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Rising Treasury yields have investors cautious despite positive news from the earnings season.



The yield on the long-dated 30-year Treasury bond has surged to 4.79%. It’s on track to close at the highest level since early November, ahead of crucial economic data on Thursday.

Treasury Yields Rise, Tesla Jumps On Cheaper Model Pledge, Yen Plummets To 34-Year Lows: What&#39;s Driving Markets Wednesday?

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Stocks surged as weak economic data raised hopes for Fed rate cut. S&amp;P 500 up 1.2%, Nasdaq 100 up 1.5%, Dow Jones up 0.6%. Spotify shares jump 17% on earnings.

Stocks Rally On Weaker PMI Data, Tech Earnings Optimism, Dollar Falls: What&#39;s Driving Markets Tuesday?

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U.S. stocks are poised to break a six-day losing streak, marking the end of the longest downward trend since September 2022.

Stocks Set To Snap Worst Losing Streak In Nearly 2 Years, Gold Sinks, Bitcoin Reclaims $66,000: What&#39;s Driving Markets Monday?

Rising Treasury yields have investors cautious despite positive news <a href="https://www.benzinga.com/calendars/earnings">from the earnings season.</a>
The yield on the long-dated 30-year Treasury bond has surged to 4.79%. It&#8217;s on track to close at the highest level since early November, ahead of crucial economic data on Thursday.
The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) fell 0.9%, extending its year-to-date drop to 10%. 
Rising yields are propelling the greenback higher, particularly against the low-yielding Japanese yen which tumbled to past 155 per dollar, hitting the lowest level since June 1990.
Tesla Inc. posted lower-than-expected results last quarter, but shares rose 10%. Investors reacted to the automaker&#8217;s pledge to produce more affordable models to broaden the market.
The S&amp;P 500 fell 0.4% by midday trading in New York; the tech-heavy Nasdaq 100 managed to hold steady; and small caps saw wider declines, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) down 1%. 
Gold remains unchanged, while oil prices edged up by 0.5%, despite the Energy Information Administration revealing a 6.368 million barrel drop in crude oil inventories last week, significantly below market expectations of a 1.6 million barrel increase.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2.7% to $64,500 amid waning sentiment towards riskier assets. 
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US 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>Nasdaq 100</td>
<td>17,470.46</td>
<td>0.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,334.54</td>
<td>-0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,048.09</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,983.56</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:35 p.m. EDT</figcaption></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>) fell 0.5% to $503.45, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.4% to $383.43 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.1% lower to $424.43, 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>) outperformed, up 0.3%. The Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) was the major laggard, down 1.5%. 
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) rose 6.5%, after beating both earnings and revenue estimates last quarter. </li>
<li>Other companies reacting to earnings were Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) (down 2.5%), Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) (up 3.6%), Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) (down nearly 2%), Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), (down over 3%), Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>) (down over 10%), Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) (down 5%), Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>) (up over 6%), AT&amp;T Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) (up 1.8%), Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) (down 1.6%), CME Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) (down 1.4%), General Dynamics Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) (down 3.2%) and Hilton Worldwide Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>) (up 4.3%). </li>
<li>Notable names reporting after the close are Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>), Western Union Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WU#NYSE">WU</a>), ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>), QuantumScape Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QS#NYSE">QS</a>), O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>), Meta Platforms, Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>), Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>), Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>), International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>).</li>
</ul>
Now Read: <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38410454/treasury-yields-reach-5-month-high-lift-mortgage-rates-expert-warns-federal-debt-">Treasury Yields Reach 5-Month High, Lift Mortgage Rates; Expert Warns &#8216;Federal Debt Blob Is Out Of Control&#8217;</a>

Treasury Yields Rise, Tesla Jumps On Cheaper Model Pledge, Yen Plummets To 34-Year Lows: What's Driving Markets Wednesday?

Stocks surged across the board on Tuesday, gaining momentum after Monday&#8217;s rebound as unexpectedly weak economic data bolstered hopes for a potential Federal Reserve rate cut <a href="https://www.benzinga.com/federal-reserve">by the end of the summer</a>.
What Happened: The S&amp;P Global&#8217;s Purchasing Managers&#8217; Index (PMI) for April indicated a significant deceleration in private sector growth—the slowest in four months—also highlighting reduced inflationary pressures <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38381361/us-private-sector-growth-unexpectedly-slows-in-april-marks-lowest-increase-in-4-mon">from wages and services.</a>
Market-implied probabilities for a rate cut by the Fed as early as September jumped to 72%, up from 67% on Monday, according to CME Group&#8217;s FedWatch Tool. 
Meanwhile, corporate earnings have generally exceeded expectations, with investors now eagerly anticipating results from Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), slated for release after market close.
By midday trading in New York, the S&amp;P 500 climbed 1.2%, setting the stage for its best performance in over a month. The Nasdaq 100 outperformed the broader market, up 1.5%, while the Dow Jones Industrial Average saw a more modest increase of 0.6%.
The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) outperformed its large-cap counterparts, jumping 1.7% and marking its most significant gain since late March.
The dollar declined by 0.4%, and Treasury yields slightly fell. In the commodities market, gold remained steady following its sharpest drop in years on Monday, while oil prices inched 1% higher. Bitcoin edged down slightly by 0.3% to $66,640.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US 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>Russell 2000</td>
<td>2,002.50</td>
<td>1.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,463.15</td>
<td>1.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,068.20</td>
<td>1.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,468.74</td>
<td>0.6%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:37 p.m. EDT</figcaption></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>) rose 1.2% to $505.50, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.6% to $384.94 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 1.5% to $425.11, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 1.8%. The Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) was the major laggard, down 0.5%. 
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
<ul>
<li>Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) saw its shares surge 17% following a robust earnings beat, setting the stock on course for its best single-day performance since its 2018 IPO.</li>
<li>Other companies reacting to recent earnings were Globe Life Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GL#NYSE">GL</a>), up 13%, GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>),up 7.3%, Danaher Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHR#NYSE">DHR</a>), up 7.3%, General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), up 5%, Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>), up nearly 3%, PepsiCo. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NYSE">PEP</a>), down 2.2%, United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>), up 2%, Xerox Holdings Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NYSE">XRX</a>), down 11%, MSCI Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSCI#NYSE">MSCI</a>), down 14%, LKQ Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LKQ#NASDAQ">LKQ</a>), down 14%, Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>), flat, and Lockheed Martin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), up 0.5%, </li>
<li>Notable names reporting after the close other than Tesla Inc. and Visa, Inc. are Texas Instruments, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>), Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>), Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>), Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), Canadian National Railway Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) and Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>).</li>
</ul>
Now Read: <a href="https://www.benzinga.com/markets/asia/24/04/38380008/us-mulls-sanctions-on-beijing-banks-for-alleged-role-in-putins-war-in-ukraine-china-cant-have-it-bot">US Mulls Sanctions On Beijing Banks For Alleged Role In Putin&#8217;s War In Ukraine: &#8216;China Can&#8217;t Have It Both Ways,&#8217; Blinken Says</a>

Stocks Rally On Weaker PMI Data, Tech Earnings Optimism, Dollar Falls: What's Driving Markets Tuesday?

U.S. stocks are poised to break a six-day losing streak, marking the end of the longest downward <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38342242/powell-middle-east-fears-weigh-on-tech-stocks-treasury-yields-hit-5-gold-notches-fifth-wee">trend since September 2022.</a>
At noon trading in New York on Monday, major indices all traded higher, indicating modest gains, as investors prepare for a week jam-packed with pivotal earnings reports from major corporations, including Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), and Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>).
Easing geopolitical tensions in the Middle East bolstered market sentiment but exerted downward pressure on key global commodities. 
Gold plunged 2.5% to $2,330 per ounce, marking its most significant single-day decline since June 2022, while silver tumbled 5%, poised for its worst daily performance since last October. 
Oil prices were broadly steady, erasing early session losses, with the West Texas Intermediate (WTI) light crude trading at $82 a barrel.
Treasury yields saw no movements, amid lack of rate-sensitive data. 
Positive risk sentiment aided Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), with the largest cryptocurrency rising above $66,000, on track for its highest close in more than a week. 
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,975.07</td>
<td>1.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,013.74</td>
<td>0.9%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,199.55</td>
<td>0.9%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,300.54</td>
<td>0.8%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:30 p.m. EDT</figcaption></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>) rose 1% to $500.03, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.8%% to $383.02 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 1% to $417.03, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), soared 1.2%. 
Sector-wise, the Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1.4%, followed by the Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>), up 1%. The Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) was the major laggard, up 0.2%. 
<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>
<ul>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) rose over 5%, emerging as the top performer within the S&amp;P 500, potentially driven by heightened anticipation surrounding the automaker&#8217;s forthcoming quarterly results scheduled for unveiling this Wednesday.</li>
<li>Wolfspeed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) surged nearly 10% following reports that activist investor Jana Partners is pushing the world&#8217;s largest silicon carbide manufacturer to explore various avenues to enhance shareholder value, including the possibility of a sale. </li>
<li>Informatica Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INFA#NYSE">INFA</a>) saw a decrease of over 8% as the company confirmed it is not presently involved in any acquisition discussions. </li>
<li>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) rose over 5% amid the broader cryptocurrency market rebound. </li>
<li>Cardinal Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAH#NYSE">CAH</a>) experienced a 5% decline following the company&#8217;s announcement that its pharmaceutical distribution contracts with UnitedHealth Group Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) OptumRx unit will not be renewed after expiring at the end of June.</li>
<li>Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) tumbled over 3%, as gold prices fell. </li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38356886/s-p-500-trades-at-two-month-low-where-is-the-next-support">S&amp;P 500 Trades At Two-Month Low: Where Is The Next Support?</a>
Photo: Shutterstock

Stocks Set To Snap Worst Losing Streak In Nearly 2 Years, Gold Sinks, Bitcoin Reclaims $66,000: What's Driving Markets Monday?

