SPDR Select Sector Fund - Industrial (ARCA: XLI)

SPDR Select Sector Fund - Industrial (ARCA:XLI), Quote.Headers.trade-ideas

SPDR Select Sector Fund - Industrial

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Under normal market conditions, the fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the index. The index includes securities of companies from the following industries: aerospace and defense; industrial conglomerates; marine; transportation infrastructure; machinery; road and rail; air freight and logistics; commercial services and supplies; etc. It is non-diversified.

General Electric Co.

Caterpillar, Inc.

Raytheon Technologies Corp

Union Pacific Corp

Uber Technologies Inc

Honeywell International Inc.

Eaton Corp. Plc

Lockheed Martin Corp

Boeing Co

Automatic Data Proce Ssing Inc

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FIDU

Looking for broad exposure to the Industrials - Broad segment of the equity market? You should consider the Fidelity MSCI Industrials Index ETF (ARCA:FIDU), a passively managed exchange traded fund launched on 10/21/2013.

Should You Invest in the Fidelity MSCI Industrials Index ETF?

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Wall Street is seeing a relatively timid session, with the major indices displaying a slight negative performance. 

Chipmakers Tick Up As Nvidia Halts Sell-Off, Dollar Rises As Traders Revise Fed Wagers: What&#39;s Driving Markets Friday?

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Wall Street rallied robustly on Thursday, with traders embracing a risk-on approach after government data revealed the U.S.

US Stocks Rally, Dow Jones Achieves Record Highs As GDP Outperforms, Nvidia Falls: What&#39;s Driving Markets Thursday?

INVESCO INDUSTRIA S&P US SECTOR  ETF

Looking for broad exposure to the Industrials - Broad segment of the equity market? You should consider the Fidelity MSCI Industrials Index ETF (ARCA:FIDU), a passively managed exchange traded fund launched on 10/21/2013.
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Industrials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 13, placing it in bottom 19%.
<h2>Index Details</h2>
The fund is sponsored by Fidelity. It has amassed assets over $1.12 billion, making it one of the average sized ETFs attempting to match the performance of the Industrials - Broad segment of the equity market. FIDU seeks to match the performance of the MSCI USA IMI Industrials Index before fees and expenses.
The MSCI USA IMI Industrials Index represents the performance of the industrial sector in the U.S. equity market.
<h2>Costs</h2>
When considering an ETF&#39;s total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.
Annual operating expenses for this ETF are 0.08%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 1.25%.
<h2>Sector Exposure and Top Holdings</h2>
It is important to delve into an ETF&#39;s holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Industrials sector--about 100% of the portfolio.
Looking at individual holdings, General Electric Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ge#NYSE">GE</a>) accounts for about 3.64% of total assets, followed by Caterpillar Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cat#NYSE">CAT</a>) and Rtx Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rtx#NYSE">RTX</a>).
The top 10 holdings account for about 27.06% of total assets under management.
<h2>Performance and Risk</h2>
So far this year, FIDU has gained about 14.28%, and is up about 26.57% in the last one year (as of 09/16/2024). During this past 52-week period, the fund has traded between $51.08 and $70.26.
The ETF has a beta of 1.10 and standard deviation of 18.10% for the trailing three-year period, making it a medium risk choice in the space. With about 371 holdings, it effectively diversifies company-specific risk.
<h2>Alternatives</h2>
Fidelity MSCI Industrials Index ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, FIDU is a great option for investors seeking exposure to the Industrials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
Vanguard Industrials ETF (ARCA:VIS) tracks MSCI US Investable Market Industrials 25/50 Index and the Industrial Select Sector SPDR ETF (ARCA:XLI) tracks Industrial Select Sector Index. Vanguard Industrials ETF has $5.37 billion in assets, Industrial Select Sector SPDR ETF has $19.29 billion. VIS has an expense ratio of 0.10% and XLI charges 0.09%.
<a href="https://www.zacks.com/stock/news/2336242/should-you-invest-in-the-fidelity-msci-industrials-index-etf-fidu?cid=CS-BENZ-FT-sector_etf-2336242">To read this article on Zacks.com click here.</a>

Wall Street is seeing a relatively timid session, with the major indices displaying a slight negative performance. 
While a timid rebound in semiconductor stocks is taking shape, aided by NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)&#8217;s pause of the sell-off in the previous session, the Dow Jones edged lower after reaching record <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40633329/us-stocks-rally-dow-jones-achieves-record-highs-as-gdp-outperforms-nvidia-falls-whats-driv">highs the day before.</a>
The weak risk sentiment on Friday threatens to end the S&amp;P 500 and Nasdaq 100's streak of three consecutive weekly rallies
The AI darling rose by 1% by midday in New York, contributing to the positive momentum in chipmakers, buoyed by strong earnings from Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) and MongoDB Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>).
On the data front, the Federal Reserve's preferred inflation gauge — the Personal Consumption Expenditure (PCE) Price Index — remained flat in July, breaking a three-month streak of declines.
While the index came in slightly below expectations of an increase, personal spending and income data accelerated more than anticipated, indicating that the positive momentum among U.S. consumers extended into the first month of the current quarter.
The dollar gained 0.3% on the back of the economic data, as traders trimmed expectations on a large 50-basis-point rate cut in September. The greenback&#8217;s strength pressured commodities: gold dropped 0.7%, while oil declined by 2.7%.
The sentiment in the cryptocurrency market remains negative, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) down 2.3%.
<h1 class="wp-block-heading">Friday&#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>Nasdaq 100</td>
<td>19,367.31</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,588.51</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,177.11</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,192.94</td>
<td>-0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent083024&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.1% lower to $557.38.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.4% to $412.33.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was up 0.1% to $470.97.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.6% to $217.58.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up by 0.1%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down by 0.7%.</li>
</ul>
<h1 class="wp-block-heading">Friday&#8217;s Stock Movers</h1>
<ul>
<li>Marvell Technology Inc. rose 9.1%; eer MongoDB Inc. soared 16%.</li>
<li>Other stocks reacting to company earnings included Autodesk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>) up 1.7%, Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) up 3%, Elastic N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) down over 27%, Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) down about 0.7% and Ulta Beauty, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) down 4.3%).</li>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) soared by 7.7% after rumors indicating he company is considering options, including separating its product design and manufacturing divisions.</li>
</ul>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40655318/ethereum-co-founders-2-1m-ether-transfer-raises-eyebrows-why-is-vitalik-buterin-dumping"> • Ethereum Co-Founder&#8217;s $2.1M Ether Transfer Raises Eyebrows: Why Is Vitalik Buterin Dumping?</a>
Photo: Lucky Photographer via Shutterstock

Chipmakers Tick Up As Nvidia Halts Sell-Off, Dollar Rises As Traders Revise Fed Wagers: What's Driving Markets Friday?

Wall Street rallied robustly on Thursday, with traders embracing a risk-on approach after government data revealed the U.S. economy grew by 3% in the second quarter, outpacing earlier estimates of 2.8%, driven by strong upward <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40629012/gdp-data-shows-economy-in-good-shape-job-market-key-for-rest-of-2024-economists">revisions in household consumption. </a>
The upbeat market sentiment prevailed even as NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), the year&#8217;s top-performing S&amp;P 500 stock, slipped over 3% following its earnings report, with revenue projections for the current quarter failing to impress the heightened expectations.
Other semiconductor stocks decoupled from Nvidia <a href="https://www.benzinga.com/news/earnings/24/08/40630439/semiconductor-etfs-rally-despite-nvidia-dip-10-chipmakers-defy-the-ai-darlings-drop">and showed strong gains</a>, with the broader iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) up over 2%. 
Small caps rallied 1.4%, positively reacting to the upwardly revised GDP data. The Dow Jones Industrial Average rose 1.1%. achieving fresh record highs to over 41,500 points. 
Commodities gained strength, with natural gas rallying 2%, oil prices climbing 1.6%, gold advancing 0.8%, and silver rising 1.3%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 2.5%, on track to snap three straight session of losses. 
<h3 class="wp-block-heading">Thursday&#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>2,223.27</td>
<td>1.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,614.94</td>
<td>1.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,562.92</td>
<td>1.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,645.35</td>
<td>1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082924&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.9% higher to $563.17.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 1.1% to $416.02.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was up 1.2% to $477.23.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1.4% to $220.24.</li>
<li>The Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) outperformed, up by 1.5%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) lagged, down by 0.4%.</li>
</ul>
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
<ul>
<li>Chipmaker stocks rallying the most on Thursday despite Nvidia&#8217;s dip were Arm Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) up 5.6%, Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) up 4.7% and ON Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) up 4.3%.</li>
<li>Other stocks moving on earnings are American Eagle Outfitters, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEO#NYSE">AEO</a>) down 3.3%, Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) up 33%, Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) up 15%, Burlington Stores, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BURL#NYSE">BURL</a>) up 0.7%, Campbell Soup Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPB#NASDAQ">CPB</a>) down 1.5%, Cooper Companies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COO#NASDAQ">COO</a>) up over 11%, CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) up 5%, Dollar General Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>) down 30%, Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) down 1%, HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>) up 4%, Nutanix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>) up 19%, NetApp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) down 8%, Okta, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>) down 16%, Pure Storage, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSTG#NYSE">PSTG</a>) down 15%, Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) up 0.5% and Victoria&#8217;s Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>) down 1.3%.</li>
<li>Those reporting after the close include Autodesk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>), Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>), Gap, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>), Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>), Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>), MongoDB, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) and Ulta Beauty Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>).</li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40628887/nvidia-analysts-say-pullback-is-buying-opportunity-pushing-ai-envelope-too-signific">Nvidia Analysts Say Pullback Is Buying Opportunity: &#8216;Pushing AI Envelope Too Significant To Slow Down&#8217;</a></li>
</ul>
Photo: Shutterstock

