst Sector ETFs: Utilities Lead, Real Estate Lags</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>April 2024 performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>2.06%</td>
</tr>
<tr>
<td>Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>0.01%</td>
</tr>
<tr>
<td>Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>-1.11%</td>
</tr>
<tr>
<td>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>-3.23%</td>
</tr>
<tr>
<td>Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-3.68%</td>
</tr>
<tr>
<td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>-3.85%</td>
</tr>
<tr>
<td>Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>-4.13%</td>
</tr>
<tr>
<td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>-4.24%</td>
</tr>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>-4.78%</td>
</tr>
<tr>
<td>Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>-7.83%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data as of Apr. 30, 2024 2:50 p.m. EDT</figcaption></figure>
<h2 class="wp-block-heading">Performance Of Industry ETFs In April 2024</h2>
Based on the industry ETF list provided by BlackRock Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) iShares, only five out of the 25 industries managed to report gains in April. Among them, miners did well across the board, with silver, copper, and gold mining stocks reporting robust gains. 
Standout contributors to the mining industry&#8217;s outperformance in April were Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>), up over 20%, Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), up 14%, Anglo American plc (OTCPK: AAUKF), up over 40%
Energy producers also managed to end the month in the green.
On the bottom side of the industry rankings, homebuilders, transportation, biotech stocks, digital infrastructure and real estate all report losses between 7% and 9.6% in April.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>ETF Name</th>
<th>Performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>iShares MSCI Global Silver and Metals Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLVP#NYSE">SLVP</a>)</td>
<td>12.11%</td>
</tr>
<tr>
<td>iShares Copper and Metals Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>)</td>
<td>9.50%</td>
</tr>
<tr>
<td>iShares MSCI Global Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>)</td>
<td>5.93%</td>
</tr>
<tr>
<td>iShares MSCI Global Metals &amp; Mining Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>)</td>
<td>2.81%</td>
</tr>
<tr>
<td>iShares MSCI Global Energy Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FILL#NYSE">FILL</a>)</td>
<td>2.46%</td>
</tr>
<tr>
<td>iShares U.S. Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITA#NYSE">ITA</a>)</td>
<td>-1.16%</td>
</tr>
<tr>
<td>iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEO#NYSE">IEO</a>)</td>
<td>-1.37%</td>
</tr>
<tr>
<td>iShares Residential and Multisector Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REZ#NYSE">REZ</a>)</td>
<td>-1.66%</td>
</tr>
<tr>
<td>iShares Lithium Miners and Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ILIT#NYSE">ILIT</a>)</td>
<td>-3.30%</td>
</tr>
<tr>
<td>iShares U.S. Broker-Dealers &amp; Securities Exchange ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>)</td>
<td>-3.74%</td>
</tr>
<tr>
<td>iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>)</td>
<td>-3.88%</td>
</tr>
<tr>
<td>iShares Expanded Tech Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGM#NYSE">IGM</a>)</td>
<td>-4.37%</td>
</tr>
<tr>
<td>iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>)</td>
<td>-4.40%</td>
</tr>
<tr>
<td>iShares U.S. Healthcare Providers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHF#NYSE">IHF</a>)</td>
<td>-4.79%</td>
</tr>
<tr>
<td>iShares U.S. Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAK#NYSE">IAK</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>iShares U.S. Regional Banks ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAT#NYSE">IAT</a>)</td>
<td>-5.11%</td>
</tr>
<tr>
<td>iShares U.S. Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)</td>
<td>-5.38%</td>
</tr>
<tr>
<td>iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>)</td>
<td>-5.45%</td>
</tr>
<tr>
<td>iShares Mortgage Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REM#NYSE">REM</a>)</td>
<td>-5.57%</td>
</tr>
<tr>
<td>iShares U.S. Medical Devices ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHI#NYSE">IHI</a>)</td>
<td>-5.75%</td>
</tr>
<tr>
<td>iShares Global Timber &amp; Forestry ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOOD#NYSE">WOOD</a>)</td>
<td>-6.20%</td>
</tr>
<tr>
<td>iShares Expanded Tech-Software Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGV#NYSE">IGV</a>)</td>
<td>-6.76%</td>
</tr>
<tr>
<td>iShares U.S. Digital Infrastructure and Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDGT#NYSE">IDGT</a>)</td>
<td>-7.12%</td>
</tr>
<tr>
<td>iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>)</td>
<td>-7.23%</td>
</tr>
<tr>
<td>iShares U.S. Transportation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYT#NYSE">IYT</a>)</td>
<td>-8.34%</td>
</tr>
<tr>
<td>iShares U.S. Home Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITB#NYSE">ITB</a>)</td>
<td>-9.60%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data as of Apr. 30, 2024 3:15 p.m. EDT</figcaption></figure>
Now read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38497224/ai-data-centers-drive-electricity-demand-goldman-sachs-picks-16-stocks-to-play-the-">AI Data Centers Drive Electricity Demand: Goldman Sachs Picks 16 Stocks To Play The Trend</a>
Image generated using artificial intelligence via Midjourney.

Market Summary

REIT

Specialty ETFs

Small Cap

Federal Reserve

Real Estate

AAUKF

FILL

iShares Dow Jones US Broker Dealers Index Fund

iShares Dow Jones US Insurance Index Fund

iShares Dow Jones US Regional Banks Index Fund

iShares U.S. Digital Infrastructure and Real Estate ETF

IDGT

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

iShares Dow Jones US Oil Equipment & Services Index Fund

iShares Dow Jones US Pharmaceuticals Index Fund

iShares Dow Jones US Health Care Provides Index Fund

iShares Dow Jones US Medical Devices Index Fund

ILIT

iShares Dow Jones US Aerospace & Defense Index Fund

iShares Dow Jones US Homenstruction Index Fund

iShares Trust Dow Jones US Financial Services Index Fund

iShares Dow Jones Transportation Average Index Fund

PAAS

PICK

iShares FTSE NAREIT Mortgage PLUS Capped Index Fund

RING

SLVP

iShares S&P Global Timber & Forestry Index Fund

WOOD

XLRE

Select Sector SPDR-Consumer Discretionary

April Showers On Wall Street:  Miners, Utilities Emerge As Bright Spots In Gloomy Market

