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Patterson-UTI subsidiary inks term sheet with ADNOC Drilling for minority equity interest in newly formed Turnwell Industries.

Patterson-UTI Drills Into Middle East With ADNOC Partnership

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The transaction is projected to close before 2024, subject to shareholder and regulatory approval.

ChampionX, Schlumberger Shares Move In Opposite Directions After $8B Deal Announcement

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Wall Street is set to break a two-day losing streak on Tuesday, as major indices trended positively during midday trading in New York. The S&amp;P 500 saw a modest uptick of 0.3% for the day, with the Dow Jones Industrial Average, the Nasdaq 100 and the Russell 2000 experiencing a 0.2% surge. 

Stocks Inch Higher, Tesla Rebounds, Bitcoin Holds Below $70,000: What&#39;s Driving Markets Tuesday?

Patterson-UTI Energy, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) disclosed that its subsidiary, Patterson-UTI International Holdings, Inc., inked a non-binding&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/ac38781395/patterson-uti-signs-term-sheet-to-partner-with-adnoc-drilling-in-the-uae" rel="noreferrer noopener">term sheet with ADNOC Drilling</a>.
As per the deal, Patterson-UTI expects to hold a minority equity interest in Turnwell Industries LLC OPC, which was recently formed by ADNOC Drilling.&nbsp;
Patterson-UTI projects that Schlumberger Middle East SA will also hold a minority equity interest in Turnwell,&nbsp;which won&nbsp;a $1.7 billion contract to drill and complete 144 unconventional wells for ADNOC in UAE. Schlumberger Middle East SA is a subsidiary of&nbsp;Schlumberger N.V.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>).
In exchange for the minority equity interest, Patterson-UTI plans to offer drilling, completion, and other oilfield service expertise to Turnwell and a limited cash contribution to fund the portion of working capital.&nbsp;
Andy Hendricks, Patterson-UTI&#8217;s Chief Executive&nbsp;Officer,&nbsp;said, &#8220;We are pleased that ADNOC Drilling recognizes Patterson-UTI as a premier drilling and completions company and technology leader, and we look forward to reaching an agreement to bring our expertise to the initial phase of this groundbreaking project.&#8221;&nbsp;
&#8220;I am excited about this potential opportunity to allow Patterson-UTI to grow our presence in the Middle East&nbsp;in a&nbsp;capital efficient&nbsp;manner, as we do not expect&nbsp;to initially contribute any capital equipment.&nbsp;We also do not expect this opportunity to change our previously announced capital expenditure budget or impact our expectation to return at least $400 million to shareholders in 2024 through dividends and share repurchases.&#8221;
This month, the company&nbsp;reported&nbsp;an average of 116 drilling rigs operating&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/ac38656746/patterson-uti-reports-drilling-activity-for-april-2024" rel="noreferrer noopener">in the United States for&nbsp;April 2024</a>.
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P SmallCap Energy ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>) and&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: PTEN shares closed lower by 2.42% at $10.89 on Friday.
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ChampionX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHX#NASDAQ">CHX</a>) shares are trading higher, while Schlumberger Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) shares are down after the Texas-based companies announced <a href="https://www.benzinga.com/pressreleases/24/04/g38042380/slb-announces-agreement-to-acquire-championx-in-an-all-stock-transaction" target="_blank" rel="noreferrer noopener">an all-stock deal</a>.
What Happened: Schlumberger will acquire ChampionX, and the shareholders will receive 0.735 shares of Schlumberger in exchange for each ChampionX share. 
ChampionX shareholders will own approximately 9% of Schlumberger&#8217;s common shares once the deal closes.
Post closure, Schlumberger expects to realize annual pretax synergies of around $400 million within the first three years through revenue growth and cost savings. 
The transaction is projected to close before 2024, subject to shareholder and regulatory approval. 
Shareholder Return: The company disclosed that it will return $7 billion to shareholders&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">over the next two years</a>.&nbsp;
Schlumberger will increase its shareholder returns for 2024 to a target of $3 billion and project returns of $4 billion for 2025.&nbsp;
Olivier Le Peuch, SLB&#8217;s chief executive officer, said, &#8220;Our core strategy remains centered on meeting growing energy demand while accelerating decarbonization and emissions reduction through innovation, scale and digitalization in our core oil and gas business. This acquisition will expand SLB&#8217;s presence in the less cyclical and growing production and recovery space that is closely aligned with our returns-focused, capital-light strategy,&#8221; 
As of Dec. 31, 2023, Schlumberger&#8217;s cash and short-term <a href="https://www.benzinga.com/pressreleases/24/01/b36692786/slb-announces-fourth-quarter-and-full-year-2023-results-and-raises-quarterly-dividend-by-10" target="_blank" rel="noreferrer noopener">investments stood at $3.99 billion</a>.
Investors can gain exposure to ChampionX and Schlumberger via&nbsp;Invesco Oil &amp; Gas Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXJ#NYSE">PXJ</a>),&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: CHX shares are up 8.45% at $38.40 and SLB is down 2.68% at $53.74 on the last check Tuesday.

Wall Street is set to break a two-day losing streak on Tuesday, as major indices trended positively during midday trading in New York. The S&amp;P 500 saw a modest uptick of 0.3% for the day, with the Dow Jones Industrial Average, the Nasdaq 100 and the Russell 2000 experiencing a 0.2% surge. 
Market volatility remained remarkably low, with the VIX index holding below the 13 mark. It is currently on course for its third consecutive week of declines, marking the longest such <a href="https://www.benzinga.com/money/guide-to-volatility-indices-vix">streak since November 2023.</a>
Turning to economic indicators, new orders for manufactured durable goods increased by 1.4% month-over-month in February 2024, surpassing market expectations of a 1.1% rise. This comes after a downwardly revised 6.9% decline in January.
Both treasury yields and the U.S. dollar remained unchanged, allowing gold to inch up to $2,180 per ounce, coming tantalizingly close to its all-time high.
Sector performance showed minimal movement, reflecting range-bound trading activity. Among industries, retail stocks, as tracked by the iShares S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>), showed the strongest gains, rising by 1%, while energy services, as monitored through the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), lagged behind.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) held below the psychological $70,000 mark, marginally lower for the day. 
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major Equity Indices, ETFs</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>S&amp;P 500</td>
<td>5,233.32</td>
<td>0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,319.47</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,080.00</td>
<td>0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,393.39</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
</figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.2% higher to $520.78, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.2% to $393.68 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.2% higher to $445.74, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) was the top performer for the day, up 0.6%, while the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) was the laggard, down 0.8%.
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose nearly 4% Tuesday, after new reports suggest Italy has approached the EV maker about electric truck production.</li>
<li>United Parcel Service Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) fell over 7%, as investor negatively reacted to the latest remarks from UPS CEO Carol Tomé.</li>
<li>McCormick &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) shot higher by over 10% on stronger-than-expected earnings results. </li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) rose by 9% after Morgan Stanley issued a bullish note. </li>
<li>Tandem Diabetes Care Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TNDM#NASDAQ">TNDM</a>) rallied 9% after Stifel upgraded the stock to a Buy, raising the price target from $24 to $37. </li>
<li>Viking Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>) rallied 22% on positive results in a study of a potential obesity drug. </li>
<li>Companies reporting their earnings after market close are GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>), nCino, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCNO#NASDAQ">NCNO</a>), and Progress Software Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/opinion/24/03/37938028/exclusive-interest-rates-rode-the-elevator-up-but-analyst-predicts-theyll-take-the-stairs-coming-dow">EXCLUSIVE: Interest Rates Rode The Elevator Up, But Analyst Predicts They&#8217;ll Take &#8216;The Stairs Coming Down&#8217;</a>
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Stocks Inch Higher, Tesla Rebounds, Bitcoin Holds Below $70,000: What's Driving Markets Tuesday?