US Stocks Rally, Dow Jones Achieves Record Highs As GDP Outperforms, Nvidia Falls: What's Driving Markets Thursday?

Market sentiment on Wall Street turned negative on Monday morning as traders grapple with escalating global geopolitical risks.
In a <a href="https://www.gov.uk/government/news/joint-statement-on-the-middle-east-12-august-2024">joint statement</a> issued Monday, the United Kingdom, France and Germany urged Iran and its allies to avoid actions that could further escalate tensions and jeopardize prospects for a cease-fire and the release of hostages. The statement comes amid rising concern that Iran and its proxies could launch an attack on Israel in retaliation for the killing of Hamas political leader Ismail Haniyeh in Tehran late last month.
On the macroeconomic front, the New York Fed&#8217;s consumer expectations survey indicated a decline in mid-term inflation expectations but rising concerns <a href="https://www.benzinga.com/markets/equities/24/08/40318529/medium-term-inflation-expectations-drop-to-record-low-while-debt-concerns-rise-stocks-fall-gold-">about future debt repayments.</a>
In response to the heightened geopolitical risks, West Texas Intermediate (WTI) crude, as tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), surged 2.3% to $78 per barrel, marking its fourth <a href="https://www.benzinga.com/news/large-cap/24/08/40313301/oil-prices-eye-fourth-straight-day-of-gains-as-geopolitical-risks-overshadow-opecs-cooler-demand-f">consecutive session of gains</a>.
Gold also attracted safe-haven demand, rising 1.5% and nearing all-time highs, now just 0.6% away.
The S&amp;P 500 edged up 0.2%, paring earlier gains in the morning session, while bonds, as tracked by the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), gained 0.3%.
<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</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,567.58</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,354.36</td>
<td>0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,386.45</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,062.46</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent081224&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.2% to $534.24.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.2% lower to $394.30.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.5% higher to $452.74.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tumbled 0.9% to $204.43.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up by 1.1%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) lagged, down by 1.1%.</li>
</ul>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Shares of regional lender KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) rose about 10% after Canada&#8217;s Scotiabank announced the purchase of a minority stake in the U.S. bank in an all-stock deal worth $2.8 billion. </li>
<li>Stocks reacting to earnings were Ballard Power Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDP#NASDAQ">BLDP</a>), down 3.6%, Barrick Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>), up 7.9%, and Monday.com Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDY#NASDAQ">MNDY</a>), up over 11%.</li>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rallied over 4% following bullish notes from Bank of America and UBS. </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40315020/trumps-battle-with-interest-rates-did-he-sway-fed-policy-as-president">Trump&#8217;s Battle With Interest Rates: Did He Sway Fed Policy As President?</a></li>
</ul>
Photo via Shutterstock.

Politics

Movers

BLDP

GOLD

MNDY

iShares Trust Barclays 20+ Year Treasury Bond Fund

US Stocks Trim Gains As Iran Mulls Attack On Israel; Gold, Oil Rally: What's Driving Markets Monday?

After a blistering Thursday that saw the S&amp;P 500 close with its best session in nearly two years — up 2.3% — Wall Street&#8217;s price action turned sluggish on a Friday lacking <a href="https://www.benzinga.com/topic/interest-rates">market-moving economic events.</a>
By midday in New York, major indices were slightly positive or hovering around the flat line, signaling a slowdown in the bullish sentiment compared to the previous session.
Since the beginning of the week, the S&amp;P 500 is down 0.5%, with a few hours of trading left to determine whether the U.S. stock market can avoid closing in the red for the fourth consecutive week.
Meanwhile, there's a renewed demand for long-dated U.S. Treasury bonds, with yields declining by about 6 basis points on both the 10-year and 30-year notes. As a result, the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rallied 1%, snapping a three-session losing streak.
The dollar slightly weakened, slipping 0.5% against the Japanese yen after three consecutive days of gains.
Traders now see nearly equal odds of a 50-basis-point or a 25-basis-point rate cut by the Federal Reserve in September, according to the CME Group&#8217;s FedWatch tool.
In commodities, oil is up 0.7%, with West Texas Intermediate (WTI) light crude poised for its third consecutive session of gains.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) plunged 2% after rallying nearly 12%, marking its best-performing day since February 2022.
<h1 class="wp-block-heading">Friday&#8217;s Performance In Major US 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>S&amp;P 500</td>
<td>5,329.24</td>
<td>0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,426.22</td>
<td>0.1 %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,435.12</td>
<td>0.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,075.91</td>
<td>-0.5%</td>
</tr>
</tbody>
</table>
</figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent080924&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.2% to $531.66.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was flat at $394.74.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.2% higher to $448.94.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.5% to $205.88.</li>
<li>The Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, up by 0.4%. The Industrial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down by 0.2%.</li>
</ul>
<h1 class="wp-block-heading">Friday&#8217;s Stock Movers</h1>
<ul>
<li>Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) climbed 1.5%, building on the previous day&#8217;s 11% surge following the announcement of a partnership with Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) to deliver advanced cloud, artificial intelligence, and analytics capabilities to U.S. defense and intelligence agencies. Shares of Palantir are on track to close at the highest level since February 2021.</li>
<li>Eli Lilly &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) surged over 6% after several investment banks raised their price targets, following a strong earnings report last quarter. </li>
<li>Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) declined over 1% after revealing plans for thousands of job cuts, marking its second round of layoffs this year, as the company redirects its focus toward fast-growing sectors such as cybersecurity and artificial intelligence, Reuters reported.</li>
</ul>
Stocks reacting to company earnings are:
<ul>
<li>Akamai Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) up 10%,</li>
<li>CarGurus, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARG#NASDAQ">CARG</a>) up 18%, </li>
<li>Dropbox, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBX#NASDAQ">DBX</a>) up 2.3%,</li>
<li>elf Beauty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) down 15%,</li>
<li>Evergy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVRG#NASDAQ">EVRG</a>) down 0.7%,</li>
<li>Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>) up 9%,</li>
<li>Five9, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVN#NASDAQ">FIVN</a>) down 26%,</li>
<li>Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>) down 3%,</li>
<li>Insulet Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PODD#NASDAQ">PODD</a>) down over 7%,</li>
<li>New Fortress Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFE#NASDAQ">NFE</a>) down 26%,</li>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) up 0.5%,</li>
<li>Take-Two Interactive Software, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>) up 2.5%,</li>
<li>Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) up 9.7%,</li>
<li>Unity Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>) up 11%,</li>
<li>Yelp Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YELP#NYSE">YELP</a>) up 2.6%. </li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40284699/wall-street-shifts-to-bossing-the-fed-into-big-rate-cuts-after-bank-of-japans-polic">Wall Street Shifts To &#8216;Bossing The Fed Into Big Rate Cuts&#8217; After Bank Of Japan&#8217;s Policy U-Turn, Analyst Says</a></li>
</ul>
Photo: Shutterstock

Earnings

Mid Cap

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Wall Street Momentum Stalls After Thursday's Rally, Palantir Jumps To 3-Year Highs, Bonds Rally: What's Driving Markets Friday?