Markets are primed for a revival in mergers and acquisitions (M&amp;A) in 2024 following the worst performance in almost a decade for deal-making in 2023.
Equity and M&amp;A experts believe that, after a year beset by volatile markets and rising interest rates, 2024 offers improving conditions for takeover deals and corporate mergers.
&#8220;Capital markets were not as open or freewheeling, and 2023 did not happen the way we thought it would," said Tom Miles, Head of Americas M&amp;A at Morgan Stanley. 
&#8220;The market forces are in place that make an eventual return inevitable. It's not a question of if&nbsp;but when.&#8221;
One piece of the M&amp;A jigsaw that was largely missing last year was private equity (PE) firms. These players use leveraged buyout methods to take poorly performing publicly traded companies private. The goal is to exit via an IPO or sell off the assets at a profit.
Pitchbook analyst Tim Clarke noted how higher interest rates made it more costly for PE firms to engage in deals.
&#8220;PE's share of M&amp;A has no doubt been constrained by reduced access to leverage,&#8221; he said. During 2023, PE involvement was the lowest total recorded going back to 2005.
Overall volumes of M&amp;A dropped to $2.4 trillion in 2023, down from $3.1 trillion in 2022 and $5.2 trillion at its 2021 peak.
But analysts at Morgan Stanley expect both corporate and PE deal-making to be stronger in 2024 after the fourth-quarter rally on equity markets in 2023.
&#8220;Corporate balance sheets are strong, financing markets are improving and CEO confidence, which is closely correlated with M&amp;A activity, is climbing,&#8221; said Miles.
Which sectors, then, can investors expect to lead this increase in M&amp;A activity. There&#8217;s agreement here on three sectors that appear ripe for takeovers to flourish in 2024.
<h2 class="wp-block-heading">Technology — Artificial Intelligence (AI)</h2>
Throughout the latter half of 2023, it has become clear that AI will be a major market theme in 2024 and beyond. The burgeoning technology is being identified through growing numbers of potential use cases as the most important technological advance in a generation.
Additionally, there is no shortage of start-up companies being pursued for partnerships with the Mega Techs. Could this be the year that sees Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) make an offer for OpenAI, with which it already has a major investment and development partnership.
It&#8217;s unlikely, given the regulatory scrutiny the partnership has come under in Europe and the UK, and Microsoft has stated that it isn&#8217;t seeking ownership of OpenAI.
But investors can gain exposure to potential game-changing deals through the many exchange traded funds that track the technology sector.
The iShares U.S. Technology ETF&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>) main three holdings are Microsoft, Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), while the Global X Robotics &amp; Artificial Intelligence ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOTZ#NYSE">BOTZ</a>) follows key listed AI and robotics firms.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/01/36759292/ai-regulation-did-the-eu-just-deliver-the-future-of-ai-directly-into-the-hands-of-the-us">AI Regulation &#8211; Did The EU Just Deliver The Future Of AI Directly Into The Hands Of The US?</a>
<h2 class="wp-block-heading">Healthcare — Biotech</h2>
Pharmaceuticals stocks had a mixed 2023, and it was those companies cashing in on the success of diabetes/weight-loss drugs that enjoyed the significant gains.
That left many large drugmakers at a disadvantage, and they could be looking to set this straight in 2024 with deals to acquire biotech firms already in development and testing stages of the next potential blockbuster treatments.
&#8220;It's a very big industry, and because biotech is so research-intensive, consolidation may need to happen,&#8221; said John Collins, head of global M&amp;A at Morgan Stanley.
There are several companies in the sector that analysts and market commentators see as potential takeover targets. 
Krystal Biotech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KRYS#NASDAQ">KRYS</a>) is a potential target, with a pipeline of approved and developmental gene therapies as the prize.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/29083933/newplot-49.png" alt="" class="wp-image-196908" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/29083933/newplot-49.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/29083933/newplot-49-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Ventyx Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VTYX#NASDAQ">VTYX</a>) could also be taken out. Its near penny stock status and small $120 million market cap are attractive, and its founder has sold a previous enterprise. As yet, however, the company has nothing in its pipeline beyond phase two trials.
The iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>) holds Vertex Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>) and Regeneron Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>) as its top two holdings, but their $100 billion-plus market caps make them more likely to be acquirers than targets.
<h2 class="wp-block-heading">Energy — Return Of The Mega Deals?</h2>
In the last half of 2024, the markets watched COP28&#8217;s dedication to energy transition. And yet, ExxonMobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) bought Pioneer Natural Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXD#NYSE">PXD</a>) for $60 billion, and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) bought Hess Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) for $53 billion.
&#8220;While COP 28 resulted in the &#8216;UAE Consensus&#8217; to transition away from fossil fuels, there should, nevertheless, continue to be, consolidation in the oil and gas sector in 2024,&#8221; said Sarah Jones, global head of corporate at Clifford Chance.
Again, many of the companies held by energy sector ETFs are likely to be those on the acquisition trail. The top three holdings in the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) are Exxon, Chevron and ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>).
<h2 class="wp-block-heading">Small Caps </h2>
Any increase in M&amp;A activity could be felt most keenly within the smaller listed companies. They can perform relatively cheap mergers without loading up on finance — or agree to all-share deals that circumvent the need for financing. 
Also, larger companies often pursue non-organic growth strategies by making smaller, bolt-on acquisitions, rather than going for large deals.
Thus, this year could see a bounce for the Russell 2000 index of small-cap companies, tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>).
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36786267/exclusive-teslas-humanoid-robot-was-a-fake-and-elon-musk-doesnt-deliver-at-all-says">EXCLUSIVE: Tesla&#8217;s Humanoid Robot &#8216;Was A Fake,&#8217; Elon Musk &#8216;Doesn&#8217;t Deliver At All,&#8217; Says Analyst</a>
Image: Shutterstock

Analyst Color

Small Business

AAPL

AMZN

BOTZ

GOOGL

iShares Dow Jones US Technology Sector Index Fund

KRYS

MSFT

NVDA

VTYX

AI, Biotech, Energy Sectors Expect M&A Revival For 2024

Live On CNBC, Jason Snipe's Contrarian Idea: Biotech; Names IShares Biotechnology ETF

The early 2024 sell-off is intensifying on Wall Street, with all major stock averages in the red on <a href="https://www.benzinga.com/markets">the second trading day of 2024</a>. 
The tech-heavy Nasdaq 100 plunged by 1% at noon in New York, extending its two-day slump to 2.6%. Wednesday&#8217;s declines spare no mercy for the blue-chip stocks of the Dow Jones, which managed to avoid losses on Tuesday, causing value-related stocks<a href="https://www.benzinga.com/markets/equities/24/01/36471715/tech-sell-off-triggers-market-reset-value-stocks-reach-7-month-high-versus-growth"> to fall as well. </a>
The S&amp;P 500 index is at risk of closing its third consecutive day in the red, marking the worst streak since late October.
Small-cap stocks, the stars of the late 2023 rally, are underperforming, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) plummeting by 1.6%. The CBOE Volatility Index or VIX, popularly known as the market fear gauge, is up 6.5% for the day. 
Richmond Federal Reserve President Tom Barkin cautioned the markets not to be overly confident about a soft landing for the U.S. economy, while also not ruling <a href="https://www.benzinga.com/markets/equities/24/01/36472187/soft-landing-dont-bet-on-it-just-yet-feds-barkin-indicates-further-rate-hikes-possible">out additional rate hikes.</a>
Economic data is broadly aligned with expectations, as the ISM manufacturing PMI came in at 47.4 in December, slightly higher than the expected 47.1, and job openings totaled 8.79 million in November, compared to <a href="https://www.benzinga.com/economics/macro-economic-events/24/01/36472955/us-manufacturing-takes-a-hit-longest-downturn-since-early-2000s-yet-exceeds-decem">the anticipated 8.85 million.</a>
The U.S. dollar index rallied by 1.3%, marking its strongest daily performance since early March 2023, while Treasury yields remain mostly unchanged.
Explosions in Iran that resulted in the deaths of over 100 people at a memorial — and reports of protests disrupting output at Libya&#8217;s 300,000-barrel-a-day Sharara oilfield — have fueled an oil rally, with WTI rising by 2.5%.
Precious metals have taken a hit, with gold down by 1.3% and silver down by 3%. Cryptocurrencies have also experienced significant losses, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) falling by 5%, amid reports of a delay in the SEC&#8217;s approval of Bitcoin ETFs.
<h2 class="wp-block-heading">Wednesday&#8217;s Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>%</th>
</tr>
</thead>
<tbody>
<tr>
<td>Dow Jones</td>
<td>37,454.25</td>
<td>-0.7%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,708.05</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,382.80</td>
<td>-1.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,979.28</td>
<td>-1.8%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) is 0.8% lower to $469.02, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) eased 0.7% and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) tumbled 1% to $398.69, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) is the only one trading in the green, up by 0.9%. Rate-sensitive sectors such as the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>), the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), and the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) underperformed, down 1.6%, 1.4% and 1% respectively. 
Among industries, the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) outperformed, up 1%. Solar stocks, as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), are sharply lower, down 4.5%.
<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) plummeted 3.4%, marking a four-day losing streak following its loss of the top spot in electric vehicle sales to China&#8217;s BYD.</li>
<li>Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) tumbled over 7% on a broader solar sector sell-off, marking the worst performance within the S&amp;P 500. </li>
<li>SoFi Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) slid 13% after Keefe, Bruyette &amp; Woods&#8217; downgrade from Market Perform to Underperform rating and a price target cut from $7.50 to $6.50. </li>
<li>Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) fell 4% after Goldman Sachs downgraded the stock from Buy to Neutral. </li>
</ul>
Read now: <a href="https://www.benzinga.com/24/01/36469889/a-glitch-in-the-rally-cruise-operators-and-chip-stocks-targeted-in-profit-taking">A Glitch In The Rally? Cruise Operators And Chip Stocks Targeted In Profit Taking</a>
Photo via Shutterstock.