March 2024 has been a golden month for gold mining stocks, marking their best performance in a year. 
The catalyst? A mix of anticipation for lower interest rates and robust demand from central banks sent gold prices — and consequently, <a href="https://www.benzinga.com/topic/mining">gold mining stocks — soaring. </a>
The bullion found support at $2,160 per ounce, hitting all-time highs at $2,222 last week following a dovish Fed meeting, before staging a temporary respite. 
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), a key barometer for the gold mining industry, saw a robust rally of over 13% this month, setting it on course for its strongest monthly gain since March 2023, when it rose by 17%.
This month, the gold mining sector has outshone all other U.S. industries, surpassing even the performance of semiconductor stocks, as measured by the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>), and energy services, as indicated by the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
<h1 class="wp-block-heading">Chart: Gold Miner ETF Eyes The Strongest Monthly Performance In A Year</h1>
<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/2024/03/26114809/image-57-1024x495.png" alt="" class="wp-image-265902" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/26114809/image-57.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Also Read: <a href="https://www.benzinga.com/money/best-gold-stocks">Best Gold Stocks Right Now</a>
<h1 class="wp-block-heading">JP Morgan Sees A Potential &#8216;Golden Era&#8217; For Gold Prices</h1>
Stephen Jury, managing director at J.P. Morgan Private Bank, outlined a constructive view on the precious metal&#8217;s future, in his latest investment strategy report. 
Jury pointed to the Federal Reserve&#8217;s anticipated interest rate cuts starting June 2024 as a key driver for gold&#8217;s appreciation in the next 12 months. 
He noted, &#8220;In our opinion, this should set the stage for gold appreciation.&#8221; 
Jury also highlighted the role of geopolitical tensions and the upcoming global elections in 2024, involving countries that represent half of the world&#8217;s population, in driving central bank demand for gold.
<h1 class="wp-block-heading">Central Banks And Retail Investors: A Bullish Momentum</h1>
With more than 60 countries heading to the polls in 2024 and ongoing regional conflicts, central banks are expected to continue diversifying their reserves into gold, potentially less sensitive to price changes. 
&#8220;A persistent theme of geopolitical tension should continue to drive Central Bank reserve diversification,&#8221; Jury wrote, adding that he expected &#8220;more central banks to add to their buying momentum this year&#8221;
Additionally, Jury anticipated a return of retail ETF investors to the gold market as yields fall, marking an under-owned and under-appreciated investment ripe for appreciation. JP Morgan&#8217;s forecast for gold prices by year-end 2024 stands at $2,250-2,350.
Read Now: <a href="https://www.benzinga.com/markets/equities/24/03/37936320/larry-fink-warns-of-us-retirement-crisis-in-blackrocks-annual-letter-you-are-on-your-own">Larry Fink Warns Of US Retirement Crisis In BlackRock&#8217;s Annual Letter: &#8216;You Are On Your Own&#8217;</a>

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Gold Mining Stocks Eye Best Month In A Year As 'Golden Era' For The Precious Metal Looms

On Friday,&nbsp;ChampionX Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHX#NASDAQ">CHX</a>) said it plans to acquire RMSpumptools Limited, a business unit of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/g37886469/championx-agrees-to-acquire-rmspumptools-expanding-reach-in-international-offshore-production-tech" rel="noreferrer noopener">the energy division of U.K.-based James Fisher and Sons.</a>
The unit designs and manufactures highly engineered mechanical and electrical solutions for complex artificial lift applications.
As per the agreement terms, the net purchase price totals around £86 million, inclusive of net working capital adjustments, equivalent to approximately $110 million at the current exchange rate, the company said in a press release.
The company expects RMSpumptools to generate around $65 million in 2024 revenues and approximately $18 million in adjusted EBITDA for the same period.
The acquisition will bolster the company&#8217;s foothold in diverse international markets, including the Middle East, Latin America, and global offshore ventures.
&#8220;The acquisition of RMSpumptools is consistent with our capital allocation framework which includes bolt-on technology acquisitions,&#8221; said Sivasankaran &#8220;Soma&#8221; Somasundaram, President and CEO of ChampionX.
&#8220;RMSpumptools&#8217; highly complementary portfolio aligns seamlessly with ChampionX&#8217;s existing Production and Automation Technologies offerings, with minimal product overlap,&#8221; Somasundaram added.
The acquisition will be funded by cash on hand and will not impact ChampionX&#8217;s 2024 return of capital framework, which includes returning at least 60% of 2024 free cash flow to shareholders.
ChampionX held $289 million of&nbsp;<a target="_blank" href="https://www.benzinga.com//node/36942011" rel="noreferrer noopener">cash as of December 31, 2023.</a>&nbsp;The transaction currently is expected to close towards the end of second quarter or beginning of the third quarter of 2024.
CHX stock has gained over 35% in the past year. Investors can gain exposure to the stock via&nbsp;Invesco Oil &amp; Gas Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXJ#NYSE">PXJ</a>) and&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: CHX shares are trading higher by 0.44% to $34.51 on the last checked Friday.
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ChampionX Acquires RMSpumptools, Strengthening Global Presence In Artificial Lift Solutions