Wall Street can breathe a sigh of relief following the tense events on Saturday night, when Iran launched <a href="https://www.benzinga.com/news/24/04/38240360/what-a-full-blown-war-between-israel-and-iran-could-entail-according-to-one-report">airstrikes against Israel</a>.
For now, the specter of escalation towards a larger conflict seems to have been mitigated, as both U.S. and U.K. allies <a href="https://www.benzinga.com/news/24/04/38241324/slow-things-down-biden-tells-netanyahu-to-think-response-through-after-iran-missile-attack-on-israel">have sternly cautioned </a>Israeli Prime Minister Benjamin Netanyahu against any retaliatory actions towards Tehran. 
Major U.S. indices moved sideways in midday trading on Monday in New York, halting the significant losses recorded last Friday and the risks of a further extension following l<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38252086/oil-gold-markets-swing-from-war-fears-to-calm-over-israel-iran-tensions-what-analys">ast Saturday&#8217;s heightened geopolitical tensions. </a>
The market sentiment was further bolstered by a retail sales report that significantly exceeded expectations, showing a 0.7% increase last month. However, this robust data slightly tempered expectations for Federal Reserve rate cuts, with investors currently factoring in about 40 basis points of cuts by year-end. 
Bond yields sharply surged, causing downward pressures in fixed-income assets. The yield on the 30-year Treasury bond spiked 11 basis points to 4.75%, reaching the highest in six months. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) plummeted 1.8%. 
Gold inched 0.3% higher, while crude oil fell 1.5%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1.8%, after witnessing substantial volatility over the weekend. 
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<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>Dow Jones</td>
<td>38,113.63</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,136.77</td>
<td>0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,025.65</td>
<td>0.1 %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,997.89</td>
<td>-0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:18 p.m. ET</figcaption></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>) inched 0.2% up to $511.85, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.3% to $381.19 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) held steady at $438.54, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, up 0.9%, followed by the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), down 0.7%. 
<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell 3.4% after the company announced plans to lay off 10% of its global workforce. </li>
<li>Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) rallied&nbsp;3.6% after the bank announced first-quarter earnings that topped Street&#8217;s estimates. </li>
<li>Charles Schwab (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) rose 3.8% after reporting slightly stronger-than-expected earnings. </li>
<li>Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) fell 5.2% after RBC analysts raised uncertainties regarding the potential acquisition of Informatica Inc, which simultaneously fell 11%. </li>
</ul>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38253316/us-retail-sales-boom-well-above-forecasts-rise-4-on-the-year-blowout-report-economi">US Retail Sales Boom Well Above Forecasts, Rise 4% On The Year: &#8216;Blowout Report,&#8217; Economists Say</a>
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Stocks Stay Afloat On Strong Retail Sales, Middle East Relief; Bonds Drop: What's Driving Markets Monday?

In a week already ablaze with market fervor sparked by inflation data surpassing expectations and prompting a jolting reassessment of Federal Reserve rate cut projections, Friday witnesses heightened volatility, fueled by escalating geopolitical tensions<a href="https://www.benzinga.com/topic/middle-east"> in the Middle East.</a>
Israel is bracing for an attack from Iran, which could occur within the next 48 hours or even earlier, according to various media sources. 
White House National Security Council spokesperson John Kirby stated that an Iranian attack on Israel poses a "real" and "viable" threat. 
According to the Times of Israel, Hezbollah has launched a rocket barrage into Northern Israel. Meanwhile, the USS Dwight Eisenhower aircraft carrier has sailed north through the Red Sea toward Israel in a show of deterrence from the Biden administration, as an attempt to intercept missiles and drones fired by Iran.
Market volatility, as indicated by the CBOE VIX Index, experienced a sharp spike, with the fear gauge surging by 23%, marking the most significant daily increase since late April 2022 and surpassing the uptick observed during the Silicon Valley Bank collapse in March 2023.
Stock indices plunged deeply into the red, with the S&amp;P 500 declining by 1.4% and the Nasdaq 100 by 1.7%. Notably, no sectors managed to evade losses on Friday.
Amid escalating threats in the Middle East, oil prices surged, with West Texas Intermediate (WTI) light crude climbing by 1.2% to reach $87 per barrel.
Investors flocked to safe-haven Treasuries in search of a liquidity shelter, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) up 1%. 
Gold faced a wild session, with the yellow metal spiking to a new-record high to $2,400 per ounce, before falling to $2,370. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was down 1.7%, amid a worsening risk sentiment. 
<h3 class="wp-block-heading">Chart Of The Day: VIX Spikes Over 20%, In The Most Volatile Day For Markets Since Late April 2022</h3>
<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/2024/04/12130750/image-38-1024x495.png" alt="" class="wp-image-290059" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12130750/image-38-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12130750/image-38-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12130750/image-38-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12130750/image-38-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12130750/image-38.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,950.16</td>
<td>-1.3%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>199.18</td>
<td>-1.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,118.62</td>
<td>-1.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,982.40</td>
<td>-1.8%</td>
</tr>
<tr>
<td>СВОЕ VIX</td>
<td>18.72</td>
<td>25.6%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:10 p.m. ET </figcaption></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>) tumbled 1.5% to $510.49, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 1.3% to $379.75 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) plummeted 1.6% to $438.00, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) felt the heaviest losses, down 1.8%, followed by the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>), down 1.7%. 
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) tumbled nearly 6%, despite reporting better-than-expected results last quarter, as the net interest income fell below expectations. </li>
<li>Other financial companies reacting to earnings were Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), down 2%, Wells Fargo Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), down 0.5%, BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), down 2.3%, and State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), flat for the day. </li>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) dropped 4.5% following reports that China is urging national telecom companies to curb reliance on foreign chips. Peer Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) fell 4%. </li>
<li>Arista Network Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>) plummeted 9% on a double downgrade by Rosenblatt Securities.</li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/24/04/38223912/us-energy-stocks-eye-9th-week-of-gains-as-iran-israel-tensions-escalate-oil-prices-spike-above-9">Oil Prices Spike Above $90 A Barrel As Iran-Israel Tensions Escalate: US Energy Stocks Eye 9th Week Of Gains</a>
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VIX Rockets 25% On Most Volatile Session In 2 Years; Oil Rises As Israel Braces For Iranian Attack: What's Driving Markets Friday?