ENPH

PYPL

SOFI

TSLA

US Stocks Eye 3-Day Slump; Tech, Crypto Sell-Off Deepens, Oil, Dollar Rebound: What's Driving Markets Wednesday?

Wall Street kicked off 2024 on a weaker note, with the S&amp;P 500 dipping by 0.5%, and the Nasdaq 100 experiencing a 1.4% decline in midday<a href="https://www.benzinga.com/markets"> trading in New York</a>.
The tech sector played a notable role in dragging down the broader stock market performance. Interestingly, blue-chip and small-cap stocks managed to dodge substantial losses, showing marginal gains. Among the prominent &#8220;Magnificent Seven&#8221; stocks, six were in the red, with Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) being the sole exception, maintaining a flat performance for the day.
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) took a notable hit, tumbling by 3%, marking its most challenging session since early September, following a downgrade from Barclays. NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other semiconductor stocks, tracked by the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>), also experienced a significant drop of 2.8% for the day. 
This decline was triggered by a White House request to ASML Holdings N.V., Europe&#8217;s chip giant, to halt some product exports to China, just weeks before the planned restriction
The U.S. dollar displayed a robust surge, while Treasury yields moved higher by about seven basis points across the yield curve.
In the commodities market, oil had a volatile day, initially rising by as much as 3% before giving up those gains. Gold, on the other hand, remained steady, while silver saw a slight 0.4% dip. Furthermore, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) crossed the 45,000 mark, driven by growing optimism regarding the potential approval of a Bitcoin ETF by Jan. 10.
<h2 class="wp-block-heading">Tuesday's Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>Change %</th>
</tr>
</thead>
<tbody>
<tr>
<td>Russell 2000</td>
<td>2,050.18</td>
<td>0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,737.65</td>
<td>0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,747.50</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,586.14</td>
<td>-1.4%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.4% lower to $473.11, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.2% higher and&nbsp;the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 1.4% to $403.81, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, up by 1.3%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged behind, down 2.4%. 
Among industries, biotech-linked stocks outperformed, with the iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>) up 2.3%. Semiconductors sank, with the VanEck Semiconductors ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) falling 2.2%. 
<h2 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h2>
<ul>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) rallied over 16%, on track for its best session since late 2022, after Oppenheimer upgrade the stock amid improved outlook in top-line sales. </li>
<li>Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) experienced a nearly 10% decline in its stock price as the company&#8217;s fourth-quarter deliveries fell below analyst estimates. </li>
<li>Other notable movers included Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) down 6.4%, Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) down 5.1%, SentinelOne Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) down 5.8%, Maravai Lifesciences Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVI#NASDAQ">MRVI</a>) up 7.6%. </li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/asia/24/01/36454437/semiconductor-stocks-tumble-wiping-out-100-billion-amid-us-china-trade-tensions-rocky-start-to-2024">Semiconductor Stocks Tumble, Wiping Out $100 Billion Amid US-China Trade Tensions: Rocky Start To 2024</a>
Photo: Shutterstock

Market Vectors ETF Trust Market Vectors Gold Miners

MRNA

MRVI

NCLH

RIVN

Tech Drags On Wall Street As 2024 Kicks Off; Dollar and Treasury Yields Surge: What's Driving Markets Tuesday?

Piper Sandler Cos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PIPR#NYSE">PIPR</a>) has identified three biotech stocks as its &#8220;top picks&#8221; for 2024. The investment bank is signaling a potential turnaround for the <a href="https://www.benzinga.com/general/biotech">sector next year</a>. 
As illustrated in the data below, the biotech sector is lagging behind the broader U.S. equity market, as indicated by the performance of the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).The iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>) is a popular benchmark to gauge the performance of biotech <a href="https://www.benzinga.com/markets">equities in the U.S.</a> 
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/29064753/IBB-vs-SPY.jpeg" alt="" class="wp-image-171176" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/29064753/IBB-vs-SPY.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/29064753/IBB-vs-SPY-300x300.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/29064753/IBB-vs-SPY-150x150.jpeg 150w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36412384/quality-us-equities-lay-path-to-gains-in-2024-3-etfs-to-consider">Quality US Equities Lay Path To Gains In 2024: 3 ETFs To Consider</a>
As <a href="https://www.cnbc.com/2023/12/29/piper-sandler-reveals-its-top-3-biotech-stock-picks-for-2024.html">reported</a> by CNBC, Piper Sandler analysts Edward Tenthoff and Thad Barney remain optimistic about the biotech industry. They see attractive valuations and upcoming product launches ahead. Here are three of their top picks from the sector.
<h2 class="wp-block-heading">Arrowhead Pharmaceuticals: Unlocking the Potential of Gene Therapies</h2>
Arrowhead Pharmaceuticals Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARWR#NASDAQ">ARWR</a>) retains Piper Sandler&#8217;s favor, with an overweight rating reaffirmed by analysts. The company&#8217;s focus on phase 3 trials for plozasiran, targeting familial chylomicronemia syndrome and severe hypertriglyceridemia, has garnered attention. 
Additionally, cardiovascular outcome trials for plozasiran or zodasiran could further solidify their impact. GlobalData projects sales of these therapies to reach $651 million and $399 million by 2030 and 2029, respectively. Despite a year-to-date share price decline of nearly 20%, Piper Sandler anticipates a 90% increase over the next 12 months.
<h2 class="wp-block-heading">Legend Biotech: Carvykti&#8217;s Rise to Prominence</h2>
Legend Biotech Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LEGN#NASDAQ">LEGN</a>) emerges as another top pick, buoyed by its Carvykti drug for adult bone marrow cancer treatment. Piper Sandler describes it as &#8220;best in class,&#8221; with demand surpassing supply. 
Predicting a substantial revenue surge from $506 million in 2023 to $1.05 billion in 2024, the investment bank foresees global supply reaching 10,000 doses annually by 2025, potentially pushing peak revenue beyond $5 billion. 
Legend Biotech&#8217;s robust CAR-T Cell therapy pipeline and recent collaboration with Novartis contribute to Piper Sandler&#8217;s bullish outlook, expecting a 53.3% increase in shares over the next year.
<h2 class="wp-block-heading">Alnylam Pharmaceuticals: A Focus on Neurological Disorders</h2>
Alnylam Pharmaceuticals Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALNY#NASDAQ">ALNY</a>) completes Piper Sandler&#8217;s top picks, with emphasis on its phase 3 trials for Amvuttra, a drug targeting polyneuropathy. Forecasts predict a sales jump from $550 million in 2023 to $1.13 billion in 2025. Alnylam&#8217;s commitment to addressing severe hypertension and Alzheimer&#8217;s disease through ongoing trials further adds to its appeal. 
Despite a year-to-date share price dip of nearly 16%, Piper Sandler sees a 10.3% potential upside over the next 12 months, projecting a share price of $217.
With the biotech sector showing signs of recovery and potential benefits from expected U.S. Federal Reserve interest rate cuts in the upcoming year, these selections offer attractive prospects for investors looking for growth possibilities in 2024.
Now Read: <a href="https://www.benzinga.com/general/biotech/23/12/36281714/as-2023-comes-to-a-close-and-updates-are-expected-from-many-companies-are-these-three-unique-biot">As 2023 Comes To A Close And Updates Are Expected From Many Companies, Are These Three Unique Biotech Names On Your Watchlist?</a>
Photo: Shutterstock