The U.S. stock market lacked clear direction on Friday as traders assessed the latest mixed earnings reports and producer inflation data. 
The Producer Price Index (PPI) came in at 1% year-on-year in December, up from a downwardly revised 0.8% in November, but <a href="https://www.benzinga.com/news/large-cap/24/01/36610060/producer-price-index-slows-more-than-expected-to-1-in-december-signals-softening-price-pressures">below the predicted 1.3%. </a>
The S&amp;P 500 and Nasdaq remained relatively stable, hovering near the unchanged level, while the Dow Jones index experienced a decline of approximately 130 points, or 0.4%. 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>), saw a marginal 0.1% decline. 
Bitcoin experienced a substantial drop in value following the approval of a spot Bitcoin ETF. The cryptocurrency plummeted by over 6% Friday, marking its worst session since mid-August 2023, as traders likely opted to take profits on the news after the significant 60% rally it had seen since October.
Contrastingly, physical gold, as monitored by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), which was initially expected to be one of the assets most affected by the approval of the spot Bitcoin ETF, increased by 1%, surpassing the $2,050 per ounce mark.
U.S. Treasury yields showed mixed movements in different maturities. The two-year yields decreased to 4.17%, while the 30-year yield increased to 4.2%.
<h2 class="wp-block-heading">Friday'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>Percentage Change (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,830.16</td>
<td>+0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,779.46</td>
<td>0.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,951.55</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,563.48</td>
<td>-0.4%</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>) held steady at $476.71, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.3% down to $375.99 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was flat at $409.59, according to <a href="https://pro.benzinga.com/dashboard">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>) was the outperformer, up 0.8%. The Consumer Discretionary Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged behind, down 1%. 
On an industry level, the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rallied, up 2.7%. Airline stocks, as tracked by the U.S. Global JETS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), tumbled 4.7%
<h2 class="wp-block-heading">Friday's Stock Movers</h2>
<ul>
<li>UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) experienced a 3.6% decline, although the company exceeded earnings expectations, mainly due to reporting a higher-than-anticipated utilization of medical services.</li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) faced a 4% drop in its stock value, primarily driven by negative news affecting the giant electric vehicle manufacturer. Tesla announced the suspension of certain production activities in Europe due to component shortages caused by disruptions in the Red Sea region. Additionally, Tesla reduced the prices of its China Model 3 and Model Y vehicles.</li>
<li>Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) witnessed a decrease of 2.5% in its stock price following a decline in profits. </li>
<li>The Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) enjoyed a 3.5% increase in its stock price in response to its earnings report.</li>
<li>Despite surpassing earnings and revenue estimates, Delta Air Lines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) saw a substantial 8% decline in its stock value, primarily attributed to the airline&#8217;s downward revision of its 2024 earnings forecast. United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) and American Airlines Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NYSE">AAL</a>) also experienced significant declines of 9.2% and 8.8%, respectively.</li>
<li>Net Lease Office Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NLOP#NYSE">NLOP</a>) recorded a remarkable 13% increase in its stock price, building on a 10% rise the previous day. This surge was attributed to the sale of four properties and the renegotiation of a loan.</li>
</ul>
Now read: <a href="https://www.benzinga.com/markets/equities/24/01/36614222/stagflation-in-2024-red-sea-crisis-could-trigger-domino-effect-for-global-costs">Stagflation In 2024? Red Sea Crisis Could Trigger Domino Effect For Global Costs</a>
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Stocks Pause, Gold Rises, Bitcoin Sinks On Worst Day In Four Months: What's Driving Markets Friday?

It&#8217;s a bearish Thursday on Wall Street, with stocks relinquishing their gains due to unexpectedly high inflation numbers for December, causing some turbulence in market expectations regarding <a href="https://www.benzinga.com/economics/macro-economic-events/24/01/36592931/inflation-rises-more-than-expected-to-3-4-in-december-rattling-traders-betting-on">earlier Federal Reserve rate cuts.</a>
During the previous month, the Consumer Price Index (CPI) surged by 3.4% compared to the previous year, surpassing the forecasted 3.2% increase. Core inflation stood at 3.9% annually, exceeding the expected 3.8%, primarily driven by the persistent high costs of shelter.
Latest Fed remarks had a chilling effect on the markets. Richmond Fed President Thomas Barkin indicated his willingness to consider rate reductions once inflation is on track to reach 2%, while Cleveland Fed President Loretta Mester expressed the view that March might be too early for a rate cut.
In response, traders adjusted their expectations for interest rates, with the implied probability of a March rate cut falling from 70% to around 63%, while maintaining their overall bet of six rate cuts throughout 2024.
Meanwhile, Treasury yields remained relatively stable, while the U.S. dollar strengthened by 0.2%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) experienced a 0.7% decline on the day of the Bitcoin ETFs&#8217; trading launch. In the precious metals market, the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) saw a 0.4% drop in gold prices, while silver prices plummeted by 1.5%.
On the energy front, crude WTI, monitored through the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), rose by 1% to $72 a barrel amid escalating tensions between Iran and the U.S. in <a href="https://www.benzinga.com/markets/commodities/24/01/36598267/oil-prices-surge-as-tensions-escalate-in-red-sea-iran-seizes-us-controlled-tanker">the Red Sea region.</a>
In the tech realm, Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) made headlines, after overcoming rival Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) as the world&#8217;s most valuable company <a href="https://www.benzinga.com/news/24/01/36596178/microsoft-back-on-top-dethrones-apple-as-worlds-most-valuable-company">in terms of market capitalization. </a>
<h2 class="wp-block-heading">Thursday'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>Percentage Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,746.89</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,575.52</td>
<td>-0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,764.38</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,948.21</td>
<td>-1.1%</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>) fell 0.4% to $474.88, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.2% down to $376.03 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was down 0.2% to $407.69, according to <a href="https://pro.benzinga.com/dashboard">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>) was the only one trading in the green, up 0.3%. Utilities sharply underperformed, with the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) down 2.3%. 
On an industry level, the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) outperformed, up 0.4%. Regional banks, as tracked by the SPDR Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), fell 2.3%
<h2 class="wp-block-heading">Thursday's Stock Movers</h2>
<ul>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) fell nearly 6%, after Redburn downgraded the entertainment company&#8217;s stock from Neutral to Sell, with a price target of $11. </li>
<li>Warner Bros Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) fell 4.5%, on a similar Redburn&#8217;s decision. </li>
<li>Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) rose 2.7%, after the streaming giant announced it surpassed 23 million active users globally for its ad-based plan. </li>
<li>Crypto-related companies Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) and Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) sold off heavily, down 6.6%, 16% and 14% respectively, on a subdued Bitcoin reaction to the ETF approval.</li>
<li>Net Lease Office Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NLOP#NYSE">NLOP</a>) rose 10.3% after the company announced sales of four U.S. office properties totaling $43 million and renegotiated a loan with JP Morgan. </li>
</ul>
Now read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36598903/move-over-bitcoin-etf-this-congressman-has-been-buying-ethereum">Move Over Bitcoin ETF — This Congressman Has Been Buying Ethereum</a>
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Wall Street Slips As Rate-Cut Hopes Diminish With Inflation, Bitcoin Remains Unmoved By ETF Debut: What's Driving Markets Thursday?