A fresh unexpected surge in inflation blindsided markets, shattering hopes for imminent Fed rate cuts and sending stocks down across the board. In March 2024, the annual Consumer Price Index (CPI) inflation rate surged to 3.5%, up from February&#8217;s 3.2%, surpassing <a href="https://www.benzinga.com/markets/commodities/24/04/38181302/inflation-rises-more-than-expected-to-3-5-in-march-derails-june-rate-cut-hopes">expectations set at 3.4%. </a>
Adding to concerns, core inflation, which excludes energy and food, also exceeded expectations, reaching 3.8% compared to the anticipated 3.7%, dismissing any justifications solely attributed to higher gasoline price pressures. 
Consequently, investors sharply revised down their expectations for Fed rate cuts, now anticipating the commencement of any easing policy no earlier than September, with less than two rate cuts expected by year-end.
<h3 class="wp-block-heading">What&#8217;s Hot/Cold In The CPI Basket?</h3>
Expenditure categories witnessing the highest month-over-month seasonally adjusted price increase in March were: 
<ul>
<li>Motor vehicle insurance: +2.6%</li>
<li>Motor vehicle maintenance and repair: +1.7%</li>
<li>Gasoline (all types): +1.7%</li>
<li>Hospital services: +1%</li>
<li>Meats, poultry, fish, and eggs: +0.9%</li>
</ul>
Those showing the lowest monthly inflation were: 
<ul>
<li>Fuel oil: down 1.3%</li>
<li>Used cars and trucks: down 1.1%</li>
<li>Cereals and bakery products: down 0.9%</li>
<li>Other food at home: down 0.5%</li>
<li>Airline fares: down 0.4%</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Sector Performance </h3>
By midday trading in New York, losses were broad-based within indices. 
<ul>
<li>454 out of S&amp;P 500 stocks traded in the red</li>
<li>93 Nasdaq 100 stocks were negative</li>
<li>1,783 out of Russell 2000 stocks were negative</li>
<li>898 out of Russell 1000 stocks were negative</li>
</ul>
No sectors managed to evade daily losses, with rate-sensitive pockets of the markets, such as real estate, feeling the brunt more acutely than others.
Energy managed to hold almost steady, as rising gasoline prices improved the outlook for oil companies. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>1-Day %Chg</th>
</tr>
</thead>
<tbody>
<tr>
<td> Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>-0.15%</td>
</tr>
<tr>
<td>Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>-0.75%</td>
</tr>
<tr>
<td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>-0.92%</td>
</tr>
<tr>
<td>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>-0.93%</td>
</tr>
<tr>
<td>Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>-1.07%</td>
</tr>
<tr>
<td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>-1.17%</td>
</tr>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>-1.35%</td>
</tr>
<tr>
<td>Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-1.44%</td>
</tr>
<tr>
<td>Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>-1.54%</td>
</tr>
<tr>
<td>Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>-1.93%</td>
</tr>
<tr>
<td>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>-3.85%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated At 11:40 a.m. ET</figcaption></figure>
Nine real-estate stocks tumbled by more than 7%: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Opendoor Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NYSE">OPEN</a>)</td>
<td>-10.04%</td>
</tr>
<tr>
<td>Global Net Lease, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNL#NYSE">GNL</a>)</td>
<td>-9.83%</td>
</tr>
<tr>
<td>Peakstone Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKST#NYSE">PKST</a>)</td>
<td>-9.26%</td>
</tr>
<tr>
<td>Hudson Pacific Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPP#NYSE">HPP</a>)</td>
<td>-8.82%</td>
</tr>
<tr>
<td>Anywhere Real Estate Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOUS#NYSE">HOUS</a>)</td>
<td>-8.36%</td>
</tr>
<tr>
<td>Piedmont Office Realty Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PDM#NYSE">PDM</a>)</td>
<td>-7.77%</td>
</tr>
<tr>
<td>RE/MAX Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RMAX#NYSE">RMAX</a>)</td>
<td>-7.75%</td>
</tr>
<tr>
<td>eXp World Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPI#NYSE">EXPI</a>)</td>
<td>-7.63%</td>
</tr>
<tr>
<td>Douglas Emmett, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DEI#NYSE">DEI</a>)</td>
<td>-7.44%</td>
</tr>
<tr>
<td>Office Properties Income Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OPI#NYSE">OPI</a>)</td>
<td>-7.31%</td>
</tr>
</tbody>
</table>
</figure>
Looking at different industries, regional banks and solar stocks fell the most. 
<ul>
<li>The SPDR S&amp;P Regional Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) fell 4.7%, on track for the worst day since late January. </li>
<li>The Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) fell 4.5%</li>
</ul>
Eight regional bank stocks tumbled more than 7% Wednesday: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Lakeland Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LBAI#NYSE">LBAI</a>)</td>
<td>-8.96%</td>
</tr>
<tr>
<td>Provident Financial Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFS#NYSE">PFS</a>)</td>
<td>-8.84%</td>
</tr>
<tr>
<td>Valley National Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLY#NYSE">VLY</a>)</td>
<td>-8.44%</td>
</tr>
<tr>
<td>ServisFirst Bancshares, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SFBS#NYSE">SFBS</a>)</td>
<td>-7.81%</td>
</tr>
<tr>
<td>New York Community Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>)</td>
<td>-7.61%</td>
</tr>
<tr>
<td>OceanFirst Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCFC#NYSE">OCFC</a>)</td>
<td>-7.58%</td>
</tr>
<tr>
<td>Flushing Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIC#NYSE">FFIC</a>)</td>
<td>-7.53%</td>
</tr>
<tr>
<td>Eagle Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGBN#NYSE">EGBN</a>)</td>
<td>-7.50%</td>
</tr>
</tbody>
</table>
</figure>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38186082/this-puts-the-fed-in-quite-a-tricky-position-7-economists-weigh-in-on-march-inflati">&#8216;This Puts The Fed In Quite A Tricky Position&#8217;: 7 Economists Weigh In On March Inflation Report</a>
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Real Estate, Regional Bank Stocks Tank, Energy Cushions The Blow: March Inflation Rates Shake Up Sectors

Investors&#8217; eyes are eagerly fixed on the March inflation data set to be released by the Bureau of Labor Statistics on Wednesday.
According to the consensus among economists, the annual Consumer Price Index (CPI) inflation rate for March is expected to rise to 3.4%, up from the previous 3.2%, while core inflation, which excludes energy and food items, is anticipated to ease slightly <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38150279/march-inflation-data-preview-what-figures-would-boost-odds-of-june-interest-rate-">from 3.8% to 3.7%.</a>
Both monthly readings are projected at 0.3%, a slight deceleration compared to the 0.4% observed in February.
Wells Fargo sits at the high end of the forecast range, predicting a headline rate of 3.5% and a core rate of 3.8%. The robustness of headline figures is attributed, in part, to the uptick in gasoline prices, with expectations of a strengthening in food inflation as well.
Analysts at Wells Fargo anticipate March&#8217;s report will reveal hints of two inflation dynamics: early-year noise and a longer journey of inflation back to the Fed&#8217;s target.
On the softer side, Bank of America expects a headline rate of 3.3% and a core rate of 3.7%. It anticipates a more subdued inflation profile in March&#8217;s report, with core inflation moderating to 0.24% month-over-month and headline inflation at 0.25%. The primary factor behind March&#8217;s disinflation compared to February is a 0.05% monthly decline in core goods prices, driven by a decrease in used and new car prices.
"A report in line with our expectations would leave us more confident with our call for the Fed to start its cutting cycle in June… a much firmer report is the key risk to our policy outlook,&#8221; Bank of America economist Stephen Juneau wrote. 
Presently, market participants are estimating a 57% likelihood of a rate cut in June, while also factoring in a total of 70 basis points in Fed cuts by the end of the year.
<h1 class="wp-block-heading">March CPI Preview: What Wall Street Economists Expect</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td> CPI</td>
<td>February realized</td>
<td>March median consensus</td>
<td>March Highest (Wells Fargo)</td>
<td>March Lowest (BofA)</td>
</tr>
<tr>
<td>Core (M/M)</td>
<td>0.4%</td>
<td>0.3%</td>
<td>0.3%</td>
<td>0.2%</td>
</tr>
<tr>
<td>Headline (M/M)</td>
<td>0.4%</td>
<td>0.3%</td>
<td>0.4%</td>
<td>0.3%</td>
</tr>
<tr>
<td>Core (Y/Y)</td>
<td>3.8%</td>
<td>3.7%</td>
<td>3.8%</td>
<td>3.7%</td>
</tr>
<tr>
<td>Headline (Y/Y)</td>
<td>3.2%</td>
<td>3.4%</td>
<td>3.5%</td>
<td>3.3%</td>
</tr>
</tbody>
</table>
</figure>
<h1 class="wp-block-heading">ETFs Reacting To Previous CPI Data</h1>
The most recent inflation report for February, released on March 12, came in hotter than expected, with the annual headline CPI rate reaching 3.2%, surpassing the anticipated 3.1%. 
The annual core CPI rate slowed from 3.9% to 3.8%, though it still surpassed market projections of 3.7%.
<h1 class="wp-block-heading">5 ETFs Surging After February&#8217;s CPI Data</h1>
<ul>
<li>VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>), closing 3.2% higher on March 12</li>
<li>Roundhill Magnificent Seven ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NASDAQ">MAGS</a>), up 3.1%. </li>
<li>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), up 2%. </li>
<li>Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), up 1.4%</li>
<li>Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), up 0.9%</li>
</ul>
<h1 class="wp-block-heading">5 ETFs Falling After February&#8217;s CPI Data</h1>
<ul>
<li>U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), down 2.2%. </li>
<li>Utilities&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), down 1%</li>
<li>iShares Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NYSE">IBIT</a>) down 1%. </li>
<li>iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), down 0.8%</li>
<li>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>), down 0.4%.</li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38164785/bank-of-america-sees-gold-at-3-000-warns-of-a-copper-supply-crisis-metals-dance-to-">Bank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis: Metals &#8216;Dance To Their Own Tune&#8217;</a>
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Analyst Color