ARWR

LEGN

PIPR

Top Biotech Picks For 2024: Piper Sandler Foresees Potential Sector Comeback

The U.S. stock market saw modest gains in a session characterized by low trading volumes following the Christmas holiday. The S&amp;P 500 Index gained 0.3% during midday trading in New York, eyeing its all-time highs, which are 1% <a href="https://www.benzinga.com/markets">above the current levels.</a>
Tech stocks within the Nasdaq 100 index experienced a slight uptick of 0.4%, while blue-chip stocks rose by 0.2%.
Small-cap stocks, as represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), continued to outperform large-cap indices, extending the market narrative from December.
The dollar saw a marginal 0.2% decrease, while Treasury yields remained stable. Gold recorded a 0.3% increase, reaching $2,060 per ounce, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) experienced a 3% decline.
Oil prices rallied, with WTI crude prices surging by over 3% to $76 per barrel on Tuesday, driven in part by intensified disruptions in Red Sea trade.
<h2 class="wp-block-heading">Tuesday&#8217;s Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Major Indices &amp; ETFs</th>
<th>Price</th>
<th>Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Russell 2000</td>
<td>2,048.93</td>
<td>+0.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,851.14</td>
<td>+0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,769.81</td>
<td>+0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,481.22</td>
<td>+0.3%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.3% higher to&nbsp;$474.28, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.1% higher to $374.41&nbsp;and&nbsp;the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched up 0.3% to $409.02, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, staples and utilities outperformed, with both the&nbsp;Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) and the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) up 0.9%. 
The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) was the only sector in the red, down 0.3%. 
Among industries, the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) led gains, up 2%, while airlines lagged behind, with the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) falling 0.4%. 
<h2 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h2>
<ul>
<li>Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) shares rose 4.4% after announcing its $25-billion investment plan in Israel, with $3.2 billion in government incentives secured.</li>
<li>Plug Power Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) rose nearly 5% after the Biden administration unveiled tax credits to hydrogen producers on Friday. </li>
<li>Shares of Manchester United (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MANU#NYSE">MANU</a>) surged close to 3% after British billionaire Jim Ratcliffe committed to purchasing 25% of the club&#8217;s Class B shares and as much as 25% of its Class A shares at a price of $33 each.</li>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) eased 0.2% after the White House decided Tuesday to uphold&nbsp;the&nbsp;<a href="https://www.benzinga.com/government/23/12/36386282/white-house-declines-to-overturn-apple-watch-ban-analyst-estimates-impact-at-300m-or-more">sales ban on&nbsp;Apple. </a><a href="https://www.benzinga.com/quote/aapl" target="_blank" rel="noreferrer noopener"></a></li>
<li>Shares of Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) and Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) dipped by 2.5% and 2.6%, respectively, retracting after a period of robust gains.</li>
</ul>
Read now: <a href="https://www.benzinga.com/m-a/23/12/36384873/whats-going-on-with-manchester-united-stock-today">What&#8217;s Going On With Manchester United Stock Today?</a>
Photo via Shutterstock.

INTC

JETS

MANU

PLUG

Wall Street Sees Post-Holiday Gains, Oil Rallies, Intel Leads: What's Driving Markets Tuesday?

The S&amp;P 500 and Nasdaq 100 indices are on the verge of achieving an impressive eight consecutive weeks of gains following a more significant decline than expected in the Federal Reserve&#8217;s favored inflation gauge in November, the Personal Consumption Expenditures <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36360990/feds-favorite-inflation-gauge-cools-more-than-expected-cementing-rate-cut-expecta">(PCE) price index.</a>
For the S&amp;P 500, this marks its longest run of positive weekly closes since September 2017, while for the Nasdaq 100, it&#8217;s the longest since January 2019.
Additionally, <a href="https://www.benzinga.com/top-stories/23/12/36365132/consumer-sentiment-upgraded-home-sales-plummet-what-economic-data-means-for-feds-next-move">economic data unveiled on Friday</a> showed consumer spending to be softer than anticipated, along with a positive revision to the Michigan Consumer Sentiment Index and durable goods orders that surpassed expectations.
The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), tracking small-cap stocks, continues to outshine its large-cap counterparts.
Notably, both the U.S. Dollar Index, tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), and Treasury yields remained steady throughout the day.
Gold, represented by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), experienced a modest 0.4% uptick, reaching $2,050 per ounce, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) recorded a slight 0.5% decline. WTI oil maintained its position at $74 per barrel.
Chart of The Day: Fed&#8217;s Preferred Gauge of Inflation Further Cools In November
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/22133717/USPCEPIAC_2023-12-22_17-49-50_ea955-1-1024x495.png" alt="" class="wp-image-167772" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/22133717/USPCEPIAC_2023-12-22_17-49-50_ea955-1-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/22133717/USPCEPIAC_2023-12-22_17-49-50_ea955-1-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/22133717/USPCEPIAC_2023-12-22_17-49-50_ea955-1-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/22133717/USPCEPIAC_2023-12-22_17-49-50_ea955-1-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/22133717/USPCEPIAC_2023-12-22_17-49-50_ea955-1.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Friday&#8217;s Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>Percentage Change (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Russell 2000</td>
<td>2,037.73</td>
<td>1.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,804.06</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,761.14</td>
<td>0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,433.56</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.3% higher to&nbsp;$474.28, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.1% higher to $374.41&nbsp;and&nbsp;the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched up 0.3% to $409.02, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, staples and utilities outperformed, with both the&nbsp;Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) and the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) up 0.9%. 
The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) was the only sector in the red, down 0.3%. 
Among industries, the iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>) rose 3.6%, followed by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>). 
<h2 class="wp-block-heading">Friday&#8217;s Stock Movers</h2>
<ul>
<li>ANSYS, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANSS#NASDAQ">ANSS</a>) surged by 12% following a Reuters report that the company is considering various options, including a possible sale. This decision comes in response to takeover interest from potential buyers, as disclosed by sources familiar with the matter.</li>
<li>NIKE Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) fell 10%, after the company missed revenue estimates last quarter and announced weaker-than-expected guidance due to declining sales from Greater China. </li>
<li>Brystol Myers Squib (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) rose 2.2% after the company agreed to buy Karuna Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KRTX#NASDAQ">KRTX</a>) for $14 billion in cash, gaining a promising experimental schizophrenia drug. KRTX rose 47%. </li>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) surged 5%, on track for its sixth straight week of gains. </li>
</ul>
Read now: <a href="https://www.benzinga.com/news/large-cap/23/12/36366903/is-lower-inflation-a-green-light-for-2024-interest-rate-cuts-markets-are-ending-the-year-surprised">Is Lower Inflation A Green Light For 2024 Interest Rate Cuts? Markets Are Ending The Year &#8216;Surprised,&#8217; CIO Says</a>
Photo via Shutterstock.