Wednesday sees a session of modest gains on Wall Street, with all major large-cap stock indices in the green. Market attention is focused on the long-awaited decision by the Securities and Exchange Commission (SEC) regarding the approval of the <a href="https://www.benzinga.com/markets">Bitcoin ETF, expected today.</a>
The price of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remains stable around $46,250 at 01:00 in New York, recovering from losses incurred following a false tweet posted Tuesday on the SEC&#8217;s Twitter account, which was later declared compromised due to a hacker attack.
Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), the second-largest cryptocurrency, is up by 4.2%. Investors may view it as the next potential candidate if a Bitcoin ETF receives approval.
Treasury yields are holding steady, while the U.S. dollar is slightly down. Meanwhile, gold continues to lose ground, declining by 0.3% to $2,024 per ounce.
Market participants and Fed watchers prefer to have more clarity on potential moves by the Federal Reserve and eagerly await the December inflation report set to be released on Thursday at 8:30 AM.
<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>Major Indices &amp; ETFs</th>
<th>Price</th>
<th>%</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,770.27</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,775.12</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,601.94</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1963.78</td>
<td>-0.1%</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>) rose 0.3% to $475.38, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.2% up to $375.88 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.5% higher to $407.76, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Consumer Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 1%, followed by the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), up 0.6%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) underperformed, down 1.3%.
On an industry level, homebuilders, as tracked by the iShares U.S. Home Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITB#NYSE">ITB</a>), gained 1.4%. Stocks in the oil and gas downstream industries continued to underperform, with the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) down 2%. 
<h2 class="wp-block-heading">Wednesday's Stock Movers</h2>
<ul>
<li>Intuitive Surgical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) saw its stock surge by more than 7% to reach $352.01, marking its highest point since July 2023, after the company expected strong Q4 results. </li>
<li>Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) experienced a 5% increase in its stock price, reaching $308.22, following upward revisions of price targets by both Morgan Stanley and Citigroup.</li>
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) rose 3.9%, reaching a new all-time high of $372 in its stock price after Mizuho raised the price target from $400 to $470. </li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/24/01/36581063/us-banks-create-profits-out-of-thin-air-thanks-to-this-fed-trick-a-burden-for-us-taxpayers">US Banks Create Profits Out Of Thin Air Thanks To This Fed Trick: A Burden For US Taxpayers?</a>

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

Tuesday on Wall Street was marked by a subdued trend in major equity indices as investors remained cautious ahead of key inflation data scheduled for release on Thursday and the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36534976/earnings-season-preview-how-will-corporate-profit-outlooks-impact-markets-in-2024">kick-off of the earnings season.</a>
Among the major indices, the Nasdaq 100 outperformed with a slight 0.1% gain, while the S&amp;P 500 and the Dow Jones experienced small declines of 0.2% and 0.6% respectively. The S&amp;P 500, as tracked by the SPDR S&amp;P 500 Equal Weight ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSP#NYSE">RSP</a>), slipped 0.4%.
Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), retreated by 0.9%, partially offsetting Monday&#8217;s robust 1.9% surge.
Notable chipmakers continue to make headlines. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) soared over 3% to a new record high, reaching $539 per share. Meanwhile, peer Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) gained 2.1%.
On Monday, Federal Reserve Governor Michelle Bowman shifted her previously hawkish stance, now viewing U.S. monetary policy as &#8220;sufficiently restrictive&#8221; and signaling openness to potential interest-rate cuts as inflation eases. Treasury yields remained steady, while the U.S. dollar saw some modest gains in the forex market.
In the world of cryptocurrencies, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) experienced a slight decline of about 1%, just ahead of the eagerly anticipated SEC decision regarding the approval of a spot Bitcoin ETF, expected to be announced on Wednesday.
<h2 class="wp-block-heading">Tuesday's Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Major Indices</th>
<th>Price</th>
<th>Percentage (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,660.01</td>
<td>0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,752.98</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,467.67</td>
<td>-0.6%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>194.68</td>
<td>-1.0%</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>) inched 0.2% lower to $473.55, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.6% to $374.73 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged 0.1% higher to $405.38, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, tech was the only sector avoiding losses, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) up 0.1%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was the laggard, down 1.3%. 
On an industry level, semiconductors sharply outperformed, with the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) up 3%. Stocks in the oil and gas downstream industries fell the most, with the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) down 2.5%. 
<h2 class="wp-block-heading">Tuesday's Stock Movers</h2>
<ul>
<li>Shares of Juniper Networks Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>) experienced a significant rally, jumping almost 22% on Tuesday, following reports that Hewlett Packard Enterprise (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) is approaching a deal worth $13 billion to acquire the networking equipment company. Hewlett Packard Enterprise fell 8%, reacting to the news. </li>
<li>Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) fell 0.6%, after dropping as much as 8% on Monday.</li>
<li>Sarepta Therapeutics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NYSE">SRPT</a>) saw a significant 11.7% increase in its stock price, continuing to gain traction following a nearly 6% surge on Monday, driven by the company&#8217;s strong preliminary results for both the fourth quarter and full-year 2023.</li>
<li>Unity Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>) experienced a 7.9% decline in its stock value following the company&#8217;s announcement on Monday that it plans to reduce its workforce by 1,800 employees, constituting 25% of its total workforce.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36561497/boeing-faces-reputational-damage-after-midair-door-blowout-4-analysts-on-collateral">Boeing Faces &#8216;Reputational Minefield&#8217; After Midair Door Blowout: 4 Analysts On Collateral Damage From 737 MAX 9 Grounding</a>
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Stocks Flip To Losses, Nvidia Defies Gravity, Bitcoin Pauses For A Breather: What's Driving Markets Tuesday?