Analyst Ratings

IBIT

JETS

MAGS

Traders Brace For Inflation Data, June Rate Cut Hopes Hang By Thread: 10 ETFs That Could Be Volatile Wednesday

Wall Street started the new week on a strong footing, as all major U.S. indices displayed gains during midday trading on Monday, highlighting investor confidence in the continued growth <a href="https://www.benzinga.com/topic/artificial-intelligence">of AI-driven stocks.</a>
The S&amp;P 500 surged by almost 1%, while the tech-skewed Nasdaq 100 staged an even stronger rebound, climbing 1.3% beyond the 18,000-point mark. Blue-chip stocks saw a modest uptick of 0.4%, while small-cap stocks experienced a slight dip.
The major highlight of the day centered around the prospective AI agreement between Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), with further details provided in this <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37787317/apples-partnership-with-google-the-missing-piece-in-tim-cooks-ai-strategy-says-wedb">article</a>.
Investors are eagerly anticipating the market-shaping event of Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) annual GPU Technology Conference (GTC 2024) on Monday. The majority of analysts and industry observers anticipate the company to unveil insights into its highly anticipated<a href="https://www.benzinga.com/markets/equities/24/03/37774935/nvidia-will-blow-some-minds-with-new-b100-at-gtc-2024-says-ross-gerber-heres-what-we-know-about-"> next-generation AI chip. </a>
Meanwhile, Treasury yields continued their upward trajectory, with the 10-year note surpassing 4.33%, poised to conclude the day at its highest levels since late November 2023.
Oil prices maintained their robust market momentum, with West Texas Intermediate (WTI) crude climbing by 1.4% to nearly $82 per barrel.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 2% lower to $67,000, while gold inched 0.2% higher to $2,160/oz. 
<h2 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h2>
<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>Nasdaq 100</td>
<td>18,037.86</td>
<td>1.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,165.42</td>
<td>0.9%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,906.01</td>
<td>0.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,044.23</td>
<td>-0.1%</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 0.8% higher to $513.59, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.4% to $388.30, while the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 1% to $438.11, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Communication Services Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) , was the top performer for the day, up 1.8%, while the Real Estate Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) was the laggard, down 0.2%. 
<h3 class="wp-block-heading">Monday&#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 6%, marking the best performance in the S&amp;P 500 and Nasdaq 100 for the day, after the EV company announced price hikes for its Model Y in the U.S. and Europe. </li>
<li>PepsiCo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) rose over 4%, on track for the strongest daily performance since April 2020, following a bullish note from Morgan Stanley analysts predicting rising sales this year.</li>
<li>HashiCorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HCP#NASDAQ">HCP</a>) rose over 6% on reports that the company is considering a sale. </li>
<li>Science Applications International Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIC#NASDAQ">SAIC</a>) fell nearly 10% after missing earnings forecasts. </li>
<li>Shift4 Payments Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FOUR#NYSE">FOUR</a>) fell 9% after its CEO said that buyout bids inadequately valued the company. </li>
<li>Companies expected to report earnings after market close include Embraer S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERJ#NYSE">ERJ</a>) and StoneCo Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STNE#NASDAQ">STNE</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37790222/fed-meeting-preview-these-2-wall-street-analysts-still-expect-3-cuts-in-2024-but-bo">Fed Meeting Preview: These 2 Wall Street Analysts Still Expect 3 Cuts In 2024, But Bond Market Reflects Growing Uncertainty</a>
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Asset Sales

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Embraer-Empresa Brasileira De Aeronautica

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STNE

Stocks Rally With Google, Tesla At The Helm, But Rising Oil Prices Spark Inflation Fears: What's Driving Markets Monday?

Wall Street continues to maintain a risk-off sentiment in Friday&#8217;s session, echoing the pessimism triggered by Thursday&#8217;s unexpectedly <a href="https://www.benzinga.com/economics/macro-economic-events/24/03/37698619/producer-inflation-tops-forecasts-in-february-signals-anxiety-over-price-pressure">high producer inflation figures.</a>
Major stock indices flashed red, with the tech-heavy Nasdaq 100 once again trailing, while only small caps and energy stocks managed to buck the trend and avoid losses.
The CBOE Volatility Index, or VIX, was up 5%, mimicking Thursday&#8217;s gains. 
Although Treasury yields held steady around Thursday&#8217;s closing marks, the weekly surge of 20-30 basis points across all Treasury maturities marks the worst week for bonds since mid-October 2023, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down nearly 3%. 
Cryptocurrencies remained tethered to risky assets, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) plunging by 5% and falling to $68,000 on Friday.
In the midst of market turbulence fueled by resurging inflationary fears, commodities shone brightly. The Invesco DB Commodity Index Tracking Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBC#NYSE">DBC</a>) is poised to log its most robust performance since early January 2024.
While gold held steady at $2,160 per ounce, silver staged a 1.6% gain, reflecting, in part, the broader surge in industrial metals, with copper nearing a one-year-high. Oil remained stable at $80 per barrel, but it has climbed over 4% for the week, trading at its loftiest levels since early November 2023.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US 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>Russell 2000</td>
<td>2,040.02</td>
<td>0.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,722.86</td>
<td>-0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,116.29</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,810.37</td>
<td>-1.1%</td>
</tr>
<tr>
<td>CBOE VIX</td>
<td>15.19</td>
<td>5.5%</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 1.1% lower to $509.37, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.9% lower to $386.69 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 1.2% to $433, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and the Materials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>), was the only positive performers for the day, up by 0.1% and 0.2%, respectively. The Technology Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) was the laggard, down 1.7%. 
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Southern Copper Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) rose 5.4% Friday, and is up by 18.8% for the week, marking the best weekly performance since November 2016. </li>
<li>Jabil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>) slumped by 16.4% after missing revenue estimates last quarter. </li>
<li>Zillow Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/Z#NYSE">Z</a>) shares tumbled by 7.9%, while Compass Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COMP#NYSE">COMP</a>) saw a decline of 5.3%, and Redfin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NASDAQ">RDFN</a>) dropped by 4%, after the National Association of Realtors agreed to pay $418 million to settle claims on behalf of home sellers regarding broker commissions.</li>
<li>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) fell over 14% despite reporting better-than-expected results last quarter. The negative reaction came from a weaker revenue guidance for Q2. </li>
<li>Geron Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GERN#NASDAQ">GERN</a>) surged by 85% following the announcement that the U.S. Food and Drug Administration&#8217;s Oncologic Drugs Advisory Committee voted in favor of the benefit-to-risk profile of imetelstat.</li>
<li>CoStar Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>) rose over 7% after the company announced that Homes.com gained over 149 million unique visitors in February, marking a 567% rise from a year earlier. </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37747006/powell-at-crossroads-as-inflation-bites-again-fed-needs-to-get-going-on-the-rate-cu">Powell At Crossroads As Inflation Bites Again: Fed Needs To &#8216;Get Going On The Rate Cuts They Have To Make&#8217; Former Governor Says</a>
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ADBE

COMP

CSGP

PowerShares DBmmodity Index Optimum Yield Diversified Fund

GERN

RDFN

SCCO

Inflation Squeezes Stocks, Bitcoin Slips To $68,000, While Commodities On Track For Best Week In Months: What's Driving Markets Friday?