Macro Economic Events

Currency ETFs

ANSS

KRTX

PowerShares DB US Dollar Index Bullish Fund

S&P 500, Nasdaq 100 Aim For 8th Week Of Gains As Fed's Inflation Gauge Cools: What's Driving Markets Friday?

On Thursday, Wall Street rebounded into positive territory, following a brief dip experienced on Wednesday. At midday trading New York time, all major stock indices were trading in the green as traders prepared for the final trading<a href="https://www.benzinga.com/markets"> week of the year.</a>
The S&amp;P 500 made a modest 0.3% gain, but its equal-weighted counterpart, the Invesco S&amp;P 500 Equal Weight ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSP#NYSE">RSP</a>), outperformed with a 0.5% increase. The Dow also edged up by 0.3%.
Tech stocks within the Nasdaq 100 surged by 0.5%, while small-cap stocks continued to outperform, with the Russell 2000 gaining 1%.
Long-term bond yields saw a slight increase, with the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) declining by 0.6%.
The U.S. dollar, as monitored through the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), fell by 0.4%, revisiting its yearly lows, in response to <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36342747/thursdays-economic-digest-q3-gdp-revised-downward-jobless-claims-hold-steady-phil">weaker-than-expected economic data</a>. The U.S. economy expanded at an annualized rate of 4.9% in the third quarter, down from the previous estimate of a 5.2% increase.
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), saw a 0.5% surge, while silver gained 0.8% in reaction to the weakening dollar. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remained stable.
<h2 class="wp-block-heading">Thursday&#8217;s Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>Percentage Change (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Russell 2000</td>
<td>2,000.71</td>
<td>1.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,637.75</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,715.85</td>
<td>0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,197.33</td>
<td>0.3%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.4% higher to $469.90, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.3% higher to $372.01 and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched up 0.6% to $405.34, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, discretionary outperformed, with the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) up 0.8%. On the negative side, the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) and the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) were both 0.3% lower. 
Among industries, solar and semiconductors were notable gainers, with the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) and the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) up 3.9% and 2%, respectively. REITs lagged, with the Vanguard Real Estate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) down 1%. 
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul>
<li>Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) rose 6.4%, as the company reported better-than-expected earnings and revenue in the last quarter.</li>
<li>Shares of other cruise companies also experienced a surge. Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) shares climbed almost 4%, while Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) saw a 5% increase.</li>
<li>Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) rose over 7% after posting better-than-expected results last quarter. In response, other chipmakers also gained. Shares of Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) rose over 2.5%, while Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) inched up 1%. </li>
<li>MP Materials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>) rocketed 9%, topping the Russell 1000&#8217;s gainers. </li>
<li>Paychex Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAYX#NASDAQ">PAYX</a>) tumbled over 6% after missing earnings estimate. </li>
<li>Warner Bros Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) and Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) fell 4% and 3.4%, respectively, after Ben Barringer, a technology analyst at Quilter Cheviot, stated the merger between these two companies will likely worsen their financial profile. </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36346989/micron-technology-guidance-reflects-strong-pricing-rebound-10-analysts-deep-dive-in">Micron Technology Guidance Reflects Strong Pricing Rebound: 10 Analysts Deep Dive Into Q1 Earnings</a>
 Photo via Shutterstock.

PARA

PAYX

Rydex ETF Trust Rydex S&P Equal Weight ETF

iShares Trust Barclays 20+ Year Treasury Bond Fund

US Stocks Bounce; Chipmakers, Cruise Lines Lead, Dollar Falls: What's Driving Markets Thursday?

Stocks inched higher during midday trading in New York on Wednesday, with the momentum carrying over from the previous day when the tech-heavy Nasdaq 100 <a href="https://www.benzinga.com/news/large-cap/23/12/36305091/nasdaq-100-hits-record-high-set-for-best-annual-performance-since-1999-tech-boom">achieved fresh record highs.</a>
The percentage of S&amp;P 500 stocks trading above the 50-day moving average has surged to 90%, reaching its peak for the year.
Small-cap stocks, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), continue to outperform large-cap counterparts, boosting their month-to-date performance to 12.5%, the strongest since November 2020.
Treasury yields remained relatively stable, with the 10-year yield at 3.9% and the 30-year yield hovering around 4%. The dollar has seen a 0.2% increase.
Among commodities, gold dipped by 0.4%, while silver gained 1%. WTI crude oil remained flat at $74.
The standout performer of the day is Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), which saw a 3.5% increase. James Seyffart, an ETF research analyst at Bloomberg Intelligence, reported BlackRock updated its S-1 filing with the SEC.
Chart of The Day: 90% Of S&amp;P 500 Stocks Above 50-Day Average
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186-1024x495.png" alt="" class="wp-image-165825" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Wednesday Performance In Major US Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Major Indices &amp; ETFs</th>
<th>Price</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Russell 2000</td>
<td>2,038.78</td>
<td>0.9%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,642.65</td>
<td>0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,839.46</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,775.07</td>
<td>0.1%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.1% higher to&nbsp;$475.53, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.2% higher to $376.20&nbsp;and&nbsp;the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.2% up to $409.80, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) and the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, both up 0.8%. Staples, as tracked by the Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged behind, down 0.9%. 
Among industries, miners and oil and gas, as tracked by the SPDR Metal and Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) and the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), outperformed, up 1%. The iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>) was the underperformer, down 1%. 
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>S&amp;P Sector ETFs</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Energy</td>
<td>+0.9%</td>
</tr>
<tr>
<td>Communications</td>
<td>+0.8%</td>
</tr>
<tr>
<td>Real Estate</td>
<td>+0.4%</td>
</tr>
<tr>
<td>Technology</td>
<td>+0.2%</td>
</tr>
<tr>
<td>Consumer Discretionary</td>
<td>+0.1%</td>
</tr>
<tr>
<td>Industrials</td>
<td>+0.1%</td>
</tr>
<tr>
<td>Health Care</td>
<td>0.0%</td>
</tr>
<tr>
<td>Materials</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Financials</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Utilities</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Consumer Staples</td>
<td>-0.9%</td>
</tr>
</tbody>
</table>
</figure>
<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>
<ul>
<li>The Toro Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTC#NYSE">TTC</a>) rose 9% on better-than-expected quarterly results. </li>
<li>FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) fell over 10% on disappointing quarterly results. </li>
<li>DXC Technology Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXC#NYSE">DXC</a>) traded over 8% lower after the company disclosed a management change. </li>
<li>Exact Sciences Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXAS#NASDAQ">EXAS</a>) rose by 4% after surging by 7.5% a day earlier, after Guggenheim initiated coverage on Exact Sciences with a Buy rating and announced a price target of $90. </li>
<li>Aon plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>) tumbled 6% after the company announced a deal to buy property and casualty insurance broker NFP for $13.4 billion, to be financed by cash and share issuances, as it looks to expand in segments such as risk, benefits, wealth, and retirement plan advisory.</li>
</ul>
Read now: <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36329393/long-duration-treasury-bonds-enter-bull-market-what-lies-ahead-in-2024">Long-Duration Treasury Bonds Enter Bull Market: What Lies Ahead In 2024?</a>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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EXAS

Wall Street Edges Higher, Small Caps Eye Best Month In 3 Years, Bitcoin Rebounds: What's Driving Markets Wednesday?