Wall Street opened higher at the start of a data-heavy week, with traders adopting an optimistic tone ahead of crucial earnings<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40016926/markets-brace-for-crucial-interest-rate-shake-up-what-to-expect-from-federal-reserv"> reports and economic events.</a>
The S&amp;P 500 rose 0.4% by midday trading in New York, while the tech-heavy Nasdaq 100 climbed 0.8%. The blue-chip index inched 0.1% up, and small caps slipped 0.8%.
Four out of the six largest U.S. corporations – including Microsoft Corp., Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) – are set to report their latest quarterly earnings between Tuesday and Thursday.
Meanwhile, the Federal Reserve will hold its two-day Federal Open Market Committee (FOMC) meeting, concluding Wednesday with the rate statement and Fed Chair Jerome Powell&#8216;s press conference.
The Fed is widely expected to keep interest rates steady, but traders will closely watch for any signals of a potential rate cut in September. Market-implied odds currently fully factor in a September rate cut, as shown by CME Group&#8217;s FedWatch tool.
Additionally, crucial labor market statistics will be released this week, including the June Job Openings and Labor Turnover Survey (JOLTs) on Tuesday, July private payroll numbers from Automatic Data Processing Inc. on Wednesday, and the highly anticipated official employment report for July on Friday.
Treasury yields were mostly flat for shorter-dated maturities, while yields for both the 10-year and 30-year tenors fell by 2 basis points on Monday. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 0.4%.
In commodities markets, oil fell 1.1%, with West Texas Intermediate (WTI) light crude dropping below $76, hitting a fresh 7-week low as bearish demand developments in China outweighed supply concerns from <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40015199/oil-prices-remain-under-pressure-despite-rising-middle-east-tensions-a-bearish-tria">rising Middle East tensions.</a> U.S. natural gas prices also fell 1.4%.
Gold inched 0.5% lower, while copper and silver declined 0.7% and 1.4%, respectively. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) held steady at around $68,000, failing to rally significantly despite bullish headlines over the weekend.
<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</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,173.24</td>
<td>0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,482.99</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,620.03</td>
<td>0.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,242.45</td>
<td>-0.8%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:20 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard/?utm_source=BZprocontent072924&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.4% higher to $546.49.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;held steady at $406.12.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) rose 0.8% to $466.90.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.8% to 222.43.</li>
<li>Sector-wise, the Consumer Discretionary Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)&nbsp;outperformed, up by 1.7%, while the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 1.2%.</li>
</ul>
<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>) rallied 5% after a bullish note from Morgan Stanley putting the EV-maker as the analyst &#8216;top pick&#8217; in the U.S. automotive industry. </li>
<li>Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>) rose 2.6% after Fubon issued a &#8216;New Buy&#8217; rating with price target at $4,533. </li>
<li>Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) fell 1.6% after Piper Sandler cut the company&#8217;s rating to Neutral. </li>
</ul>
Stocks moving on earnings were:
<ul>
<li>McDonalds Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) soared 4.3%, despite reporting disappointing profits.</li>
<li>ON Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) skyrocketed 13.5%, eyeing the best one-day gain since November 2022, amid stronger-than-expected quarterly results.</li>
<li>Revvity Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RVTY#NYSE">RVTY</a>) climbed 6.4%. </li>
<li>CNA Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNA#NYSE">CNA</a>) rose 3.7%. </li>
<li>Affiliated Managers Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMG#NYSE">AMG</a>) rose 3.9%. </li>
<li>Alliance Resource Partners L.P. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARLP#NASDAQ">ARLP</a>) tumbled 6%. </li>
</ul>
Large-cap stocks reporting earnings after the close include: 
<ul>
<li>Hologic Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOLX#NASDAQ">HOLX</a>).</li>
<li>Woodward Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>).</li>
<li>F5 Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>).</li>
<li>Chesapeake Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHK#NYSE">CHK</a>). </li>
<li>Amkor Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMKR#NASDAQ">AMKR</a>).</li>
<li>Crane Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CR#NYSE">CR</a>). </li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40013144/if-economic-performance-were-an-olympic-sport-us-economy-would-win-gold-says-market">If Economic Performance Were An Olympic Sport, &#8216;US Economy Would Win Gold,&#8217; Says Market Veteran</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Treasuries

AAPL

AMKR

AMZN

ARLP

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Select Sector SPDR-Consumer Discretionary

Wall Street Rises Ahead Of Big Tech Earnings, Fed Meeting; Tesla Rebounds, Oil Prices Drop To 7-Week Lows: What's Driving Markets Monday?

After a turbulent week in the markets, the bulls reclaimed dominance on Wall Street during Friday&#8217;s session, with indices and sectors trading in positive territory as investors welcomed the latest corporate earnings results and further confirmation of inflation progressing toward <a href="https://www.benzinga.com/topic/interest-rates">the Fed&#8217;s 2% target.</a>
In June, the Personal Consumption Expenditure price index – the Fed&#8217;s preferred measure of inflation – dropped to 2.5% year-on-year, as anticipated, marking the lowest level since February 2021. The core component slightly exceeded expectations, remaining <a href="https://www.benzinga.com/top-stories/24/07/39987142/feds-favorite-inflation-gauge-keeps-falling-but-fed-wants-durable-downward-trend-economist-says">steady at 2.6% annually.</a>
Investors are unwavering in their expectations for a Fed interest rate cut in September, assigning it a 100% probability and factoring in nearly three cumulative rate cuts by year-end.
The Dow Jones Industrial Average led the charge on Friday, with the blue-chip index surging 1.9%, setting the stage for its strongest session this year. The tech-heavy Nasdaq 100 rebounded significantly, climbing 1.6%, which halted the tech sector&#8217;s decline but wasn&#8217;t enough to reverse a negative weekly close. 
The Russell 2000, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), also posted a solid gain of 1.3%.
Rate-sensitive sectors continued their rally, with homebuilders, as tracked by the SPDR Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>), rising over 3% for the day, reaching all-time highs and marking their third <a href="https://www.benzinga.com/markets/equities/24/07/39988310/homebuilder-stocks-rally-to-record-highs-on-rate-cut-frenzy-but-housing-sales-still-struggle">consecutive positive weekly close.</a>
In the bond market, Treasuries rose as yields dipped slightly, especially in longer-dated maturities.
Gold also rallied, increasing by 1%, while oil prices dropped by 1%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 2.5%, marking its second consecutive positive session after three negative ones.
<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</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,712.07</td>
<td>1.9%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,483.84</td>
<td>1.6%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,116.90</td>
<td>1.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,252.38</td>
<td>1.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072524&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.5% higher to $546.75.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 2% to $407.34.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) rose 1.5% to $465.21.</li>
<li>Sector-wise, the Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)&nbsp;outperformed, up by 2.3%, while the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, up 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
Stocks moving on earnings were:
<ul>
<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), up 19%. </li>
<li>Aon plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>) up 6.4%. </li>
<li>Avantor Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVTR#NYSE">AVTR</a>) up 12%.</li>
<li>Barnes Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>), down 3%.</li>
<li>BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>), down 12%.</li>
<li>Booz Allen Hamilton Holding Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>) down 10%. </li>
<li>Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), up 5.4%.</li>
<li>Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), up 9.7%. </li>
<li>Centene Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNC#NYSE">CNC</a>) up 9.8%. </li>
<li>Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) up 16.2%.</li>
<li>Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>) up 3.7%. </li>
<li>Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) up 7.9%.</li>
<li>DexCom, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXCM#NASDAQ">DXCM</a>) down 42%. </li>
<li>Franklin Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>) up 1.9%.</li>
<li> Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>) flat. </li>
<li>Mohawk Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MHK#NYSE">MHK</a>) up 19%. </li>
<li>Newell Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>) up 39%. </li>
<li>Saia Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIA#NASDAQ">SAIA</a>) down 20%. </li>
<li>SkyWest, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKYW#NASDAQ">SKYW</a>) down 6.5%. </li>
<li>T. Rowe Price Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TROW#NASDAQ">TROW</a>) down 2.8%. </li>
<li>VeriSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>) up 3.3%. </li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39970069/investors-go-all-in-on-small-caps-pour-over-6-billion-into-russell-2000-etf-this-month-they-will">Investors Go All In On Small Caps, Pour Over $6 Billion Into Russell 2000 ETF This Month: They &#8216;Will Return To Larger-Cap Alternatives,&#8217; Veteran Analyst Says</a></li>
</ul>
Illustration via Shutterstock.