Editor&#8217;s note: This story has been corrected to reflect that Fisker is reportedly considering bankruptcy, but has not filed for bankruptcy. 
Traders received a cold shower on Thursday as hopes for a rate cut were dashed, with February&#8217;s Producer Price Index (PPI) inflation figure significantly exceeding expectations, adding to concerns raised by robust consumer inflation <a href="https://www.benzinga.com/economics/macro-economic-events/24/03/37698619/producer-inflation-tops-forecasts-in-february-signals-anxiety-over-price-pressure">data earlier in the week.</a>
During morning trading hours in New York, major U.S. equity indices turned negative, driven by a sharp increase in U.S. Treasury yields.
The 30-year Treasury note yields rose by 9 basis points to 4.44%, marking the highest level since late February. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), the world&#8217;s largest bond ETF, declined by 1.4%, poised for its sixth consecutive day of losses, marking the longest losing streak since last August.
Traders tempered their expectations for rate cuts, now anticipating only an 80-basis-point reduction by year-end, equating to just three cuts of 25 basis points each. Market-implied probabilities of a rate cut by June decreased from nearly 70% to 62%, according to the CME Group FedWatch tool.
While the S&amp;P 500, Nasdaq 100 and Dow experienced relatively modest losses ranging between 0.3% and 0.4%, the CBOE Volatility Index, or VIX, surged by over 6%. In contrast, small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), underperformed large caps, declining by 1.7%.
Bitcoin fell by nearly 3% to $71,000, while gold slid by 0.8% to $2,160 per ounce. Oil prices surged, with West Texas Intermediate (WTI) rising by 2% to over $80, following a report from the International Energy Agency (IEA) indicating that oil markets are likely to face a supply deficit for the remainder of the year due to OPEC+ production cuts.
<h3 class="wp-block-heading">Thursday&#8217;s Performance In US Major 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>5,151.29</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,924.73</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,012.12</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,035.08</td>
<td>-1.8%</td>
</tr>
<tr>
<td>CBOE VIX</td>
<td>14.56</td>
<td>6.2%</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 0.4% lower to $513.80, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.4% lower to $389.91 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.4% to $438.47, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), was the only positive performer for the day, up by 1%. The Real Estate Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) was the laggard, down 2%. 
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell nearly 4% after UBS lowered the EV maker&#8217;s price target from $225 to $165. </li>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell 3.8%, reflecting the weaker momentum in AI-related stocks. </li>
<li>Crypto-related stocks Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>), Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) all dropped by 8%. </li>
<li>Robinhood Markets, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) rose 5% in reaction to the trading app&#8217;s February financial metrics.</li>
<li>Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) rose 2.6% in response to rising oil prices, setting the best daily performance among S&amp;P 500 stocks. </li>
<li>Lennar Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) fell over 5% following its latest earnings report. </li>
<li>Fisker Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSR#NYSE">FSR</a>) slumped about 50% on reports the company is considering bankruptcy. </li>
<li>Other companies reacting to earnings were DICK&#8217;S Sporting Goods, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>),&nbsp;up 15%, Dollar General Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>),&nbsp;down 5%, G-III Apparel Group, Ltd.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GIII#NASDAQ">GIII</a>),&nbsp;down 13%, Weibo Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WB#NASDAQ">WB</a>), down 2.7%. </li>
<li>Those reporting after the close include&nbsp;Adobe Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>),&nbsp;Blink Charging Co.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLNK#NASDAQ">BLNK</a>),&nbsp;Smartsheet Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMAR#NYSE">SMAR</a>),&nbsp;PagerDuty, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PD#NYSE">PD</a>),&nbsp;Cardlytics, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDLX#NASDAQ">CDLX</a>),&nbsp;Ulta Beauty, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) and&nbsp;Zumiez Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>)</li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/24/03/37709635/emergency-landings-put-boeing-under-further-pressure-serious-transformation-needed-says-buttigie">Emergency Landings Put Boeing Under Further Pressure: &#8216;Serious Transformation&#8217; Needed, Says Buttigieg</a>
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Stocks Fall As Hot Inflation Data Derails Fed Cut Bets, Bonds Tumble, VIX Rallies, Oil Tops $80: What's Driving Markets Thursday? (CORRECTED)

A session marked by sector rotation is unfolding on Wednesday, with the tech sector giving back some of Tuesday&#8217;s gains, making way for the advance of energy and materials sectors following a<a href="https://www.benzinga.com/money/how-to-invest-in-commodities"> surge in commodities prices.</a>
The S&amp;P 500 remained flat at 1 p.m. in New York, while the tech-heavy Nasdaq 100 declined by 0.5%. In contrast, blue-chip and small-cap stocks saw increases of 0.5% and 0.6%, respectively.
Treasury yields saw a slight uptick, causing the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) to decline for the fifth consecutive session.
Commodities emerged as the strongest performers in the market. Copper surged by over 3%, reaching highs last observed in April 2023 as China announced plans to reduce output. Silver rose by 3.6% to $25/oz, the highest level since early December 2023, driven by growing demand for precious metals.
Gold was up 1%, on track to erase Tuesday&#8217;s losses, driven by a sharper-than-expected inflation surge in February. 
Oil prices saw a nearly 2% surge, with West Texas Intermediate (WTI) rebounding to $79 a barrel, following a larger-than-anticipated decline in U.S. crude inventories last week.
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>1-Day %Chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,079.28</td>
<td>0.7%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,190.39</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,177.94</td>
<td>0.1%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,103.23</td>
<td>-0.6%</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 flat at $516.85, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.5% higher to $392.60 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.6% to $441.06, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), was the top performer, up by 1.7%, followed by the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>), up by 1.5%, while the&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) trailed, down by 1%.
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Dollar Tree Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) tumbled nearly 15% after the company missed both quarterly earnings and <a href="https://www.benzinga.com/news/earnings/24/03/37655884/why-discount-store-chain-dollar-tree-shares-are-plunging-today">revenue estimates</a>.</li>
<li>Southern Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) rallied over 10% in response to copper price gains. Other miners rallying Wednesday were Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), up 7%, and Valero Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>), up nearly 6%. </li>
<li>Williams-Sonoma Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) soared nearly 20% on stronger-than-expected quarterly results. </li>
<li>PayPal Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) rose 4% after the fintech company announced a new chief enterprise services officer.</li>
<li>Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) rose over 3% following a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37663625/royal-caribbean-carnival-cruise-toward-the-next-wave-of-the-rising-tide-goldman-sac">bullish note from Goldman Sachs. </a></li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell over 3% after Wells Fargo downgraded the stock from Equal-weight to Underweight and adjusted its price target from $200 to $125. </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37668318/top-7-biotech-winners-of-novo-nordisk-eli-lillys-outsourcing-strategy-for-weight-lo">Top 7 Biotech Winners Of Novo Nordisk, Eli Lilly&#8217;s Outsourcing Strategy For Weight-Loss Drugs: Goldman Sachs</a>
Photo via Shutterstock.

Downgrades

Price Target

DLTR

PYPL

Tech Stocks Ease As Treasury Yields Rise, Commodity Rally Fuels Sector Rotation: What's Driving Markets Wednesday?

It was a mixed morning on Wall Street, with major U.S. indices recording gains, primarily due to a tech outperformance, although losses emerged on bonds, gold, and Bitcoin following a <a href="https://www.benzinga.com/markets/equities/24/03/37615483/inflation-rises-more-than-expected-to-3-2-rebuffs-expectations-of-june-fed-rate-cut">stronger-than-expected inflation report.</a>
The S&amp;P 500 index rose by 0.9%, while the tech-heavy Nasdaq 100 rallied 0.9%. Within the tech space, chipmakers shined, with the VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) up 2%.
The February Consumer Price Index (CPI) rose by 3.2% year-on-year, exceeding both the previous and expected 3.1% surge. Additionally, the core CPI index, which strips out volatile food and energy items, surprised to the upside at 3.8%, compared to the expected 3.7%.
Treasury yields moved higher, with the policy-sensitive two-year yield soaring by 6 basis points to 4.6% and the 10-year yield rising by 7 basis points to 4.17%.
Markets held firm on expectations for a June rate cut, envisioning a 70% chance, according to the CME Group FedWatch tool.
The Fed is set to hold its two-day policy meeting in a week, during which policymakers will unveil the new macroeconomic projections, revealing the preferred interest rate path.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,139.35</td>
<td>1.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,162.83</td>
<td>0.9%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,936.96</td>
<td>0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,056.13</td>
<td>-0.5%</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 0.8% to $515.04, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.4% higher to $389.95 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 1% to $441.69, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), was the top performer, up by 1.4%, while the&nbsp;Utilities Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) trailed, down by 0.7%.
<h3 class="wp-block-heading">&nbsp;Tuesday&#8217;s Stock Movers </h3>
<ul>
<li>Oracle Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NASDAQ">ORCL</a>) rallied over 12% after reporting better-than-expected quarterly results.</li>
<li>Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSMC#NYSE">TSMC</a>) rose over 3% after obtaining grants worth over $5 billion from the U.S. Department of Commerce for chip production. </li>
<li>Southwest Airlines Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) tumbled 15% after announcing a sharp decline in Boeing 737-8 plane deliveries, from the 79 previously expected to 46 for 2024.</li>
<li>Other stocks moving on earnings were Asana, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASAN#NYSE">ASAN</a>) (down about 11%), Vail Resorts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTN#NYSE">MTN</a>) (up 1.5%), Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>) (up 4.5%), International Game Technology PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGT#NYSE">IGT</a>) (down over 6%) and Kohl&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KSS#NYSE">KSS</a>) (down over 5%). </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37627788/inflation-tops-forecasts-in-february-as-stocks-rally-7-economists-react">Inflation Tops Forecasts In February &#8211; &#8216;I Think Powell Will Be Upset&#8217;: 7 Economists React</a>
Wall Street illustration created using AI via MidJourney.