Activist investor&nbsp;Elliott Investment Management&nbsp;has taken a significant position in&nbsp;BioMarin Pharmaceutical Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bmrn#NASDAQ">BMRN</a>), engaging with the company on its strategic direction amid leadership changes and the evolving status of its&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/09/34983851/impact-on-biomarins-sentiment-voxzogos-triumph-clouded-by-uncertainty" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">hemophilia treatment, Roctavian</a>.&nbsp;
The hedge fund has invested over $1 billion in BioMarin, which specializes in rare genetic diseases and has a market capitalization of approximately $16 billion.
Elliott&#39;s involvement comes at a critical time for BioMarin as it navigates a CEO transition and adjusts its strategy for Roctavian, whose sales forecast has been&nbsp;<a class="editor-rtfLink" href="https://investors.biomarin.com/2023-11-01-BioMarin-Announces-Strong-Third-Quarter-2023-Results,-Including-Continued-Profitability,-and-15-Total-Revenue-Growth-Year-Over-Year" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">revised</a>&nbsp;downward from $50 million-$150 million to less than $10 million, prompting analysts to temper their short-term expectations while maintaining a long-term positive outlook.&nbsp;
Amidst these developments, BioMarin&#39;s stock has experienced a notable decline, dropping 24% year-to-date and trailing behind the&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">sector</a>&nbsp;benchmark, the&nbsp;iShares Biotechnology ETF&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ibb#NASDAQ">IBB</a>), which has seen an 8.6% decrease in the same period, Reuters noted.&nbsp;
This disparity has triggered conversations about BioMarin&#39;s potential as an acquisition target, given the unique positioning of its complex-to-manufacture therapies and exemption from Medicare drug pricing negotiations.
Recently, BioMarin&nbsp;<a class="editor-rtfLink" href="https://investors.biomarin.com/2023-11-01-BioMarin-Announces-Retirement-of-Jean-Jacques-Bienaime-Appoints-Alexander-Hardy-President-and-Chief-Executive-Officer" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">announced</a>&nbsp;that&nbsp;Jean-Jacques Bienaime&nbsp;will step down as CEO, making way for&nbsp;Alexander Hardy&nbsp;of Genentech, effective December 1.&nbsp;
William Blair&nbsp;suggests that although the precise objectives of the firm&#39;s activism are not yet known, it wouldn&#39;t be unexpected for the activist to advocate for either a more streamlined approach to the company&#39;s research and development expenditures, which include seven clinical candidates, or a complete sale of the company.&nbsp;
The scrutiny is anticipated to intensify, particularly in how the firm addresses investment needs in ongoing research areas, like the company&#39;s initiatives in skeletal dysplasia and growth disorders, which are essential for its portfolio.
Price Action:&nbsp;BMRN shares closed up 12.10% at $85.49 on Tuesday.

Hedge Funds

Management

Movers

BMRN

Activist Investor Elliott Pushes for Strategy Revamp at BioMarin Amid CEO Change

The major U.S. stock indices, closely monitored through ETFs &mdash; the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), and the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) &mdash; are all poised to finish the month <a href="https://www.benzinga.com/markets">with negative results</a>.
This will mark the first month of losses after a consecutive 5-month winning streak for both the SPY and the QQQ.
However, it&rsquo;s worth considering which industries have fared better or worse in the stock market throughout August 2023.
<img alt="" class="wp-image-98215" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/08/31120725/SPX_2023-08-31_17-00-35_a7d70-1024x878.png" style="height:878px; width:1024px" />
<h2 class="wp-block-heading">Top-Performing Industry ETFs In August 2023</h2>
The list isn&rsquo;t extensive, and the winners for August don&rsquo;t boast astonishing performance, underscoring the prevailing downward market trend this month.
Among the industry ETFs that have still managed to achieve positive performance during this challenging month, we can identify:
<ol>
<li>SPDR S&amp;P Oil &amp; Gas Exploration and Production (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) 
	&ndash; Monthly performance (Aug): +3.7% 
	&ndash; Year-to-date performance: +15.6% 
	&ndash; Best performing stock (Aug): Texas Pacific Land Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>) +29%</li>
<li>SPDR Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIE#NYSE">KIE</a>) 
	&ndash; Monthly performance (Aug): +0.4% 
	&ndash; Year-to-date performance: +4.1% 
	&ndash; Best performing stock (Aug): Erie Idemnity Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ERIE#NASDAQ">ERIE</a>) +27%</li>
<li>iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>) 
	&ndash; Monthly performance (Aug): +0.3% 
	&ndash; Year-to-date performance: -0.4% 
	&ndash; Best performing stock (Aug): Tango Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TNGX#NASDAQ">TNGX</a>) +97%</li>
</ol>
<h2 class="wp-block-heading">Worst-Performing Industry ETFs In August 2023</h2>
The vast majority of industries showed negative returns in August, and some of them fell more sharply than the broader market.
In particular, among the worst industry ETFs this month we find:
<ol>
<li>Invesco WilderHill Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBW#NYSE">PBW</a>) 
	&ndash; Monthly performance (Aug): -16% 
	&ndash; Year-to-date performance: -2.6% 
	&ndash; Worst performing stock (Aug): FTC Solar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTCI#NYSE">FTCI</a>) -48.1%</li>
<li>Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) 
	&ndash; Monthly performance (Aug): -15% 
	&ndash; Year-to-date performance: -20% 
	&ndash; Worst performing stock (Aug): SolarEdge Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NYSE">SEDG</a>) -34%</li>
<li>U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) 
	&ndash; Monthly performance (Aug): -9.9% 
	&ndash; Year-to-date performance: +15.6% 
	&ndash; Worst performing stock (Aug): Frontier Group Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NYSE">ULCC</a>) -31%</li>
<li>SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) 
	&ndash; Monthly performance (Aug): -8.4% 
	&ndash; Year-to-date performance: -22.7% 
	&ndash; Worst performing stock (Aug): Customers Bancorp Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>) -17%</li>
<li>VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) 
	&ndash; Monthly performance (Aug): -7.2% 
	&ndash; Year-to-date performance: +1.7% 
	&ndash; Worst performing stock (Aug): Hecla Mining Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) -21%</li>
</ol>
Read Now: <a href="https://www.benzinga.com/general/sports-betting/23/08/34116254/exclusive-cathie-woods-sports-betting-gamble-draftkings-or-penn-entertainment">EXCLUSIVE: Cathie Wood&rsquo;s Sports Betting Gamble &mdash; DraftKings Or Penn Entertainment?</a>

ERIE

FTCI

PowerShares Exchange Traded Fund Trust WilderHill Clean Energy Portfolio

SEDG

TNGX

ULCC

Industry ETFs In The Spotlight: August's Winners And Losers Revealed: Where Is Gold, Energy And Biotech?