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AVGO

AVTR

BJRI

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DECK

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JNPR

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Wall Street Enjoys Late-Week Rally On Benign Inflation Data, Dow Jones Eyes Best Session Of 2024, Tech Unwinding Stalls: What's Driving Markets Friday?

Wall Street strongly rebounded Thursday after Wednesday&#8217;s slump, driven by stronger-than-expected economic growth in the last quarter, countering <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39957034/us-economy-expands-2-8-in-q2-tops-estimates-weekly-jobless-claim-fall">concerns of a slowdown.</a>
The U.S. economy posted a notable 2.8% real growth in the second quarter, doubling the first quarter&#8217;s pace and exceeding the 2% growth estimate.
Adding to the positive outlook, the Personal Consumption Expenditure (PCE) price index showed cooling price pressures, dropping from 3.4% to 2.6%, signaling progress toward the 2% target.
At midday, major U.S. averages traded positively, with all eleven sectors of the S&amp;P 500 posting gains. The S&amp;P 500 index was up 1%, and the Dow gained a robust 1.3%. The tech-heavy Nasdaq 100 inched 0.9% higher, while small caps, tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), rallied 2.4%.
Treasury yields fell significantly, with the 30-year yield down 6 basis points to 4.48%, boosting the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) by 1.8%.
Gold fell 1.6%, likely impacted by the rebound in riskier assets, silver plummeted 3.7%, while oil prices rose 0.7% to $77.80.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1% to $64,750, marking its fourth straight session of losses.
<h3 class="wp-block-heading">Thursday&#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>2,252.16</td>
<td>2.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,361.96</td>
<td>1.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,480.26</td>
<td>1.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,202.70</td>
<td>0.9%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072524&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.7% higher to $545.24.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 1.1% to $403.20.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) rose 0.5% to $465.53.</li>
<li>Sector-wise, the Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)&nbsp;outperformed, up by 1.9%, while the&nbsp;Communication Services Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) and the Utilities Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, both up 0.6%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
Stocks moving on earnings were:
<ul>
<li>Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), down 2%.</li>
<li>Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>) down over 29%.</li>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) down over 16%.</li>
<li>International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) up nearly 6%.</li>
<li>Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>) down over 1%. </li>
<li>ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) ORLY), up over 15%. </li>
<li>Kla Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>) up 3.2%. </li>
<li>Teradyne Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>) down over 11%.</li>
<li>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) down nearly 3%. </li>
<li>STMicroelectronics N.V. down over 11%. </li>
<li>O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>) up over 4%.</li>
<li>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) up nearly 4%. </li>
<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) up over 6%. </li>
<li>AstraZeneca PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) down 2.8%. </li>
<li>Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) up 1.9%. </li>
<li>Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>) down 0.6%. </li>
<li>Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) up 3.8%. </li>
<li>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>) down over 4%. </li>
<li>Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>) up 3.9%</li>
<li>Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) up 6.8%</li>
<li>RTX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) up over 8%. </li>
<li>Union Pacific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) up 0.1%.</li>
<li>Valero Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>). </li>
<li>Xerox Holdings Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NASDAQ">XRX</a>) down over 7%. </li>
</ul>
Those reporting after the close include: SkyWest, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKYW#NASDAQ">SKYW</a>), Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>), Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>), Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>) and VeriSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>).
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39963781/feds-favorite-inflation-gauge-set-to-drop-to-lowest-level-in-over-3-years-is-july-rate-cut-possi">Fed&#8217;s Favorite Inflation Gauge Set To Drop To Lowest Level In Over 3 Years: Is July Rate Cut Possible?</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

ABBV

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ORLY

Stocks Rebound As US Economy Flexes Muscles, Small Caps Rally, Gold Falls: What's Driving Markets Thursday?

A market strategist is providing insight into which sectors could benefit based on whether Donald Trump or Joe Biden wins the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
What Happened: There is a lot of focus<a href="https://www.benzinga.com/news/24/07/39804113/exclusive-elon-musk-is-burning-his-own-blue-bridges-by-donating-to-trump-says-market-expert"> on electric vehicles</a> ahead of the 2024 election with a win by Trump seen as a negative for the sector, but a potential positive for Tesla.
Freedom Capital Markets Chief Global Strategist Jay Woods told Benzinga there are several sectors to watch ahead of the 2024 election.
Woods sees a potential "Trump bump" for financials and healthcare stocks if the former president returns to office.
The market strategist recalled Operation Warp Speed, which mainly focused on COVID-19 treatments, but also fast-tracked other studies.
"I think the health care sector will thrive under Trump,&#8221; <a href="https://x.com/jaywoods3">Woods </a>said. Financial regulations could be minimized under the former president, benefiting financial stocks, he added.
On the other hand, a potential 2024 election win by Biden could be good for industrials and chip stocks, Woods told Benzinga.
He said<a href="https://www.benzinga.com/topic/chips-act"> the Chips Act</a> has been great for many semiconductor stocks and a Biden victory could continue on that momentum.
The market strategist said recent comments by Trump and his vice-presidential pick J.D. Vance could impact the chip sector with potential trade wars with China.
Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/07/39846454/exclusive-market-strategist-jay-woods-says-rotation-in-small-caps-is-just-starting-rus">EXCLUSIVE: Market Strategist Jay Woods Says &#8216;Rotation In Small Caps Is Just Starting&#8217;: Russell 2000 Within 8% Of All Times, &#8216;Easy Upside Target&#8217;</a>
Why It's Important: Woods noted that investors should consider different sectors that could benefit under the 2024 election winner. The market strategist also cautioned that predictions do not always align with the actual outcomes.
Energy stocks experienced a surge leading up to Trump&#8217;s election in 2016 but did not perform as well as predicted afterward, Woods said.
"Energy didn't do as well under Trump as they thought," he added.
Electric vehicle and clean energy stocks were favored by investors ahead of the 2020 election and Biden's win. But EV stocks under Biden haven't performed as strong as expected since the 2020 election, Woods noted.
"They haven't really paid off."
The SPDR Select Sector Fund &#8211; Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) and SPDR Select Sector Fund &#8211; Health Care (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) are two of the larger ETFs that track the sectors Woods predicts could do well under Trump. 
The SPDR Select Sector Fund &#8211; Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) and VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) are two of the larger ETFs that track the sectors Woods predicts could do well under Biden. 
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/sector-etfs/24/07/39848044/exclusive-financials-looking-favorable-after-jpmorgan-earnings-market-strategist-jay-woods-says-">EXCLUSIVE: Financials &#8216;Looking Favorable&#8217; After JPMorgan Earnings — Market Strategist Jay Woods Says Sector &#8216;Just Joining The Party&#8217;</a></li>
</ul>
Photo: Created using images from Benzinga and Midjourney

Exclusives

EXCLUSIVE: Market Strategist Predicts 4 Winning Sectors Based On Trump Or Biden 2024 Election Victory