Wall Street kicked off the week on a positive note, marking a turnaround from the challenging start to the year. All major stock indices showed gains, except for the Dow Jones, as financial conditions<a href="https://www.benzinga.com/markets"> showed signs of improvement.</a>
The yield on the 10-year Treasury Note dropped by 7 basis points, slipping below the 4% mark once again. Investors welcomed a widespread drop in the prices of major energy commodities, with both oil and natural gas declining <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36536911/us-energy-stocks-dive-on-crude-natural-gas-price-slump-contrarian-analyst-says-own-">by 4.5% and 2.5%, respectively</a>, by noon in New York.
The tech-heavy Nasdaq 100 saw a robust rally, surging by 1.4%. It was on track for its most impressive daily performance in a month, primarily fueled by a boost in the Magnificent Seven and semiconductor companies. NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) registered a gain of 4.4%, while Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) posted a substantial 5.2% increase.
The S&amp;P 500 index recorded a 0.6% advance, with the technology sector leading the way. However, the energy, industrials, and financial sectors lagged behind in performance.
Small-cap stocks also made a comeback, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) surging by 1%. This positive movement followed six consecutive sessions of declines.
In contrast, the Dow Jones Industrial Average experienced a slight dip of 0.2%, largely influenced by Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), which saw a significant 7% <a href="https://www.benzinga.com/markets/equities/24/01/36538915/boeing-737-max-9-groundings-trigger-stock-turbulence-for-carriers-as-regulators-order-safety-che">drop in its stock price</a>.
Bonds managed to recover after experiencing significant declines the previous week. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) registered a gain of 1%. The U.S. dollar faced depreciation, with the U.S. dollar index (DXY) slipping by 0.4%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) once again made gains, surging beyond the $45,000 mark with a rise of over 2%. This surge was attributed to new entrants from traditional finance proposing <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36532709/fee-war-erupts-among-bitcoin-etf-applicants-could-wave-of-capital-inflow-make-it-the-most-">Bitcoin ETF applications</a>. The market anticipates a decision from the SEC later this week. In contrast, gold experienced a decrease of 0.7%, trading at $2,029 per ounce.
<h2 class="wp-block-heading">Monday'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>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,520.34</td>
<td>1.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>194.81</td>
<td>0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,723.79</td>
<td>0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,381.44</td>
<td>-0.2%</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>) inched 0.6% higher to $470.70, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.2% to $373.88 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 1.4% to $402.12, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, tech rallied, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) up 1.9%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) also saw a notable uptick, up 1%. 
On an industry level, semiconductors sharply outperformed, with the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) up 3%. Stocks in the oil and gas sector tumbled, with the SPDR Oil &amp; Gas Exploration and Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) falling 2.2%. Even sharper losses were felt in the downstream industry, with the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) down 3.5%. 
<h2 class="wp-block-heading">Monday's Stock Movers</h2>
<ul>
<li>Boeing Company fell by 7%, its worst performance since late October 2022, following an FAA order to temporarily ground 171 Boeing 737 Max 9 jets after an emergency landing incident.</li>
<li>NVIDIA rallied by nearly 5% as plans to produce its H20 artificial intelligence chip in the second quarter were reported by Reuters.</li>
<li>AMD rose by over 5% after unveiling the new AMD Ryzen 8000G Series desktop processor and introducing Ryzen AI, featuring dedicated AI neural processing units for desktop personal computer processors.</li>
<li>American Airlines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NYSE">AAL</a>) saw its stock rise by over 6% following an upgrade from Morgan Stanley, setting a price target of $20.</li>
<li>Crocs Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CROX#NASDAQ">CROX</a>) stock surged by nearly 20% after the company raised its fourth-quarter sales forecast, citing a successful holiday season.</li>
<li>Abercrombie &amp; Fitch Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) achieved a 5.6% stock increase, reaching fresh all-time highs. This came after the company raised its fourth-quarter and annual net sales forecast due to strong demand during the holiday shopping period.</li>
<li>Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>), Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) and Baker Hughes Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NYSE">BKR</a>) experienced declines of 4.5%, 3.8%, and 4.6%, respectively, attributed <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36536911/us-energy-stocks-dive-on-crude-natural-gas-price-slump-contrarian-analyst-says-own-">to lower energy prices.</a></li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/24/01/36538915/boeing-737-max-9-groundings-trigger-stock-turbulence-for-carriers-as-regulators-order-safety-che">Boeing 737 Max 9 Groundings Trigger Stock Turbulence For Carriers As Regulators Order Safety Checks</a>
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US Stocks Rebound, Semiconductors Shine, Boeing's Struggles Weigh On Dow: What's Driving Markets Monday?

The U.S. oil and gas sector witnessed a significant downturn on Monday, with industry stocks falling sharply alongside a decline in oil <a href="https://www.benzinga.com/topic/oil">and natural gas prices.</a>
The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), a gauge for energy equities, dropped nearly 3%, signaling a broad-based retreat from last week&#8217;s 1% gain. Industry-specific ETFs, including the SPDR Oil &amp; Gas Exploration and Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) and the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), also recorded steep declines. 
WTI crude prices plummeted by nearly 5% to $70 per barrel on Monday. The catalyst for the fall can be traced back to Saudi Arabia&#8217;s decision to slash crude prices across all regions for February, reflecting concerns over waning demand. 
Concurrently, increasing oil production from both OPEC and non-OPEC countries has heightened the prospect of a market surplus. According to a Reuters survey, OPEC&#8217;s output in December saw an uptick of 70,000 barrels per day, culminating in a production rate of 27.88 million bpd.
In the natural gas arena, U.S. prices at the Henry Hub dipped as much as 6% to $2.77/MMBtu, retreating from a six-week peak of $2.90. This decline was attributed to forecasts indicating warmer weather and the adequacy of natural gas reserves that are 13% above the seasonal norm due to unprecedented domestic production.
<h2 class="wp-block-heading">Chart: Monday&#8217;s Sell-Off In Energy Assets</h2>
<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/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c-1024x495.png" alt="" class="wp-image-176364" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Monday&#8217;s Laggards In The Energy Sector</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Security Name</th>
<th>Price</th>
<th>% Return</th>
</tr>
</thead>
<tbody>
<tr>
<td>Schlumberger Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>)</td>
<td>$49.66</td>
<td>-4.24%</td>
</tr>
<tr>
<td>Targa Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>)</td>
<td>$82.17</td>
<td>-4.22</td>
</tr>
<tr>
<td>Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>)</td>
<td>$34.47</td>
<td>-4.18</td>
</tr>
<tr>
<td>Baker Hughes Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NYSE">BKR</a>) </td>
<td>$32.17</td>
<td>-3.74</td>
</tr>
<tr>
<td>Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>)</td>
<td>$23.56</td>
<td>-3.40</td>
</tr>
<tr>
<td>Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>)</td>
<td>$99.18</td>
<td>-3.36</td>
</tr>
</tbody>
</table>
</figure>
<h2 class="wp-block-heading">&#8216;Own Commodities In 2024&#8217;, Former Goldman Commodities Chief Says</h2>
Despite the current downturn, Jeff Currie, former commodity research chief at Goldman Sachs, provided a bullish outlook for the commodity sector during an interview on Bloomberg TV.
The fundamental setup for commodity markets is more favorable compared to the previous year, Currie said. He highlighted that if central banks shift toward interest rate cuts, it could pave the way for a robust performance in 2024, dubbing it a &#8220;classic &#8216;own commodities'&#8221; scenario. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Jeff Currie, who spearheaded commodities research at Goldman for almost 30 years, remains bullish on the sector for this year <a href="https://t.co/TfEEjOAMy4">https://t.co/TfEEjOAMy4</a>
&mdash; Bloomberg Markets (@markets) <a href="https://twitter.com/markets/status/1744331793988239376?ref_src=twsrc%5Etfw">January 8, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Currie emphasized that demand for raw materials is soaring, inventories remain low, and production capacity is virtually maxed out. He earmarked copper, in particular, as having substantial potential for price increases after a stagnant 2023.
The Invesco DB Commodity Index Tracking Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBC#NYSE">DBC</a>) tumbled 2.3% on Monday, touching its lowest point in nearly two years, with prices hovering well below key long-term moving averages, which could be indicative of broader commodity market pressures.
<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/2024/01/08111007/newplot-8-1.jpeg" alt="" class="wp-image-176367" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08111007/newplot-8-1.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08111007/newplot-8-1-300x300.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08111007/newplot-8-1-150x150.jpeg 150w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
Photo via Shutterstock.