ASAN

ORCL

TSMC

Stocks Soar On Tech Rally; Inflation Fuels Higher Yields, Bitcoin Drops Below $70,000: What's Driving Markets Tuesday?

Wall Street kicked off the new week with a slight dip, failing to stage a recovery following Friday&#8217;s closing losses, as investors exercised caution ahead of February&#8217;s impending inflation <a href="https://www.benzinga.com/author/piero-cingari">report due on Tuesday.</a>
Around noon trading in New York, all major U.S. stock indices showed declines, with small caps lagging behind their larger counterparts.
In the short end of the Treasury yield curve, yields edged higher, with the 2-year yields — the sensitive barometer to policy changes — rising by 5 basis points to 5.53%. Traders are positioning themselves for a lesser dovish stance from the Fed, given the upcoming Consumer Price Index (CPI) data and next week&#8217;s FOMC meeting.
Economists are forecasting stable annual inflation at 3.1% for February, while core inflation is expected to drop to 3.7%.
On the data front, the New York Fed reported unchanged median inflation expectations at 3.0 percent for the one-year horizon. However, expectations rose to 2.7 percent from 2.4 percent for the three-year horizon and to 2.9 percent from 2.5 percent for the five-year horizon.
Meanwhile, market sentiment has slightly dampened expectations of a rate cut by June, now pegging the likelihood at 72%, down from 80% last week.
Gold takes a momentary pause, while Bitcoin continues its meteoric rise, surpassing the $72,000 milestone as U.K. regulators loosen restrictions for exchange-traded products (ETPs).
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>Chg %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,694.72</td>
<td>-0.1 %</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,116.71</td>
<td>-0.1 %</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,975.50</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,073.75</td>
<td>-0.5%</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>) eased 0.1% to $510.79, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.1% down to $387.70 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.3% to $437.65, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the&nbsp;Materials&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>), was the top performer, up by 0.9%, while the&nbsp;Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) trailed, down by 0.7%.&nbsp;
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) tumbled nearly 4%, after Donald Trump labeled Facebook as an &#8220;enemy of the people.&#8221;</li>
<li>Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) fell over 5%, continuing the weak momentum following a disappointing quarterly outlook unveiled on Friday. </li>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) rose 8.7%, while EQT Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NASDAQ">EQT</a>) fell over 5% as they announced to reduce costs and give it more control delivering its gas to markets. Analysts note that EQT is inheriting roughly $6 billion of debt in the all-stock deal at a time when natural gas prices are as low as they&#8217;ve been in decades</li>
<li>Asana, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASAN#NYSE">ASAN</a>), Casey&#8217;s General Stores, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>), Oracle Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NASDAQ">ORCL</a>) and Vail Resorts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTN#NYSE">MTN</a>) are among the notable companies reporting<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener"> quarterly results after the market close.</a></li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37589143/top-wall-street-analysts-flag-us-market-concentration-anxiety-advise-investors-to-a">Top Wall Street Analysts Flag US Market Concentration Anxiety, Advise Investors To Adopt &#8216;Barbell Approach&#8217;</a>
Photo: Shutterstock

Specialty ETFs

CASY

MRNA

MRVL

Stocks Inch Lower Ahead Of Inflation Data, Gold Takes Breather, Bitcoin's Bull Run Persists: What's Driving Markets Monday?

The S&amp;P 500 index concluded Thursday&#8217;s session at 5,171, marking a 1% increase and <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37542707/s-p-500-reclaims-all-time-highs-as-powell-hints-at-rate-cuts-nvidia-breaks-900-bitcoin-nea">reaching fresh historical highs. </a>
 This rally shifted the week&#8217;s momentum to positive, potentially marking the 17th gain in the last 19 weeks, unless the index falls by 0.4% on Friday.
Since the end of October, the index, as monitored through the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), has surged over 25%, a testament to the strong trend driving the U.S. equity market.
Currently, the breadth of the market remains healthy with 71% of the S&amp;P 500 stocks trading above their 50-day average, and an even more impressive 74% surpassing the 200-day average. The latter is inching closer to the 75% threshold, a peak not reached since January and the highest since October 2021.
Chart: S&amp;P 500 Breaks All-Time Highs Again
<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/2024/03/07172113/image-20-1024x495.png" alt="" class="wp-image-244016" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Diverse Sector Performance Defines This Week&#8217;s Rally
In a significant departure from previous weeks when the technology sector was predominantly at the forefront of the S&amp;P 500&#8217;s advances, this week witnessed a nuanced shift in market leadership. 
Sectors that had previously lingered in the background, overshadowed by the tech behemoths, emerged as this week&#8217;s frontrunners.
The materials sector led the charge with a 2.8% increase, closely followed by utilities, energy, and consumer staples, showcasing gains of 2.4%, 2%, and 1.73%, respectively. The tech sector, usually the market darling, found itself in the fifth spot, rising by 1.69%.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>This week&#8217;s performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>2.63%</td>
</tr>
<tr>
<td>Utilities&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>2.38%</td>
</tr>
<tr>
<td>Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>1.96%</td>
</tr>
<tr>
<td>Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>1.73%</td>
</tr>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>1.69%</td>
</tr>
<tr>
<td>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>1.51%</td>
</tr>
<tr>
<td>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>1.29%</td>
</tr>
<tr>
<td>Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>1.28%</td>
</tr>
<tr>
<td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>0.47%</td>
</tr>
<tr>
<td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>0.43%</td>
</tr>
<tr>
<td>Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-1.87%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Extreme Technical Overbought Signals Emerge</h3>
Despite the euphoria surrounding the S&amp;P 500&#8217;s record-breaking run, a closer examination of the technical landscape reveals emerging caution signs. 
The index&#8217;s relentless upward trajectory has catapulted the Relative Strength Index (RSI) to a staggering 77, a figure not seen since January 2020, just before the global markets were roiled by the Covid-19 pandemic. 
Such elevated RSI levels are traditionally viewed as overbought signals, suggesting that the current pace of the rally might be stretching the bounds of sustainability.
Chart: S&amp;P 500&#8217;s Weekly RSI Reaches Most Overbought Levels In Four Year
<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/2024/03/07173952/image-22-1024x495.png" alt="" class="wp-image-244045" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read now: <a href="https://www.benzinga.com/news/large-cap/24/03/37547023/gold-shines-brighter-than-ai-driven-semiconductor-stocks-7-mining-stocks-to-watch-with-prices-at-r">Gold Shines Brighter Than AI-Driven Semiconductor Stocks: 7 Mining Stocks To Watch With Prices At Record Highs</a>
Photo: Shutterstock

Technicals

S&P 500 Index Closes At Record Heights, Reaches Most Overbought Conditions Since January 2020

The S&amp;P 500 and Nasdaq 100 both halted their five-week winning streak on Friday, prompted by two inflation reports that were hotter than expected, giving fuel to concerns the Federal Reserve might <a href="https://www.benzinga.com/topic/interest-rates">delay interest rate cuts.</a>
Earlier in the week, the Consumer Price Index report revealed an annual inflation rate of 3.1%, surpassing the anticipated 2.9%. Additionally, core inflation, excluding energy and food items, came in higher than predicted at 3.9% instead of the expected 3.7%.
Worries about a challenging path ahead to reach the Fed&#8217;s 2% target intensified Friday as the Bureau of Labor Statistics reported a 0.3% monthly surge in the Producer Price Index. This marked a rebound from December&#8217;s 0.1% contraction, exceeding <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/02/37178834/producer-inflation-outruns-expectations-in-january-chills-investor-bets-on-fed-rate-cu">the anticipated 0.1% increase.</a>
Traders adjusted their expectations on Fed policy, reducing speculation of cumulative rate cuts for 2024 from 120 to 95 basis points, effectively removing a 25-basis-point rate cut from consideration.
Across all maturities, Treasury yields saw an increase, notably with the two-year yield rising to 4.66% and the 10-year yield surging to 4.3%.
The rise in rates had a negative impact on markets, particularly affecting interest-sensitive sectors like technology, consumer discretionary and real estate. Among indices, the tech-heavy Nasdaq 100 performed below its large-cap peers. 
Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37099227/economists-sound-alarm-on-inflations-stubborn-grip-no-chance-inflation-will-return-">Economists Sound Alarm On Inflation&#8217;s Stubborn Grip: &#8216;No Chance Inflation Will Return To 2%&#8217; Without New Rate Hikes</a>
<h2 class="wp-block-heading">This Week&#8217;s Performance In Major US Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,613.31</td>
<td>-0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,005.49</td>
<td>-0.48%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,674.89</td>
<td>-1.54%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,032.63</td>
<td>-1.4%</td>
</tr>
</tbody>
</table>
</figure>
<h2 class="wp-block-heading">This Week&#8217;s Performance In Equity Sectors</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Sector</td>
<td>1-week Return</td>
</tr>
<tr>
<td>Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>2.73%</td>
</tr>
<tr>
<td>Materials (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>2.41%</td>
</tr>
<tr>
<td>Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>1.58%</td>
</tr>
<tr>
<td>Financials (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>1.42%</td>
</tr>
<tr>
<td>Health Care (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>1.11%</td>
</tr>
<tr>
<td>Industrials (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>0.93%</td>
</tr>
<tr>
<td>Cons. Staples (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>0.21%</td>
</tr>
<tr>
<td>Real Estate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>-0.12%</td>
</tr>
<tr>
<td>Communications Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>-0.26%</td>
</tr>
<tr>
<td>Cons. Discretionary (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-0.46%</td>
</tr>
<tr>
<td>Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>-2.55%</td>
</tr>
</tbody>
</table>
</figure>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37181987/magnificent-7-stocks-trigger-concerns-of-market-overheat-bubble-trouble">Magnificent 7 Stocks Trigger Concerns Of Market Overheat: Bubble Trouble?</a>
Photo via Shutterstock.