It&#8217;s deep red on Wall Street on Wednesday, with tech stocks sharply falling amid a semiconductor broad-based selloff following news that the Biden administration is hastening<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39821315/ai-earthquake-semiconductors-suffer-worst-selloff-in-years-on-stricter-us-chip-expo"> export restrictions to China. </a>
Bloomberg reported on Wednesday that the U.S. administration has advised its allies to impose the strictest trade restrictions possible if companies such as Tokyo Electron Ltd. (OTCPK: TOELY) and ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) persist in supplying advanced chips to China. Shares of the Dutch chipmaker ASML Holding fell nearly 12%, notching the worst decline since March 2020. 
The tech-heavy Nasdaq 100 tumbled by 2.7% at 12:45 p.m. ET, marking the worst session since late August 2023. The semiconductor industry was the hardest hit. The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) and the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) both plummeted over 6%, marking their worst day since October 2022.
The elite group of the &#8216;Magnificent Seven,&#8217; tracked by the Roundhill Magnificent Seven ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NASDAQ">MAGS</a>), saw a collective market cap loss of $500 billion in a single trading session. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) alone plummeted 7%, accounting for a $180 billion loss.
The S&amp;P 500 dropped 1.2%, while blue-chip stocks of the Dow Jones rose 0.6% to 41,200 points, extending their all-time highs and marking a sixth consecutive session of gains. Meanwhile, small caps took a breather, with the Russell 2000 index falling 1%, ending a five-day winning streak.
U.S. natural gas futures fell over 6%, hitting two-month lows, due to lower-than-expected cooling demand amid milder weather forecasts for the next two weeks.
Oil prices rallied 1.9% after U.S. inventories declined again last week. Gold edged down 0.5% from the all-time highs reached on Tuesday. The dollar fell 0.4%, with the dollar-yen pair dropping 1.3%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) eased 1.2%. 
<h3 class="wp-block-heading">Wednesday&#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>Dow Jones</td>
<td>41,154.73</td>
<td>0.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,240.18</td>
<td>-1.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,592.13</td>
<td>-1.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,862.83</td>
<td>-2.6%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:05 p.m. ET</figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071724&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.4% lower to $557.02.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose by 0.4% to $411.20.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) eased 2.7% to $482.82.</li>
<li>Sector-wise, the&nbsp;Consumer Staples Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)&nbsp;outperformed, up by 1.3%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 3.6%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) tumbled 8.3%, dropping below the 50-day moving average support. </li>
<li>U.S.-listed shares of Taiwan Semiconductor Manufacturing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) plummeted 7% following reports that U.S. presidential candidate Donald Trump suggested Taiwan should compensate the U.S. for its defense.</li>
<li>British chipmaker Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) tumbled 8.7%.</li>
<li>Other chip giants, including Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>), Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) and Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>), also saw declined by about 8%.</li>
<li>Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) rallied 3.7% on stronger-than-expected quarterly results. </li>
<li>Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) plunged 9.4%, following a 10.2% drop on Tuesday, as several analysts lowered their price targets in response to disappointing Q2 earnings.</li>
<li>Other stocks reacting to company earnings were Elevance Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELV#NYSE">ELV</a>), down 6.5%, U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>), up 4.6%, Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>), down 3%, Northern Trust Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRS#NASDAQ">NTRS</a>), down 7%, Citizens Financial Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>), up 3.4% and Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>), up 0.6%. </li>
<li>Companies reporting after the close include Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>), Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), Kinder Morgan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>), SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>), Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) and United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>).</li>
</ul>
Read now: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39819662/bank-of-america-analysts-stick-to-december-rate-cut-prediction-brace-for-election-f">Bank Of America Analysts Stick To December Rate Cut Prediction, Brace For Election-Fueled S&amp;P 500 Turbulence</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

ALLY

AMAT

ASML

streetTRACKS Dow Jones U.S. Large Cap Value Index Fund

LRCX

MAGS

NTRS

STLD

TOELY

Nasdaq 100 Suffers Worst Day In 11 Months As Chipmakers Tumble On China Curbs; Magnificent 7 Wipe Out $500B : What's Driving Markets Wednesday?

Wall Street continues to experience a series of memorable days, with the bulls riding the rally with increasing confidence, certain that the Federal Reserve will begin cutting <a href="https://www.benzinga.com/topic/interest-rates">interest rates in September.</a>
Fed futures currently indicate a 100% probability that policymakers will cut interest rates in two months, according to the CME Group&#8216;s FedWatch tool.
This time, blue-chip stocks and gold are stealing the spotlight by breaking their all-time highs, while small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), have posted their fifth consecutive day in the green, marking their best five-day rally <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39797464/small-caps-are-having-a-moment-russell-2000-notches-best-5-day-rally-in-over-4-year">in over four years.</a>
The Dow Jones Industrial Average surged to 40,800 points at 12:30 p.m. ET, up 1.5%, marking its best session since late May. Sector-wise, industrials rose 2.1%, eyeing the strongest one-day gain since October.
The S&amp;P 500 increased marginally by 0.3%, while tech stocks in the Nasdaq 100 slipped by 0.4%, as the rotation from large-cap tech to small-cap and cyclical laggards continues.
Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose 1.6% to $2,460 per ounce, as Treasury yields sharply fell following Powell&#8217;s dovish remarks on Monday and a stagnation in <a href="https://www.benzinga.com/markets/bonds/24/07/39792320/june-retail-sales-stagnate-traders-fully-price-in-september-interest-rate-cut">retail sales growth in June.</a> The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rallied 1.1%. 
Oil prices dropped to $80 a barrel, down 1%, heading for the lowest close in nearly a month.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell by 0.5%, on track to snap a four-day losing streak.
<h1 class="wp-block-heading">Chart of The Day: Blue-Chip Stocks Achieve All-Time Highs</h1>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16122752/image-23-1024x490.png" alt="" class="wp-image-439050" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16122752/image-23-1024x490.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16122752/image-23-300x143.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16122752/image-23-768x367.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16122752/image-23-1536x734.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16122752/image-23.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Image: <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071624&amp;t=be2bearmibe3na1">Benzinga Pro</a>
<h1 class="wp-block-heading">Tuesday&#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 % change</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,240.18</td>
<td>2.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,816.48</td>
<td>1.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,646.17</td>
<td>0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,296.39</td>
<td>-0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071624&amp;t=be2bearmibe3na1">Benzinga Pro </a>data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.2% higher to $562.48.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose by 1.4% to $408.06.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) eased 0.5% to $493.58.</li>
<li>Sector-wise, the&nbsp;Industrials&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)&nbsp;outperformed, up by 2.2%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 0.9%.</li>
</ul>
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) soared over 5%, marking new all-time highs and the strongest day in 2024 amid stronger than <a href="https://www.benzinga.com/news/earnings/24/07/39790011/bank-of-americas-q2-earnings-revenue-and-eps-beat-1-5b-credit-loss-provision-sees-q4-nii-growth">expected results in the second quarter. </a></li>
<li>Other stocks reacting to company earnings were UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>), up 5.3%; Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), up 2.6%; Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>), down over 8%; Progressive Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>), down 3.4%; PNC Financial Services Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), up 4.4% and State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), up 5.9%.</li>
<li>Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) rose over 4% as Bernstein increased the company&#8217;s price target from $215 to $222 amid a restart of China deliveries.</li>
<li>Grail Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRAL#NYSE">GRAL</a>) surged over 18% following the company&#8217;s announcement that it successfully enrolled more than 35,000 participants for its potential multi-cancer early detection test.</li>
<li>Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>) shares are trading higher on Tuesday after activist investment fund Starboard Value sent a letter to the company outlining initiatives to improve growth, <a href="https://www.benzinga.com/markets/equities/24/07/39785537/tinder-parent-match-group-soars-nearly-9-in-after-hours-trading-as-activist-hedge-fund-starboard">profitability, and capital allocation.</a></li>
<li>Shares of Trump Media &amp; Technology Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) dropped over 8% on Tuesday, following a surge of more than 30% the previous day.</li>
<li>Pacific Biosciences of California, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PACB#NASDAQ">PACB</a>) gained 28%, topping the performance within Russell 2000 constituents. </li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39780995/rate-sensitive-cyclical-stocks-poised-for-rally-as-fed-prepares-to-cut-rates-were-o">Rate-Sensitive Cyclical Stocks Poised For Rally As Fed Prepares To Cut Rates: &#8216;We&#8217;re On The Path To Goldilocks,&#8217; Says Bank Of America</a></li>
</ul>
Photo: Shutterstock

Retail Sales

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MTCH

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Dow Rallies To All-Time Highs, Small Caps Outperform Tech, Gold Hits Records On Heightened September Rate Cut Bets: What's Driving Markets Tuesday?