New ETFs

PowerShares DBmmodity Index Optimum Yield Diversified Fund

TRGP

US Energy Stocks Dive On Crude, Natural Gas Price Slump: Contrarian Analyst Says 'Own Commodities' In 2024

The early 2024 sell-off has slowed down on Wall Street, with major indices showing flat or marginal performance at noon in New York on Thursday, except for the tech-heavy Nasdaq 100, which <a href="https://www.benzinga.com/markets">continued to drop</a>. 
On the data front, the December employment growth report measured by ADP significantly exceeded market expectations (164,000 vs. 115,000), signaling the ongoing resilience of the American labor market while awaiting <a href="https://www.benzinga.com/economics/macro-economic-events/24/01/36493148/december-jobs-report-preview-could-strong-labor-market-data-shift-march-rate-cut-">Friday&#8217;s official jobs report.</a>
Yields on Treasuries surged upward, with increases of about 7 basis points across the yield curve, as markets slightly reduced the chances of a rate cut in March. According to CME Group&#8217;s FedWatch, speculators are now pricing in a March rate cut with a 65% chance, down from nearly 85% a week earlier.
The popular iShares 20+ Year Treasury Bond ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NYSE">TLT</a>) fell 1.6%, on track for its heaviest loss in two months.
The U.S. dollar held steady, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rebounded 2.8%, following a 4.7% loss on Wednesday. 
<h2 class="wp-block-heading">Thursday'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>%</th>
</tr>
</thead>
<tbody>
<tr>
<td>Dow Jones</td>
<td>37,520.60</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,961.18</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,704.38</td>
<td>0.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,329.99</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 0.1% higher to $469.11, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.3% and&nbsp;the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) eased 0.1% to $397.80, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) rose by 0.8%, outperforming other sectors. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) underperformed for the second straight session, down 0.6%. 
Among industries, the U.S. Global JETS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) outperformed, up 2.2%. Solar stocks, as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), fell 2.2%.
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul>
<li>Apple fell 1.1%, on track for a four-day losing streak.</li>
<li>Cruise lines 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>) rallied 4.2% and 3.3%, respectively, after sharp losses suffered on Wednesday. </li>
<li>QuantumScape Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QS#NYSE">QS</a>) rose 44%, following a positive&nbsp;update on battery testing capabilities from&nbsp;a Volkswagen subsidiary.</li>
<li>Peloton Interactive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTON#NASDAQ">PTON</a>) rose 13%, after the company announced its collaboration with TikTok&nbsp;to boost brand identity. </li>
<li>Walgreens Boots Alliance, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) fell 8% after the company announced a dividend cut. </li>
<li>Truist Financials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>) rose nearly 2%, after Bank of America upgraded the regional bank from Neutral to Buy, raising the price target from $37 to $43.</li>
</ul>
 Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36493112/why-this-truist-financial-analyst-is-turning-bullish">Why This Truist Financial Analyst Is Turning Bullish</a>
Photo via Shutterstock.

ENPH

NCLH

PTON

SOFI

Tech Stocks Ease Further, Bond Yields Rise, Banks Outperform: What's Driving Markets Thursday?

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.

PYPL

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

Wall Street is navigating another quiet session characterized by low trading volumes in the post-holiday period. The S&amp;P 500 index continues its gradual ascent toward retesting its all-time highs, edging up by just 0.1% as of midday trading in New York.
The Nasdaq 100 is mirroring this performance while achieving a significant milestone, boasting a 55% gain since the beginning of the year. This marks its <a href="https://www.benzinga.com/23/12/36411620/nasdaq-100-eyes-best-year-since-dot-com-boom-ai-feds-pivot-behind-techs-stunning-revival">best-performing year since 1999.</a>
Blue-chip stocks in the Dow Jones Industrial Average edged 0.1% higher. Small-cap stocks, on the other hand, are taking a breather. The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) is down 0.3% after enjoying a 14% rise since the start of the month. 
On the data front, weekly jobless claims have increased from 206,000 to 218,000, slightly surpassing the expected figure of 210,000.
Treasury yields have seen minor upticks of approximately 3 basis points across the yield curve. This modest increase has interrupted the fixed-income rally, causing the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) to decline by 0.6%.
Gold has remained relatively stable, priced at $2,075 per ounce, while crude oil, tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), has fallen by 1%.
In the crypto domain, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) suffers a 2.3% decline. This drop followed the news that <a href="https://www.benzinga.com/topic/cathie-wood">Cathie Wood </a>decided to offload her remaining shares of the Grayscale Bitcoin Trust (GBTC), valued at around $200 million. Her move comes ahead of the highly anticipated approval of a Bitcoin ETF in January.
<h2 class="wp-block-heading">Thursday&#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>Chg</th>
<th>%</th>
</tr>
</thead>
<tbody>
<tr>
<td>Dow Jones</td>
<td>37,714.17</td>
<td>+57.65</td>
<td>0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,788.32</td>
<td>+6.74</td>
<td>0.1%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,921.52</td>
<td>+14.72</td>
<td>0.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,062.25</td>
<td>-0.57</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>) is 0.1% higher to $477.04, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) is 0.1% higher to $377.01 and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) is holding steady at $412, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperforms, up by 0.5%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lags behind, down 0.8%. 
Among industries, the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) gains 1%, while the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) falls 1.5%.
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul>
<li>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) rises 2.5%, leading gains among large-cap tech. </li>
<li>Crypto-related stocks had a mixed reaction to the Bitcoin&#8217;s decline: Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) holds steady, Bit Digital Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTBT#NASDAQ">BTBT</a>) rises 1.8%, while Riot Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) and Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) fall 4% and 7%, respectively. </li>
<li>Penn Entertainment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NYSE">PENN</a>) rallies 7%, after leading shareholder hedge fund HG Vora Capital Management has sought the authority to nominate members to the company&#8217;s board of directors. </li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/23/12/36414253/spy-etf-on-track-for-500b-milestone-boosted-by-s-p-500s-peak-performance-record-inflows-in-2023">SPY ETF On Track For $500B Milestone, Boosted By S&amp;P 500&#8217;s Peak Performance, Record Inflows In 2023</a>
Photo: Shutterstock

BTBT

MASI

PENN

S&P 500 Inches Higher, Small-Cap Rally Stalls, Bitcoin Sinks: What's Driving Markets Thursday?