S&P 500, Nasdaq 100 Snap 5-Week Streak As Hot Inflation Prints Dent Tech Stocks

Wall Street witnessed one of the worst sessions since the beginning of the year, with widespread declines across the board as stocks were hit by the impact of a <a href="https://www.benzinga.com/news/econ-s/24/02/37092707/us-inflation-rate-runs-hot-in-january-puts-fed-rate-cut-bets-in-jeopardy">higher-than-expected inflation report.</a>
The Consumer Price Index (CPI) rose at a 3.1% annual rate in January, down from December&#8217;s 3.4% but surpassing expectations of 2.9%. Core inflation, which excludes energy and food prices, unexpectedly remained steady at 3.9%, failing to meet the anticipated decline to 3.7%. Monthly fluctuations also exceeded expectations, causing ripples in interest rate forecasts.
Traders swiftly adjusted their positions, lowering their expectations for rate cuts in 2024. March is now completely off the table, with the likelihood of the first cut by June at 76%, and almost fully priced by July. The anticipated number of rate cuts for 2024 has been reduced to four, down from nearly six just a couple of weeks ago.
Treasury yields surged across the board, with the 2-year yield rising by 15 basis points to 4.60%, and the 10-year yield by 10 basis points to 4.29%. The widely followed iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) plummeted 1.3%, reaching lows last seen in early December 2023.
Essentially, every major asset except the U.S. dollar saw declines on Tuesday. Volatility spiked once again, with the CBOE Volatility Index or VIX rising by 8%. Small-cap stocks were hit hardest, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) dropping over 3%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slumped by 1.5% after reaching $50,300 overnight, while gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), fell below $2,000 an ounce for the first time in two months.
<h2 class="wp-block-heading">Tuesday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,953.69</td>
<td>-1.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,218.67</td>
<td>-1.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,611.80</td>
<td>-1.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,944.94</td>
<td>-3.5%</td>
</tr>
<tr>
<td>CBOE VIX</td>
<td>15.05</td>
<td>8.0%</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>) was 1.4% lower to $493.76, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 1.5% to $382.25 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) dropped 1.6% to $436.72, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
None of the eleven sectors comprising the S&amp;P 500 experienced gains on Tuesday. The Real Estate SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) recorded the largest decline, dropping by 2.7%, closely followed by the Utilities SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), down 2.2%. 
Industry-wise, gold miners, tracked by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), and solar stocks, monitored through the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), were the underperformers, declining by 5.5% and 5%, respectively.
<h2 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h2>
<ul>
<li>Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) fell 7.5% after the company missed both earnings and revenue estimates last quarter. </li>
<li>SSR Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSRM#NASDAQ">SSRM</a>) fell 60%, marking the worst performance among Russell 1000 stocks, on suspension of operation at a mine in Turkey. </li>
<li>Other companies reacting to earnings were Waste Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WM#NYSE">WM</a>), Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>), down 1.7%, Moody&#8217;s Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCO#NYSE">MCO</a>), down 7.6%, Marriot International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>), down 6.3%, Zoetis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZTS#NYSE">ZTS</a>), down 6%, Ecolab Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>), up 8.8%, Datadog Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>), down 4.3%. </li>
<li>Companies reporting after the closing bell are Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>), American International Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIG#NYSE">AIG</a>), Welltower Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WELL#NYSE">WELL</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37099227/economists-sound-alarm-on-inflations-stubborn-grip-no-chance-inflation-will-return-">Economists Sound Alarm On Inflation&#8217;s Stubborn Grip: &#8216;No Chance Inflation Will Return To 2%&#8217; Without New Rate Hikes</a>
Photo: Shutterstock

ABNB

DDOG

Market Vectors ETF Trust Market Vectors Gold Miners

SSRM

WELL

Markets Tumble, VIX Up 8% On Hot Inflation Data, Dollar, Yields Jump As Traders Unwind Rate Cut Bets: What's Driving Markets Tuesday?

Wall Street kicked off the week on a high note, with the S&amp;P 500 and Nasdaq 100 reaching new highs in anticipation of the January inflation report <a href="https://www.benzinga.com/economics/macro-economic-events/24/02/37075035/january-inflation-expected-to-fall-to-3-year-low-how-will-markets-react">scheduled for this Tuesday.</a>
Last week, both indices celebrated their fifth straight week of gains, culminating in an impressive run of 14 out of the last 15 weeks finishing in positive territory.
The Russell 2000&#8217;s small caps outshone their large-cap counterparts on Monday, echoing the sentiment from Friday.
A survey by the New York Fed on consumer sentiment revealed relatively stable inflation expectations and optimistic forecasts regarding household finances.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) grabbed headlines, as the leading cryptocurrency soared to an intraday high of $50,333 on strong ETF inflows, reaching levels not seen since late December 2021.
Meanwhile, chipmaking behemoth NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) overtook Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), climbing to the fourth spot in market capitalization rankings.
The VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) has already surged more than 20% since the year&#8217;s beginning.
<h2 class="wp-block-heading">Monday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day (%)</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,049.37</td>
<td>2.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,905.35</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,046.59</td>
<td>0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,022.49</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>) was 0.4% higher to $503.14, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.6% to $389.24 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.4% to $436.72, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Materials SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 1.2%, followed by the Energy SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and Communication Services SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>), up 1.1%. 
Industry-wise, the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) surged over 5%, after rallying by nearly 8% last week. 
<h2 class="wp-block-heading">Monday&#8217;s Stock Movers</h2>
<ul>
<li>V.F. Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VF#NYSE">VF</a>) saw its stock climb nearly 15% following CEO Bracken Darrell&#8216;s announcement of purchasing 65,360 company shares last week.</li>
<li>Enphase Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) experienced a nearly 8% increase, continuing its upward trajectory after last week&#8217;s 20% surge.</li>
<li>Companies slated to report earnings after the market closes include Arista Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NASDAQ">ANET</a>), Cadence Design Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>), Waste Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WM#NYSE">WM</a>), and Principal Financial Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFG#NASDAQ">PFG</a>).</li>
</ul>
Now Read: <a href="https://www.benzinga.com/general/sports/24/02/37076429/super-bowl-commercials-2024-complete-list-of-super-bowl-lviii-ads-and-companies-behind-them">Super Bowl Commercials 2024: Complete List Of Super Bowl LVIII Ads And Companies Behind Them</a>
Photo: Shutterstock

New ETFs

AMZN

CDNS

ENPH

GTLB

Wall Street Extends Record Highs Ahead Of Key Inflation Report, Bitcoin Hits $50,000, NVIDIA Surpasses Amazon: What's Driving Markets Monday?