Shares of weight-loss drug manufacturers came to the party last week on the back of positive news flow from these companies.
What Happened: Danish drug giant Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) said <a href="https://www.benzinga.com/general/biotech/23/08/33696236/obesity-drug-wegovy-sales-jump-365-in-h1-as-novo-nordisk-reports-solid-results-raises-fy23-guidan">its first-half sales and net profit jumped 29%</a> and 43% year-over-year, thanks to a 367% jump in the sales of its weight-loss drug Wegovy. More importantly, the company raised its outlook for the year.
Notwithstanding the positive results, the stock settled the session down about 2.9%. The muted reaction was due to the strong gains the stock racked up on Thursday, when it reported positive results for a study that evaluated Wegovy as a preventative option for major cardiovascular events such as a stroke and heart failure.
See Also: <a href="https://www.benzinga.com/money/best-biotech-stocks">Best Biotech Stocks</a>
Why It's Important: Novo Nordisk's NYSE-listed stock is up over 35% year-to-date, outperforming S&amp;P 500 Index's 16.3% gain and the iShares Biotechnology ETF's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NASDAQ">IBB</a>) 2.01% decline.
The gains have given Novo Nordisk a market capitalization of $410.71 billion. Incidentally, the GDP of Denmark, where Novo Nordisk is headquartered, was at $395.4 billion, trailing the biopharma company's valuation.
Novo Nordisk has the biggest weighting in the OMX Copenhagen 25 Index, the benchmark index of the Danish stock exchange, with a 17.09% weighting.
The weight-loss windfall could continue in the near term. Ex-hedge fund manager Whitney Tilson said in his firm Empire Financial&#8217;s daily newsletter that the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/08/33741202/ex-fund-manager-regrets-missing-the-boat-on-a-stock-which-rallied-16-this-week-i-sh">uptake of weight-loss drugs could get a boost </a>if they receive FDA approval for the added indication of preventing major cardiovascular events. 
This is because of an increasing willingness to take the drug and the increased probability of payers, both governments and health insurers, providing coverage, he added.
Novo Nordisk's U.S.-listed stock ended Friday's session at $181.60, down 0.27%, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Read Next: <a href="https://www.benzinga.com/general/biotech/23/07/33467025/novo-nordisks-weight-loss-drug-wegovy-launches-in-germany-patients-to-pay-out-of-pocket">Novo Nordisk&#8217;s Weight-Loss Drug Wegovy Launches In Germany: Patients To Pay Out-of-Pocket</a>
Photo: Shutterstock

Weight-Loss Drug Wegovy Adds Mass To Novo Nordisk's stock, Pushing Valuation Past Denmark's GDP

The disinflationary trend continued in July, even though the annual CPI inflation rate saw a slight increase from 3% to 3.2% last month, breaking a streak of 12 <a href="https://www.benzinga.com/economics/macro-economic-events/23/08/33705708/us-inflation-misses-estimates-consumer-price-index-inches-3-2-higher-in-july-core">consecutive months of decline.</a>
The low base effect from a year ago is to blame, but what matters for investors is that the inflation rate came in a tad lower than the expected 3.3%.
Even more crucial is the fall in core inflation, which excludes energy and food items, and is closely monitored by the Fed to assess monetary policy, down to 4.7% year-on-year, below both the previous and the anticipated 4.8%.
Traders wasted no time in updating their expectations for future interest rates, solidifying the belief that the Fed will keep rates unchanged in September.
According to the CME Group FedWatch tool, investors are currently assigning a probability of over 90% to a scenario where rates remain on hold in September, up from 82% just a week ago. The likelihood of no further rate increases by the November meeting stands at 70%.
This shift in rate expectations has revitalized the markets and risk assets, which had experienced days of sustained volatility over the past few weeks.
Also Read: <a href="https://www.benzinga.com/news/23/08/33684735/generative-ai-on-the-rise-93-of-companies-to-boost-spending-us-may-fall-behind">Generative AI On The Rise: 93% Of Companies To Boost Spending, US May Fall Behind</a>
<h2 class="wp-block-heading">5 ETFs Rallying After CPI Data Release</h2>
<ol>
<li>Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>): This ETF, which tracks the Nasdaq 100 Index, saw a 1.2% increase at 10:40 a.m. ET. Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>), was among the top beneficiaries due to the lower-than-expected inflation print in July, rising 4.9%.</li>
<li>ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>): Cathie Wood&lsquo;s flagship fund, ARKK, rose 1.1% on Thursday following the CPI data release. The rally was fueled by reduced expectations of interest rates, particularly benefiting high-tech industries. The best-performing component of the ARKK ETF was Verve Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VERV#NASDAQ">VERV</a>) which surged by 5%.</li>
<li>Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>): Stocks in the consumer discretionary sector rallied by 1.3%. Notably, Tesla Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) stood out as the top performer within this sector, showing a 3.2% increase.</li>
<li>iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>): Biotech stocks recorded a 1.4% gain. The most notable industry performer was MacroGenics, Inc., (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGNX#NASDAQ">MGNX</a>) which experienced a substantial 16% increase on the day.</li>
<li>iShares Expanded Tech-Software Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGV#NYSE">IGV</a>): In response to the inflation data, software stocks emerged as the leading gainers, propelling the IGV ETF 1.6% higher. The standout name within this ETF was AppLovin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>), which rose by 23%.</li>
</ol>
Read now: <a href="https://www.benzinga.com/news/23/08/33709938/amazon-makes-strategic-cuts-to-private-label-brands-to-address-antitrust-concerns-and-profitability">Amazon Makes Strategic Cuts to Private-Label Brands to Address Antitrust Concerns and Profitability</a>
Photo: Shutterstock