Wall Street is in great shape this year. The S&amp;P 500 has surged 14.5%, the Nasdaq Composite has jumped 18.1% and the Dow Jones has nudged up 3.8%, while the Rusell 2000 is up only 1%. In the ongoing bull market, technology stocks have been at the forefront, driven by an unexpected surge in artificial intelligence interest among investors.
However, with the rally expanding over the last few months, sectors beyond technology have started to reclaim prominence, indicating a widening of the market breadth. Analysts see more gains in the cards for Wall Street. However, many investors have overvaluation concerns after such a stupendous rally.
Against this backdrop, some investors may be a bit clueless about finding sectors that are currently hot. For them, we have presented four sectors that boast an upbeat Zacks Rank. These sectors and their ETFs could be great picks now.
<h3>Sectors &amp; ETFs in Focus</h3>
Against this backdrop, below we highlight a few sectors and their ETFs that could be up for gains in the third quarter. To do so, we depend on the Zacks Sector Rank.&nbsp;The Zacks Sector Rank is determined by calculating the average Zacks Rank for all the stocks in the sector and then assigning an ordinal rank to it.
For example, a sector with an average Zacks Rank of 1.6 is better than a sector with an average Zacks Rank of 2.3. So, the sector with the better average Zacks Rank would get a better Zacks Sector Rank. Zacks classifies all stocks into one of 16 sectors.
If a sector has the best average Zacks Rank, it would be considered the top sector (1 out of 16), which would place it in the top 1% of Zacks Rank Sectors. The top 8 Zacks Ranked Sectors would be in the top 50% of sectors, whereas the bottom 8 Zacks Ranked Sectors would be in the bottom 50% of sectors. The sectors mentioned below have upbeat Zacks ranks.
Let&#39;s find out!
<h3>Industrials &ndash; Zacks Sector Rank #2</h3>
The industrials sector is set to benefit as business conditions have improved and demand seems to be solid. About 70% of the industries fall under the top-ranked category. Electronics, procurement and fabrication, steel-pipe and tube, and engineering-R&amp;D services are some of the industries under this category.
The sector&#39;s forward P/E is currently 17.25X, lower than the S&amp;P 500&#39;s 18.51X. The sector&#39;s projected EPS growth is 8.27% versus 6.12% growth likely to be seen for the S&amp;P 500. Industrial Select Sector SPDR (ARCA:XLI) has a Zacks Rank #2 (Buy).
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/ad/70032.jpg?v=1560007933" /> 
Image Source: Zacks Investment Research
<h3>Construction &ndash; Zacks Sector Rank #3</h3>
Thanks to the double whammy of high prices and still high mortgage rates,the U.S. housing sector is in the doldrums currently. But the overall construction sectorlooks attractive given that many of the underlying industries&#39; earnings estimates have seen more positive revisions than negative. Homebuilders, air conditioners and heating, wood, mobile homes and RV builders deserve special mention in this regard.
The construction sector is currently undervalued than the S&amp;P 500 and its projected EPS growth is higher than the S&amp;P 500. Investors can target Invesco Building &amp; Construction ETF (ARCA:PKB) to bet on the sector.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/12/70033.jpg?v=1998333387" /> 
Image Source: Zacks Investment Research
<h3>Aerospace &ndash; Zacks Sector Rank #5</h3>
The sector&#39;s performance has been lackluster in 1H 2024, as it lost by 4.8%. The sector has been disliked by investors probably because it is slightly overvalued than the S&amp;P 500 and its historical EPS growth fell short of the S&amp;P 500.
However, the scenario may change in the coming days as the projected EPS growth rate of the aerospace industry is 18.19% (versus the S&amp;P 500). Currently, the fundamentals behind the sector are positive as the sector tends to benefit from rising geopolitical tensions, which result in increased defense spending worldwide.
The demand profile in the sector is on an upward trajectory. iShares U.S. Aerospace &amp; Defense ETF (BATS: <a class="ticker" href="https://www.benzinga.com/stock/ita#BATS">ITA</a>) has a Zacks Rank #2.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/b1/70030.jpg?v=1424789890" /> 
Image Source: Zacks Investment Research
<a href="https://www.zacks.com/stock/news/2296154/3-sector-etfs-to-buy-for-q3?cid=CS-BENZ-FT-etf_news_and_commentary-2296154">To read this article on Zacks.com click here.</a>

iShares Dow Jones US Aerospace & Defense Index Fund

PowerShares ETF Trust Dynamic Building &nstruction Portfolio

3 Sector ETFs to Buy for Q3

After the Juneteenth holiday break, Wall Street reopened with a cautious tone, as the S&amp;P 500 and Nasdaq 100 indices declined after hitting all-time highs around midday trading in New York. This decline was driven by profit-taking in chipmaker stocks and rising Treasury yields, <a href="https://www.benzinga.com/markets">which dampened risk sentiment.</a>
The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) fell by 2.4%, marking its worst session since May 1, after reaching technically &#8220;overbought&#8221; levels earlier in the week.
Oil prices surged above $81 a barrel, aiming for the highest close since late April. This was spurred by larger-than-expected drops in U.S. inventories last week, fueling a rally in oil-related companies.
Small caps also softened, whereas blue chips saw a rebound, with the Dow Jones Industrial Average outperforming other major indices with a 0.4% gain.
Long-dated Treasury yields rose, with the 10-year yield up by 5 basis points to 4.27%, following mixed economic data released earlier in the day. Jobless claims slightly increased more than expected last week, and a manufacturing activity gauge in the Philadelphia region fell short of estimates, reaching its lowest <a href="https://www.benzinga.com/markets/equities/24/06/39411920/jobless-claims-exceed-estimates-philly-fed-index-declines-housing-starts-and-permits-fall-sharpl">level in five months. </a>
Additionally, housing data showed sharp declines in both housing starts and building permits, reigniting concerns about a tight real estate market.
Bonds fell, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down 0.9%. The U.S. dollar index (DXY) rose 0.4%, with the greenback gaining ground against all major currencies.
The Bank of England kept its key policy rate unchanged at 5.25%, as expected, while the Swiss National Bank cut rates by 0.25 <a href="https://www.benzinga.com/top-stories/24/06/39415866/interest-rate-decisions-bank-of-england-holds-firm-swiss-national-bank-reduces-further-will-fed-cut">percentage points to 1.25%</a>. Consequently, the British pound and the Swiss franc fell by 0.5% and 0.8%, respectively, against the dollar.
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose by 1.1%, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remained flat below $65,000.
<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>Dow Jones</td>
<td>38,982.71</td>
<td>0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,477.61</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,020.24</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,793.76</td>
<td>-0.6%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 pm ET</figcaption></figure>
According to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.3% lower to $547.24.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.4% higher to $390.90.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.6% lower to $482.43.</li>
<li>Sector-wise, the&nbsp;Energy&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;outperformed, up by 1.8%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, falling 0.9%.</li>
</ul>
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul>
<li>The world&#8217;s biggest company Nvidia Corp. witnessed a 2% decline, while Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) and Wolfspeed Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NASDAQ">WOLF</a>) all tumbled by over 5%.</li>
<li>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) surged nearly 4%, outperforming all other chipmakers. This rise followed the announcement that Sun Singapore Systems, the largest parking solutions provider in Singapore, has selected AMD to power its AI-based parking management platform.</li>
<li>Solar-related stocks experienced sharp declines after JPMorgan reduced price targets on Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) from $128 to $124 and on SolarEdge Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>) from $73 to $59.</li>
<li>Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>) soared over 8% after the company announced that a twice-yearly antiviral injection had successfully prevented HIV in all test subjects during a trial involving thousands of women and girls in South Africa and Uganda.</li>
<li>Accenture plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) rose over 6%, despite missing both revenue and earnings estimate last quarter. </li>
<li>Other stocks reacting to company earnings were The Kroger Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>), down 2.8%, Darden Restaurants Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>), down 1.5%, Jabil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>), down 8.7% and Commercial Metals Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMC#NYSE">CMC</a>), up 5%. </li>
</ul>
Read now: <a href="https://www.benzinga.com/government/24/06/39416977/supreme-court-upholds-2017-tax-on-foreign-profits-for-us-businesses">Supreme Court Upholds 2017 Tax On Foreign Profits For US Businesses</a>
Illustration created using artificial intelligence via MidJourney.

ENPH

QCOM

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WOLF

S&P 500, Nasdaq 100 Dip From Record Highs As Investors Take Chipmaker Profits; Energy Sector Rebounds, Yields Rise: What's Driving Markets Thursday?