Wednesday is a bullish day on Wall Street, with major large-cap indices extending record highs, aided by robust corporate earnings. Despite the overall market optimism, concerns linger within segments such as regional <a href="https://www.benzinga.com/topic/regional-banks">banks, highlighting investor caution.</a>
The S&amp;P 500 surged to an intraday high of 4,995 points, inching up 0.6%, while the tech-centric Nasdaq 100 slightly outpaced it with a gain of 0.8%. Small-cap stocks experienced a modest dip, declining by 0.3%.
The so-called Magnificent Seven — Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</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>), Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) — collectively exceeded a market capitalization of $13 trillion, underscoring their dominant market presence.
Market movements were relatively muted in both Treasury yields and the dollar, even as Federal Reserve officials Neel Kashkari, Ariana Kugler and Susan Collins made statements Wednesday, reinforcing the message that the central bank is not poised to cut rates in the immediate future.
New York Community Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>) saw a further 8% decline following downgrades by Moody&#8217;s and Fitch to its credit rating, accompanied by Bank of America and JPMorgan adjusting their stock recommendations <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36985802/new-york-community-bancorp-nosedives-to-1997-lows-analysts-split-but-market-fears-p">from Overweight to Neutral</a>. 
In the cryptocurrency space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) advanced 1.3% to $43,600, positioning itself for the highest close since Jan. 12. 
<h2 class="wp-block-heading">Wednesday&#8217;s Performance In 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>17,727.93</td>
<td>0.9%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,989.72</td>
<td>0.7%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,676.39</td>
<td>0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,947.92</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>) was 0.7% higher to $497.13, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.4% to $386.51 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.8% to $430.97, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Consumer Discretionary SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, up 0.9%, followed by the Technology SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), up 0.8%. 
The Energy SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), down 0.2%, was the laggard. 
<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>
<ul>
<li>Emerson Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMR#NYSE">EMR</a>) rose over 11% after reporting stronger-than-expected earnings. </li>
<li>Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) fell 35% after missing revenue estimates and issuing weak guidance. </li>
<li>Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) rose nearly 18% despite missing both revenue and earnings expectations. Oppenheimer upgraded the stock from Neutral to Overweight. </li>
<li>Other companies reacting to earnings were Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), down nearly 5%, Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), down over 3%, Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), up 8%, Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), up 4%, Fortinet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), up 0.8%, Uber Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>), up nearly 1%, CVS Health Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), up 2%, Hilton Worldwide Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>), up 1.2% and Roblox Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>), up 9%. </li>
<li>Companies set to report after market close are Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), McKesson Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCK#NYSE">MCK</a>), Paypal Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) and O&#8217;Reilly Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>) </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36985408/disneys-sports-streaming-jv-is-a-win-will-help-collect-revs-lost-due-to-cord-cutter">Disney&#8217;s Sports Streaming JV Will Help &#8216;Collect Lost Revenue From Cord Cutters,&#8217; Analyst Says</a>
Photo via Shutterstock.

AMGN

FTNT

GILD

RBLX

SNAP

UBER

S&P 500 Flirts With 5,000 As Magnificent 7 Tops $13 Trillion, NYCB Sinks: What's Driving Markets Wednesday?

At noon trading in New York, major equity indices on Wall Street remain directionless as traders evaluate the future course of monetary policy ahead of several speeches by Federal Reserve officials<a href="https://www.benzinga.com/federal-reserve"> in the days ahead</a>. 
The Nasdaq 100 was 0.6% lower, on track for a second negative session, as investors took some profit following the impressive surge in <a href="https://www.benzinga.com/topic/artificial-intelligence">artificial intelligence-related and semiconductor stocks. </a>
The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) is down nearly 2% on its worst-performing day since early January. 
Treasury yields slightly pulled back from the recent sharp surge observed over the past few days. As a response, bonds rose, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) up 0.9%. 
Chinese stocks made headlines as they rallied after Beijing pledged support from the <a href="https://www.benzinga.com/markets/asia/24/02/36953993/china-stocks-surge-after-beijing-announces-new-measures-xi-jinping-steps-in">government and agency officials.</a> The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) rallied over 5% on its strongest day since July 2023. 
Concerns within the regional banking industry persist as a result of Secretary Janet Yellen&#8216;s remarks at Capitol Hill Tuesday, where she expressed apprehension about commercial real estate loans and the concentration of certain institutions. New York Community Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>) experienced a sharp decline of 17%, hitting its lowest point since June 2024.
<h2 class="wp-block-heading">Tuesday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,944.63</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,428.27</td>
<td>0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,941.75</td>
<td>0.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,513.72</td>
<td>-0.6%</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 flat at $492.58, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.1% to $384.11 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.5% to $426.37, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Materials SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 1.8%. The sector laggard was the Technology SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), down 0.7%. 
<h2 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h2>
<ul>
<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) rallied 27% after reporting better-than-expected results last quarter. </li>
<li>Other companies reacting to earnings were Eli Lilly Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), down 0.7%, UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), down 5.5%, Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>), up 4%, BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>), up 5.9%, FMC Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMC#NYSE">FMC</a>), down 11%, Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>), up 20%, GE Healthcare Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>), up 13% and Crown Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>), down 14%. </li>
<li>Companies reporting after the close include: Snap Inc. (NASDAQ: SNAP, Amgen Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amgn#NASDAQ">AMGN</a>), Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Fortinet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) </li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/36961269/yellen-expresses-concerns-over-commercial-real-estate-stablecoin-risks-praises-us-economic">Yellen Expresses Concerns Over Commercial Real Estate, Stablecoin Risks, Praises US Economic Strength: &#8216;Headed In Right Direction&#8217;</a>
Photo via Shutterstock.

Government

Real Estate

COHR

GEHC

PLTR

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Tech Slides, Chinese Stocks Rebound, New York Community Bancorp Tumbles: What's Driving Markets Tuesday?

After enjoying 13 out of 14 positive weeks, Wall Street kicked off Monday on a weaker note as traders revise down their expectations <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36936620/feds-kashkari-echoes-powells-hawkish-stance-monetary-policy-is-not-as-tight-as-we-w">regarding Fed interest rate cuts.</a>
Stronger-than-expected economic data — and comments from Federal Reserve officials indicating the central bank has no immediate plans to reduce rates — pushed major U.S. stock averages into the red.
Both Fed Chair Jerome Powell and Minneapolis Fed President Neel Kashkari issued warnings that monetary policy may remain restrictive for a while due to the remarkable economic resilience.
In January, the services sector expanded beyond expectations, as indicated by the latest ISM PMI figures, marking the strongest growth since September 2023 and extending its 13th <a href="https://www.benzinga.com/news/econ-s/24/02/36934961/us-service-sector-expands-beyond-expectations-in-january-signals-robust-economic-resilience">consecutive month of expansion.</a>
Traders have now embraced the idea that a rate cut in March is off the table. Furthermore, they are reducing their rate cut expectations for 2024, going from six rate cuts last week to just about five as of Monday.
Treasury yields surged across all maturity levels, with the 10-year yield increasing by 13 basis points to 4.15%, causing the dollar to strengthen by 0.5% against a basket of major currencies.
Small-cap stocks were hit the hardest, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) experiencing a 1.2% decline. Large-cap indices also saw declines, although with a more modest impact.
Bonds fell, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) sliding 1.9% after a 2% decline on Friday.
Oil prices rebounded, with West Texas Intermediate (WTI) crude oil rising by 1%, driven by escalating tensions in the Middle East, triggered by U.S. strikes over the weekend that targeted Iran-related sites in Syria and Iraq.
<h2 class="wp-block-heading">Monday&#8217;s Performance In 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>17,619.42</td>
<td>-0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,947.28</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,389.00</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,940.18</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>) was 0.2% lower to $493.17, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.7% to $383.95 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) eased 0.1% to $428.55, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Technology SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 0.3%, followed by the Energy SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), up 0.1%. 
Notable laggards were the Real Estate SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>), which plummeted 1.8%, and the Materials SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), down 2.2% 
On the industry front, semiconductors rallied, with the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) up 1.9%. 
<h2 class="wp-block-heading">Monday&#8217;s Stock Movers</h2>
<ul>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rose 4% following a bullish note by Goldman Sachs, which raised <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36933548/nvidia-stock-on-path-to-800-goldman-sachs-says-industry-gold-standard-for-the-futur">its price target on the chipmaker $800. </a></li>
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) fell 3% after surging as much as 20% on Friday. </li>
<li>Snap Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NASDAQ">SNAP</a>) fell 4% after the company announced it would cut its workforce by 10%. </li>
<li>Catalent Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTLT#NYSE">CTLT</a>) rose nearly 10% after Danish pharma giant Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) agreed to buy the company for $16.5 billion in cash. </li>
<li>Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) rose nearly 2% after reporting better-than-expected results last quarter. </li>
<li>Other companies reacting to earnings reports were McDonald&#8217;s Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), down 4%, Estee Lauder Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>), up 13%, Air Products &amp; Chemicals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APD#NYSE">APD</a>), down 14%, ON Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>), up 10%, and IDEXX Laboratories Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>), up 6.4%. </li>
<li>Companies that will report their earnings after the closing bell are Vertex Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>), Simon Property Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPG#NYSE">SPG</a>) and Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) </li>
</ul>
Photo via Shutterstock.

Reiteration

Movers

CTLT

IDXX

VRTX

Stocks Fall As Traders Dial Back Rate Cut Bets; Dollar, Treasury Yields Rise: What's Driving Markets Monday?

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