ARKK

MGNX

SIRI

VERV

Disinflation Talk Grows, Rate Hike Bets Plummet: Top 5 ETFs Rallying On CPI Miss

As July comes to an end, it&#8217;s time to take a look at the best- and worst-performing industry <a href="https://www.benzinga.com/money/best-etfs">ETFs for the month.</a>
Among the largest ETFs that represent major U.S. stock indices, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) returned 3.1% in July, marking its fifth consecutive month of gains. The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) had similar monthly performance, but the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) outperformed by 3.8%. The strongest performer, though, was the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), which increased by 4.9%.
Which industries have performed significantly better than the overall market? Which ones, on the other hand, had a particularly rough month despite the broader risk-on period?
<h2 class="wp-block-heading">5 Top Performing Industry ETFs In July</h2>
5) Semiconductors &#8211; VanEck Semiconductors ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) &#8211; Total return month-to-date: 5% &#8211; Total return year-to-date: 58.8% &#8211; Top holdings: NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) (20%), Taiwan Semiconductor Manufacturing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) (10.74%), Broadcom Inc. (5.64%) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) &#8211; Monthly stock contributors: Nvidia (2.8 percentage points), Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) (0.6pp), Intel Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NYSE">INTC</a>) (0.5pp)
4) Agriculture &#8211; VanEck Agribusiness ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOO#NYSE">MOO</a>) &#8211; Total return month-to-date: 7.8% &#8211; Total return year-to-date: 3.1% &#8211; Top holdings: Zoetis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZTS#NYSE">ZTS</a>) (8.6%), Deere &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) (8.33%) &#8211; Monthly stock contributors: Zoetis Inc. (1pp); Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>) (0.9pp); 
3) Oil &amp; Gas – SPDR Oil &amp; Gas Explor. &amp; Prod. ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) &#8211; Total return month-to-date: 10.1% &#8211; Total return year-to-date: 11% &#8211; Top holdings: Antero Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AR#NYSE">AR</a>) (2.6%), SM Energy Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SM#NYSE">SM</a>) (2.5%) &#8211; Monthly stock contributors: Ovintiv Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OVV#NYSE">OVV</a>) (0.6pp); APA Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APA#NYSE">APA</a>) (0.5pp)
2) Oil services – VanEck Oil Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) &#8211; Total return month-to-date: 18.9% &#8211; Total return year-to-date: 18.4% &#8211; Top holdings: Schlumberger Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) (19.6%); Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) (11%). &#8211; Monthly stock contributors: Schlumberger Ltd. (4pp); Halliburton Company (2.2pp)
1) Regional Banks – SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) &#8211; Total return month-to-date: 19.8% &#8211; Total return year-to-date: -16.2% &#8211; Top holdings: Western Alliance Bancorp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>) (2.4%), Pinnacle Financial Partners, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NYSE">PNFP</a>) (2.3%). &#8211; Monthly stock contributors: Western Alliance Bancorp. (0.85pp); ZIONS Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NYSE">ZION</a>) (0.8pp)
Read now: <a href="https://www.benzinga.com/economics/macro-economic-events/23/07/33450464/oil-prices-hit-80-sparking-5-week-winning-streak-5-must-watch-oil-etfs-to-ride-th">Oil Prices Hit $80, Sparking 5-Week Winning Streak: 5 Must-Watch Oil ETFs To Ride The Wave</a>
<h2 class="wp-block-heading">Chart: Industry ETFs Gainers In July 2023</h2>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="822" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31095930/SMH_2023-07-31_15-58-18_36b42-1024x822.png" alt="" class="wp-image-78242" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31095930/SMH_2023-07-31_15-58-18_36b42-1024x822.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31095930/SMH_2023-07-31_15-58-18_36b42-300x241.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31095930/SMH_2023-07-31_15-58-18_36b42-768x616.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31095930/SMH_2023-07-31_15-58-18_36b42-1536x1233.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31095930/SMH_2023-07-31_15-58-18_36b42.png 1540w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">5 Worst Performing Industry ETFs In July</h2>
5) Water Resources &#8211; Invesco Water Resources ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PHO#NASDAQ">PHO</a>) &#8211; Total return month-to-date: 2.9% &#8211; Total return year-to-date: 12.6% &#8211; Top holdings: Danaher Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHR#NYSE">DHR</a>) (8.1%), Ecolab Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>) (8%), Ferguson Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FERG#NYSE">FERG</a>) (8%). &#8211; Monthly stock draggers: Walmont Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VMI#NYSE">VMI</a>) (-0.3pp); Mueller Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLI#NYSE">MLI</a>) (-0.1pp). 
4) Biotech &#8211; iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>) &#8211; Total return month-to-date: 2.1% &#8211; Total return year-to-date: down by 0.3% &#8211; Top holdings: Amgen Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NYSE">AMGN</a>) (8.5%), Vertex Pharmaceuticals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NYSE">VRTX</a>) (8.5%) &#8211; Monthly stock draggers: Apellis Pharmaceuticals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APLS#NYSE">APLS</a>) (-0.7pp); Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) (-0.3pp). 
3) Real Estate – Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) &#8211; Total return month-to-date: 2% &#8211; Total return year-to-date: 3.3% &#8211; Top holdings: Prologis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLD#NYSE">PLD</a>) (7.6%), American Tower Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMT#NYSE">AMT</a>) (6%). &#8211; Monthly stock draggers: CoStar Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>) (-0.2pp), Crown Castle Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) (-0.2pp)
2) Airlines – U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) &#8211; Total return month-to-date: down by 0.4% &#8211; Total return year-to-date: 25.9% &#8211; Top holdings: Delta Airlines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) (10.8%), American Airlines Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NYSE">AAL</a>) (9.8%). &#8211; Monthly stock draggers: American Airlines Group Inc. (-0.5pp), Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) (-0.4pp)
1) Solar – Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) &#8211; Total return month-to-date: down by 3.3% &#8211; Total return year-to-date: down by 4.4% &#8211; Top holdings: First Solar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NYSE">FSLR</a>) (11.1%), Enphase Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NYSE">ENPH</a>) (9.1%) &#8211; Monthly stock draggers: SolarEdge Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>) (-0.7pp), SMA Solar Technology AG (OTCPK: SMTGF) (-0.6pp). 
<h2 class="wp-block-heading">Chart: Industry ETF Losers In July</h2>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="822" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31102147/IBB_2023-07-31_16-04-00_04583-1024x822.png" alt="" class="wp-image-78251" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31102147/IBB_2023-07-31_16-04-00_04583-1024x822.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31102147/IBB_2023-07-31_16-04-00_04583-300x241.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31102147/IBB_2023-07-31_16-04-00_04583-768x616.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31102147/IBB_2023-07-31_16-04-00_04583-1536x1233.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31102147/IBB_2023-07-31_16-04-00_04583.png 1540w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Photo via Shutterstock.

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CSGP

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PowerShares Exchange Traded Fund Water Resource Portfolio

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ZION

Rising Stars, Falling Trends: July's Industry ETF Winners And Losers

<ul>
<li>U.S. Attorney General Merrick Garland said that the Justice Department would file an appeal with the U.S. Supreme Court seeking to block the entirety of Kacsmaryk&#39;s order suspending the FDA approval of the abortion pill mifepristone.&nbsp;</li>
<li>Garland said the administration &quot;will be seeking emergency relief from the Supreme Court to defend the FDA&#39;s scientific judgment and protect Americans&#39; access to safe and effective reproductive care.&quot;</li>
<li>The New Orleans-based 5th U.S. Circuit Court of Appeals put on hold part of last Friday&#39;s order by U.S. District Judge Matthew Kacsmaryk in Amarillo, Texas, while he hears a lawsuit by anti-abortion groups seeking to ban it.</li>
<li>The Planned Parenthood Federation of America condemned the 5th Circuit&#39;s decision as a rejection of science and law.</li>
<li>&quot;The federal judiciary has &mdash; for the second time this week &mdash; rejected science and the law, and this time, the court decided they had the authority to re-write mifepristone&#39;s label,&quot; CNBC&nbsp;<a class="editor-rtfLink" href="https://www.cnbc.com/2023/04/13/abortion-pill-mifepristone-court-keeps-it-on-market-blocks-mail-delivery.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reported</a>&nbsp;citing Alexis McGill Johnson, president of Planned Parenthood.&nbsp;</li>
<li>&quot;If allowed to stand, the consequences of this decision will be catastrophic not just for medication abortion access but the entire drug approval system,&quot; he added.</li>
<li>A U.S. federal appeals court has&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/04/31784287/womens-reproductive-rights-us-court-preserves-access-to-abortion-pill-for-now-but-with-tighter-ru" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">temporarily blocked</a>&nbsp;a decision by a Texas judge.&nbsp;</li>
<li>The abortion pill mifepristone will remain available in the U.S. for now but with some restrictions, including requiring in-person doctor visits to obtain the drug and limiting its use to the first seven weeks of pregnancy from the current ten, a federal appeals court ruled.</li>
</ul>

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