Launched on 05/08/2007, the First Trust Industrials/Producer Durables AlphaDEX ETF (ARCA:FXR) is a smart beta exchange traded fund offering broad exposure to the Industrials ETFs category of the market.
What Are Smart Beta ETFs?
Products that are based on market cap weighted indexes, which are strategies designed to reflect a specific market segment or the market as a whole, have traditionally dominated the ETF industry.
A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.
On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.
This kind of index follows this same mindset, as it attempts to pick stocks that have better chances of risk-return performance; non-cap weighted strategies base selection on certain fundamental characteristics, or a mix of such characteristics.
Methodologies like equal-weighting, one of the simplest options out there, fundamental weighting, and volatility/momentum based weighting are all choices offered to investors in this space, but not all of them can deliver superior returns.
Fund Sponsor &amp; Index
Managed by First Trust Advisors, FXR has amassed assets over $1.86 billion, making it one of the larger ETFs in the Industrials ETFs. Before fees and expenses, FXR seeks to match the performance of the StrataQuant Industrials Index.
The StrataQuant Industrials Index is a modified equal-dollar weighted index designed by the AMEX to objectively identify and select stocks from the Russell 1000 Index that may generate positive alpha relative to traditional passive style indices through the use of the AlphaDEX screening methodology.
Cost &amp; Other Expenses
Expense ratios are an important factor in the return of an ETF and in the long-term, cheaper funds can significantly outperform their more expensive cousins, other things remaining the same.
With one of the more expensive products in the space, this ETF has annual operating expenses of 0.61%.
The fund has a 12-month trailing dividend yield of 0.69%.
Sector Exposure and Top Holdings
Most ETFs are very transparent products, and disclose their holdings on a daily basis. ETFs also offer diversified exposure, which minimizes single stock risk, though it&#39;s still important for investors to research a fund&#39;s holdings.
Representing 70.60% of the portfolio, the fund has heaviest allocation to the Industrials sector; Materials and Financials round out the top three.
When you look at individual holdings, Allison Transmission Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/alsn#NYSE">ALSN</a>) accounts for about 1.54% of the fund&#39;s total assets, followed by Gates Industrial Corporation Plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gtes#NYSE">GTES</a>) and Armstrong World Industries, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/awi#NYSE">AWI</a>).
Its top 10 holdings account for approximately 14.36% of FXR&#39;s total assets under management.
Performance and Risk
Year-to-date, the First Trust Industrials/Producer Durables AlphaDEX ETF has gained about 5.75% so far, and is up about 18.43% over the last 12 months (as of 06/18/2024). FXR has traded between $53.31 and $72.96 in this past 52-week period.
The ETF has a beta of 1.20 and standard deviation of 20.04% for the trailing three-year period, making it a medium risk choice in the space. With about 134 holdings, it effectively diversifies company-specific risk.
Alternatives
First Trust Industrials/Producer Durables AlphaDEX ETF is a reasonable option for investors seeking to outperform the Industrials ETFs segment of the market. However, there are other ETFs in the space which investors could consider.
Vanguard Industrials ETF (ARCA:VIS) tracks MSCI US Investable Market Industrials 25/50 Index and the Industrial Select Sector SPDR ETF (ARCA:XLI) tracks Industrial Select Sector Index. Vanguard Industrials ETF has $5.20 billion in assets, Industrial Select Sector SPDR ETF has $18.35 billion. VIS has an expense ratio of 0.10% and XLI charges 0.09%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Industrials ETFs.
<a href="https://www.zacks.com/stock/news/2289564/is-first-trust-industrials-producer-durables-alphadex-etf-fxr-a-strong-etf-right-now?cid=CS-BENZ-FT-smart_beta_etf-2289564">To read this article on Zacks.com click here.</a>

ALSN

First Trust Industrials/Producer Durables AlphaDEX Fund

GTES

Is First Trust Industrials/Producer Durables AlphaDEX ETF a Strong ETF Right Now?

Wall Street is set for a subdued session on Friday as risk sentiment wanes due to low U.S. consumer confidence and rising <a href="https://www.benzinga.com/news/large-cap/24/06/39332520/french-stocks-set-for-worst-week-since-russias-war-in-ukraine-yields-versus-bund-hit-12-year-highs">political uncertainties in Europe</a>. 
The University of Michigan reported the lowest U.S. consumer confidence reading since November 2023, <a href="https://www.benzinga.com/markets/equities/24/06/39334146/consumer-sentiment-tumbles-in-june-reaches-7-month-low-high-prices-as-well-as-weakening-incomes-">significantly missing economists&#8217; forecasts</a>.
European assets experienced wild sell-offs, particularly in French equities, as investors worry about potential political and fiscal turmoil with snap elections looming in nearly two weeks.
At midday trading in New York:
<ul>
<li>The S&amp;P 500 dipped 0.2%, pulling back slightly from a record-high close on Thursday.</li>
<li>The Nasdaq 100 edged up 0.1% to over 19,600 points, aiming for its fifth consecutive record close this week.</li>
<li>Both the S&amp;P 500 and Nasdaq 100 are on track for a positive weekly finish.</li>
<li>The Dow Jones Industrial Average declined by 0.2% on Friday and 0.6% for the week.</li>
<li>Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), underperformed large-cap counterparts, dropping 1.7% in their worst session since late April.</li>
</ul>
<h3 class="wp-block-heading">Bonds</h3>
Bond yields saw their largest weekly drop since late December 2023, with the 10-year benchmark yield falling over 20 basis points this week. This led to a rally in fixed-income assets, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) gaining 0.6% on Friday and over 3% for the week. 
The latter could mark the strongest week for long-dated Treasury bonds year to date.
Commodities performed well, with gold and crude oil prices rising by 1.2% and 1.1%, respectively. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2.2% for the day and 6% for the week, marking its second consecutive session decline and worst week since August 2023.
Chart of The Week: Bonds Set For Best Week In Six Months
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/14131515/image-37-1024x500.png" alt="" class="wp-image-389488" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/14131515/image-37-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/14131515/image-37-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/14131515/image-37-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/14131515/image-37-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/14131515/image-37.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</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,626.32</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,424.43</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,554.32</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,018.50</td>
<td>-1.7%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.1% lower to $541.88.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.1% lower to $386.39.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.3% higher to $477.88.</li>
<li>Sector-wise, the&nbsp;Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)&nbsp;outperformed, up by 0.2%, while the&nbsp;Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down 1.3%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Cruise stocks fell substantially after Bank of America warned about softer pricing heading into the summer. Shares of Royal Caribbean Cruise Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>), Carnival Cruise Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) and Norwegian Cruise Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) fell 5.4%, 7.8% and 7.8%, respectively. </li>
<li>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) rose over 14%, amid stronger-than-expected results last quarter, eyeing the strongest session since March 2020. </li>
<li>RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>) fell over 17% following a sharp earnings miss. </li>
<li>Hasbro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) rose 4.9% after Bank of America upgraded the company to &#8216;Buy&#8217; and raised its price target from $70 to $80. </li>
</ul>
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39336082/elon-musks-56b-payday-wins-in-landslide-next-chapter-in-the-tesla-growth-story">Elon Musk&#8217;s $56B Payday Wins In Landslide: &#8216;Next Chapter In The Tesla Growth Story&#8217;</a>
Image: Shutterstock

Macro Notification

Eurozone

ADBE

NCLH

Stocks Ease, Tech Rises, Bonds Eye Strongest Week Of The Year As Consumer Sentiment Sinks In June: What's Driving Markets Friday?