The U.S. stock market experienced a quiet day on Wednesday, with major indices showing minimal movement amid typical year-end low volume activity. The S&amp;P 500 hovered around 4,777 points, remaining less than one percentage point from its <a href="https://www.benzinga.com/markets">recent all-time highs.</a>
Tech stocks in the Nasdaq 100 paused, while blue-chip and small-cap stocks posted minor gains.
The Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), a measure of the dollar&#8217;s performance, fell by 0.6% as Treasury yields continued their downward trend.
The yield on the 10-year Treasury note dropped to 3.82%, reaching a new five-month low. Yields on the longer-dated 30-year Treasuries fell below 4% for the first time since late July.
As yields and the dollar weakened, gold prices, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), found support, with the precious metal rising 0.9% to $2,080 per ounce. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also showed a positive session, increasing by 1.4% amid optimistic prospects for near-term ETF approval. Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) soared over 6%. 
<h2 class="wp-block-heading">Wednesday&#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>Dow Jones</td>
<td>37,638.46</td>
<td>+0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,063.17</td>
<td>+0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,885.34</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,777.22</td>
<td>0.0%</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 flat at $475.61, 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 $375.93&nbsp;and&nbsp;the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) held steady at $410.75, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) continued to outperform, up by 0.5%, buoyed by declining Treasury yields. 
Staples and utilities outperformed, with both the Consumer Staples 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 Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was the laggard, down 0.3%, as oil prices inched 1.5% lower. 
Among industries, the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) led gains, up 1.7%, while oil services lagged behind, with the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) falling 0.4%. 
<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>) gained 2.4% amid plans to launch a revamped version of Model Y from its Shanghai plant. </li>
<li>Crypto-related stocks soared: Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) rose 7%, Bit Digital Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTBT#NASDAQ">BTBT</a>) rallied 16% and Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) was up 12%. </li>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) held steady after a U.S. Court of Appeals temporarily halted an import ban imposed by the U.S. International Trade Commission due to patent infringements on certain models of the company&#8217;s smartwatches. Masimo Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MASI#NASDAQ">MASI</a>) fell 3%. </li>
</ul>
Read now: <a href="Gene Munster Predicts 1990s-Like Surge In Tech Stocks, Cautions Against AI's 'Bubble-Like' Environment">EXCLUSIVE: Gene Munster Predicts 1990s-Like Surge In Tech Stocks, Cautions Against AI&#8217;s &#8216;Bubble-Like&#8217; Environment</a>
Photo via Shutterstock.

PowerShares DB US Dollar Index Bullish Fund

US Stocks Pause, Gold Rises As Dollar, Treasury Yields Fall: What's Driving Markets Wednesday?

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

MANU

PLUG

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

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.

PAYX

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>
Photo via Shutterstock.

Small Business

EXAS

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

Wall Street was enjoying a bullish Thursday afternoon, propelled by AI stocks and tech giants, as investors grew increasingly optimistic about the disruptive technology.
Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) surged by 8% following news that Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) will harness AMD&#8217;s new AI chip, Instinct MI300X, in a challenge to Nvidia Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)<a href="https://www.benzinga.com/news/large-cap/23/12/36124046/move-aside-nvidia-meta-microsoft-opt-for-new-amd-artificial-intelligence-chip"> market dominance.</a>
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) soared by 6% as Wall Street celebrated the launch of <a href="https://www.benzinga.com/news/23/12/36127273/google-launches-gemini-ai-signals-new-era-in-artificial-intelligence">Gemini</a>, a new artificial intelligence model with the potential to close the gap in its race against Microsoft-backed OpenAI.
The Nasdaq 100 was up 1.4%, on track to deliver its best daily performance since Nov. 14.
Treasury yields remained stable on Thursday, with the market temporarily pausing its focus on monetary policy, awaiting more insights into the job market&#8217;s health with the November jobs report set to be released Friday morning.
The dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), declined by 0.8%, primarily driven by a 2.6% drop of the greenback against the Japanese yen, the most significant movement since Dec. 20, 2022.
Gold remained steady at $2,020 per ounce, while oil continued its downward trend, slipping by 0.5% and heading for its sixth consecutive negative session.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) experienced a 1% decline following <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36118823/jp-morgan-ceo-calls-for-a-shut-down-of-bitcoin-and-the-crypto-industry-heres-how-social-me">negative remarks</a> from JPMorgan CEO, Jamie Dimon.
<h2 class="wp-block-heading">Thursday&#8217;s Performance of Major US Indices &amp; ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Major Indices </th>
<th>Price</th>
<th>Change</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,017.51</td>
<td>+229.46</td>
<td>+1.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,583.74</td>
<td>+34.40</td>
<td>+0.8%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>185.06</td>
<td>+1.00</td>
<td>+0.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>36,118.93</td>
<td>+64.50</td>
<td>+0.2%</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust&nbsp;(ARCA: <a style="font-size: revert" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) edged 0.77% higher to $458.23. </li>
<li>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&nbsp;$361.97.&nbsp; </li>
<li>The Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) rallied 1.4% to $390.53</li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.5% to $184.96, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> </li>
</ul>
<h2 class="wp-block-heading">Chart Of The Day: Yen Takes Revenge</h2>
<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/2023/12/07140209/USDJPY_2023-12-07_18-01-18_67020-1024x495.png" alt="" class="wp-image-157224" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/07140209/USDJPY_2023-12-07_18-01-18_67020-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/07140209/USDJPY_2023-12-07_18-01-18_67020-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/07140209/USDJPY_2023-12-07_18-01-18_67020-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/07140209/USDJPY_2023-12-07_18-01-18_67020-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/07140209/USDJPY_2023-12-07_18-01-18_67020.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETF Performance</h2>
Communication services and technology led gains, with the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) and the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) up by 2.4% and 1.1% respectively. 
Energy continued to lag, with the Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) down 0.7%, on track for its fourth straight sessions of losses. 
Industry-wise, airline stocks outperformed, with the U.S. Global Jets (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) up 2.2%, followed by semiconductors, with the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) up 2%. Industry laggards were the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), down 0.9%, and the SPDR S&amp;P Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIE#NYSE">KIE</a>), down 0.4%. 
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>1D%</th>
</tr>
</thead>
<tbody>
<tr>
<td>Communication Services </td>
<td>2.39%</td>
</tr>
<tr>
<td>Technology </td>
<td>1.14%</td>
</tr>
<tr>
<td>Cons. Discretionary (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>0.86%</td>
</tr>
<tr>
<td>Materials (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>0.62%</td>
</tr>
<tr>
<td>Cons. Staples (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>0.54%</td>
</tr>
<tr>
<td>Financials (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>0.32%</td>
</tr>
<tr>
<td>Industrials (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>0.10%</td>
</tr>
<tr>
<td>Real Estate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>0.05%</td>
</tr>
<tr>
<td>Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>0.02%</td>
</tr>
<tr>
<td>Health Care (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>-0.05%</td>
</tr>
<tr>
<td>Energy </td>
<td>-0.73%</td>
</tr>
</tbody>
</table>
</figure>
<h2 class="wp-block-heading">Latest Economic Data</h2>
<ul>
<li>New unemployment benefit claims held steady, with 220,000 initial claims reported for the week ending Dec. 2, broadly unchanged from the revised figure of 219,000 in the previous week. </li>
<li>Freddie Mac reported that the 30-year fixed mortgage rate fell from 7.27% to 7.03% as of Dec. 6. </li>
<li>Wholesale inventories saw a 0.4% month-over-month decline in October, surpassing the initial estimate of a 0.2% decrease and following a revised flat performance in the previous month.</li>
</ul>
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) surged by 7.6% on Thursday following the company&#8217;s announcement of an expanded range of COVID-19 and flu testing and treatment options. </li>
<li>Dish Network Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DISH#NASDAQ">DISH</a>) and EchoStar Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SATS#NASDAQ">SATS</a>) rose 8.3% and 7.8%, respectively, after receiving approval from the Federal Communications Commission for their proposed merger. </li>
<li>R1 RCM Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCM#NASDAQ">RCM</a>) fell over 6% after Deutsche Bank lower the stock&#8217;s price target from $19 to $16. </li>
<li>Teradata Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDC#NYSE">TDC</a>) fell over 6% despite a lack of market-sensitive news. </li>
<li>Lulemon Athletica inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) was 0.8% higher, ahead of company&#8217;s earnings report after market close. </li>
<li>Following the closing bell, Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), The Cooper Companies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COO#NASDAQ">COO</a>), DocuSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>), and Vail Resorts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTN#NYSE">MTN</a>) will release their results. </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36138288/moodys-staff-in-china-advised-to-work-from-home-amid-fear-of-government-inspections">Moody&#8217;s Staff In China Advised To Work From Home Amid Fear Of Government Inspections</a>
Photo: Shutterstock

Earnings

Currency ETFs

Forex

AVGO

DISH

DOCU

GOOG

GOOGL

LULU

SATS

Wall Street Revels In Gains As AI, Tech Titans Surge; Dollar Plunges Against Yen: What's Driving Markets Thursday?

Major large-cap stock indices hovered around parity during early afternoon trading in New York, in a rather subdued trading session on Wall Street. 
Traders are grappling with mixed sentiments in the wake of weaker-than-expected ADP employment data from the previous month, hinting at a potential cooling in labor market conditions. This uncertainty looms large ahead of Friday&#8217;s <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36115380/cooling-signs-in-us-job-market-raise-concerns-ahead-of-november-jobs-report-the-b">eagerly anticipated jobs report.</a>
The prospect of a softer labor market could indeed fuel expectations of future interest rate cuts by the Federal Reserve, but it also raises concerns about weakening household demand, which could cast a shadow on corporate sales and earnings.
In this climate of uncertainty, investors are flocking to haven assets such as Treasuries and gold, while taking a more cautious stance on stocks. 
The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), which tracks the performance of long-dated Treasury securities, surged by 1.4%, building on Tuesday&#8217;s impressive gain of 2.5%. 
On the flip side, oil prices tumbled, with West Texas Intermediate (WTI) crude slipping below the <a href="https://www.benzinga.com/news/23/12/36112158/oil-enters-bear-market-as-crude-prices-slump-to-five-month-low">$70 per barrel mark</a>. This marks the lowest level seen since early July 2023, as traders continue to question the effectiveness of OPEC&#8217;s production cuts and grapple with growing concerns of a global economic slowdown.
Energy stocks, as reflected by the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), emerged as Wednesday&#8217;s notable underperformers, down by 1.8%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) flattened after crossing the $44,000 milestone, propelling its total market capitalization to an impressive $860 billion
<h2 class="wp-block-heading">Wednesday&#8217;s Performance of US Indices</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.09%</td>
<td>15,864.12</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.06%</td>
<td>4,574.00</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.06%</td>
<td>36,142.17</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.77%</td>
<td>1,870.37</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust&nbsp;(ARCA: <a style="font-size: revert" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) edged 0.1% lower to $456.18. </li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was steady at $362.10.  </li>
<li>The Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) eased 0.1% to $386.79</li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.8% to $185.77, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> </li>
</ul>
<h2 class="wp-block-heading">Chart Of The Day: Bonds On The Launching Pad</h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/06135254/TLT_2023-12-06_17-52-39_b0708-1024x723.png" alt="" class="wp-image-156463" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/06135254/TLT_2023-12-06_17-52-39_b0708-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/06135254/TLT_2023-12-06_17-52-39_b0708-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/06135254/TLT_2023-12-06_17-52-39_b0708-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/06135254/TLT_2023-12-06_17-52-39_b0708.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETF Performance</h2>
Aside from the energy sector&#8217;s underperformance, other laggards were the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and the Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>), down 0.4% and 0.3%, respectively. 
Major gainers were the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), up 1%, and the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), up 0.8%. 
On an industry level, airline stocks, as tracked by the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) rose by 3.5%. Oil services, as tracked by the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), fell the most, down 2.8%. 
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) rose 3.6% after the company announced a share buyback program of $500 million in Q4. </li>
<li>Altria Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>) and Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>) both experienced declines of 2.6% and 1.7%, respectively, as they were impacted by the ripple effect of British American Tobacco Industries plc&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTI#NYSE">BTI</a>) substantial $31.5 billion devaluation of its cigarette brands, a move that had caused an 9% drop in the stock price. </li>
<li>Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) surged over 7% after revealing plans to lower prices and offer greater customization options for its 2024 models, targeting a wider consumer base in North America.</li>
<li>Campbell Soup Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPB#NYSE">CPB</a>) rose nearly 8% after the company reported better-than-predicted earnings in the fiscal Q1. </li>
<li>Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) soared over 5%, amid improving sentiment in travel stocks. </li>
<li>Brown Forman Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BF#NYSE">BF</a>) fell nearly 9% on disappointing quarterly results. </li>
<li>SentinelOne Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) is up more than 16% following positive quarterly earnings.</li>
<li>Robinhood Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) is up 9%, on track for the fourth consecutive session of gains, fueled by the recent broad-based crypto rally. </li>
<li>MongoDB Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) fell 7% despite strong results in Q3, and several analysts raising price target for the stock. </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36113326/2024s-potential-stock-surprises-goldman-sachs-unveils-s-p-500-laggards-for-major-ga">2024&#8217;s Potential Stock Surprises: Goldman Sachs Unveils S&amp;P 500 Laggards For Major Gains</a>
Photo: Shutterstock