The Nasdaq 100 index posted its fourth consecutive session in the green on Thursday, closing up 0.6% at 19,576 points and reaching new all-time highs as tech stocks <a href="https://www.benzinga.com/tech">drive broader market gains</a>.
The S&amp;P 500 also recorded its fourth straight positive day, rising 0.2% to a record closing level of 5,433 points, rebounding from a morning dip caused by <a href="https://www.benzinga.com/markets/equities/24/06/39310762/producer-inflation-rise-less-than-expected-jobless-claims-soar-thursdays-economic-digest">disappointing unemployment claims data.</a>
In the afternoon, traders regained confidence in risky assets after U.S. Treasury Secretary Janet Yellen expressed optimism about continued progress in disinflation. While Yellen noted easing labor market pressures, she emphasized that the job market remains strong.
The market anticipates a rate cut in September with a probability nearing 70%, and is currently pricing in over 50 basis points of cuts by the end of the year, equivalent to two fully priced rate cuts.
Thursday&#8217;s performance among the eleven sectors of the S&amp;P 500 saw technology leading, up 1%, followed by real estate, up 0.5%, both supported by growing expectations of interest rate cuts.
Energy was the biggest laggard, down 0.9%, followed by communication services, down 0.7%.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>1-day %chg</th>
</tr>
</thead>
<tbody>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>1.02%</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>0.52%</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>0.19%</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>0.13%</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>0.12%</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>-0.03%</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>-0.04%</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>-0.10%</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>-0.64%</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>-0.73%</td>
</tr>
<tr>
<td>Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>-0.93%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Nasdaq 100&#8217;s Top 5 Risers </h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg %</td>
</tr>
<tr>
<td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td>
<td>1,679.29</td>
<td>12.29%</td>
</tr>
<tr>
<td>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>129.37</td>
<td>3.33%</td>
</tr>
<tr>
<td>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</td>
<td>182.33</td>
<td>2.84%</td>
</tr>
<tr>
<td>Exelon Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXC#NASDAQ">EXC</a>)</td>
<td>35.40</td>
<td>1.86%</td>
</tr>
<tr>
<td>Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>)</td>
<td>143.08</td>
<td>1.66%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Nasdaq 100&#8217;s Top 5 Fallers</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg %</td>
</tr>
<tr>
<td>Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>)</td>
<td>7.31</td>
<td>-6.40%</td>
</tr>
<tr>
<td>MongoDB, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>)</td>
<td>218.14</td>
<td>-4.85%</td>
</tr>
<tr>
<td>Atlassian Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>)</td>
<td>156.04</td>
<td>-4.17%</td>
</tr>
<tr>
<td>Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>)</td>
<td>181.00</td>
<td>-4.15%</td>
</tr>
<tr>
<td>Sirius XM Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>)</td>
<td>2.53</td>
<td>-3.93%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Risers</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg %</td>
</tr>
<tr>
<td>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)</td>
<td>871.16</td>
<td>12.45%</td>
</tr>
<tr>
<td>Broadcom Inc.</td>
<td>1,678.90</td>
<td>12.26%</td>
</tr>
<tr>
<td>Arista Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>)</td>
<td>331.67</td>
<td>6.53%</td>
</tr>
<tr>
<td>Incyte Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>)</td>
<td>62.68</td>
<td>4.57%</td>
</tr>
<tr>
<td>Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>)</td>
<td>113.36</td>
<td>4.27%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Fallers</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg %</td>
</tr>
<tr>
<td>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>)</td>
<td>10.35</td>
<td>-6.92%</td>
</tr>
<tr>
<td>Warner Bros. Discovery Inc. </td>
<td>7.31</td>
<td>-6.40%</td>
</tr>
<tr>
<td>Etsy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>)</td>
<td>60.15</td>
<td>-4.93%</td>
</tr>
<tr>
<td>Generac Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>)</td>
<td>136.17</td>
<td>-4.58%</td>
</tr>
<tr>
<td>Albemarle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>)</td>
<td>108.23</td>
<td>-3.92%</td>
</tr>
</tbody>
</table>
</figure>
Now Read: <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39317123/goldman-sachs-reaffirms-september-rate-cut-forecast-downplays-feds-hawkish-surprise">Goldman Sachs Reaffirms September Rate Cut Forecast, Downplays Fed&#8217;s &#8216;Hawkish Surprise&#8217;</a>
Image: Shutterstock

Government

ANET

ETSY

GNRC

INCY

QRVO

SIRI

SMCI

TEAM

Nasdaq 100, S&P 500 Close At Record Highs As Tech Stocks Reclaim Dominance: Thursday's Gainers & Losers

Wall Street experienced a rude awakening the day after the Federal Reserve&#8217;s June policy meeting, as investors sold off risky assets and shifted to safer bonds and cash in response to the <a href="https://www.benzinga.com/markets/equities/24/06/39310762/producer-inflation-rise-less-than-expected-jobless-claims-soar-thursdays-economic-digest">latest batch economic data.</a>
Although May&#8217;s producer inflation was lower than expected, reinforcing the disinflation narrative and likely boosting the Fed&#8217;s confidence on the return to the 2% target, an unexpected increase in unemployment claims dampened risk sentiment, as investors fear symptoms of labor market weakness.
The S&amp;P 500 Index was 0.2% lower, potentially snapping a three-day winning streak. The tech-heavy Nasdaq 100 marginally rose by 0.2%, aided by the positive performance of Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), as more than 80 tech members within the index traded in the red. 
Blue chips fell 0.8%, while small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), tumbled 1.5% erasing all Wednesday&#8217;s gains. 
Treasury yields continued to fall, with the 10-year yield reaching 4.25%, eyeing the lowest close since late March. 
Long-duration bonds, followed by the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) are up 1.1% for the day, pushing the weekly performance to 2.2%, the highest since late January.
Despite traders increasing their bets on Fed rate cuts, the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), surprisingly rallied by 0.6%.
Fed futures currently indicate a 70% chance on a September rate cut, with traders eyeing 54 basis points of cumulative cuts by the end of the year.
Gold, impacted by the rising dollar, dropped 1% to $2,300 per ounce, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell over 2% to $66,500, nearing its lowest close since May 19.
<h3 class="wp-block-heading">Thursday&#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 change (%)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,504.77</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,411.85</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,455.94</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,020.99</td>
<td>-1.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:43 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.2% lower to $540.60.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.6% higher to $385.43.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.2% higher to $475.49.</li>
<li>Sector-wise, the&nbsp;Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)&nbsp;outperformed, up by 0.5%, while the&nbsp;Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down 1.1%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Broadcom Inc. rallied over 12%, eyeing its best 1-day performance since March 2020 after reporting stronger-than-expected profits and revenue last quarter. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose over 3% after shareholders approved proposals regarding Elon Musk&#8216;s $56 billion compensation package and the company&#8217;s <a href="https://www.benzinga.com/news/legal/24/06/39300679/elon-musk-under-fire-former-spacex-employees-file-sexual-harassment-lawsuit">relocation to Texas</a>.</li>
<li>Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) fell 6%, heading for its lowest close since early 2009, after Liberty Global Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBTY#NASDAQ">LBTY</a>) acquired the majority stake in the Formula E series by purchasing WBD&#8217;s rights.</li>
<li>Meme stocks rose, with GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) and AMC Entertainment Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) up 7.7% and 4.3%, respectively. </li>
<li>Companies set to report their quarterly results after the close are Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) and RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>)</li>
</ul>
Now Read: <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39314556/ice-cold-producer-inflation-data-sparks-economist-reactions-more-data-in-the-corr">Ice Cold Producer Inflation Data Sparks Economist Reactions &#8211; &#8216;More Data In The Correct Direction&#8217;</a>
Image: Midjourney

LBTY

PowerShares DB US Dollar Index Bullish Fund

Stocks Turn To Losses, Bonds Rally On Falling Producer Prices, Rising Jobless Claims: What's Driving Markets Thursday?

Wall Street has been on a remarkable rally so far this year, with all three major indices near record highs. Solid corporate earnings, Fed rate cut bets and booming AI have been driving the rally. 
Earnings grew 6% in the first quarter of 2024, the highest growth rate seen in nearly two years. The recent economic data showed that the U.S. economy is back on course for another solid GDP gain in the second quarter. U.S. business activity growth accelerated sharply to its fastest pace in more than two years in May after two months of slower growth, led by an upturn in the service sector. Consumer confidence, as indicated by the Conference Board&#39;s gauge of sentiment, increased in May after three months of decline. 
Further, Wall Street has become more bullish on stocks, given the improving outlook for both earnings and economic growth. Over the past two weeks, three equity strategists tracked by Yahoo Finance have boosted their year-end targets for the S&amp;P 500. The median target on Wall Street for the benchmark index now sits at 5,250, up from the median target of 4,850 on Dec 30, per Bloomberg data. 
However, uncertainty about the timing of Fed rate cuts will weigh on investors&#39; sentiment in the coming weeks. The latest data from the Institute for Supply Management showed that U.S. manufacturing contracted in May for the 18th time in 19 months, hit particularly hard by high interest rates. 
The latest Fed minutes highlight concerns over stubborn inflation. While inflation has eased over the past year, it failed to show further progress toward the Fed&#39;s 2% objective in recent months. As such, the disinflation process would likely take longer than previously thought, per Fed minutes. Additionally, geopolitics will continue to be an overhang. 
Against such a backdrop, investors could be well served by ETFs from sectors that house the top-ranked industries.
<h3>Here&#39;s How to Find the Top-Performing Sectors</h3>
While identifying the top-performing sectors is a daunting task, the Zacks Sector Rank makes this process simpler. The Zacks Sector Rank is determined by calculating the average Zacks Rank for all the stocks in the sector and then assigning an ordinal rank to it. For example, a sector with an average Zacks Rank of 1.6 is better than a sector with an average Zacks Rank of 2.3. So, the sector with the better average Zacks Rank would get a better Zacks Sector Rank. 
Zacks classifies all stocks into one of 16 sectors. The average Zacks Rank is calculated for every sector every day. So, if a sector has the best average Zacks Rank, it would be considered the top sector (1 out of 16), which would place it in the top 1% of Zacks Rank Sectors. 
The top 8 Zacks Ranked Sectors would be in the top 50% of sectors, whereas the bottom 8 Zacks Ranked Sectors would be in the bottom 50% of sectors. 
We have selected one ETF, with a Zacks ETF Rank #1 (Strong Buy), #2 (Buy) or #3 (Hold), from some of the top-ranked sectors. 
Construction: Zacks Sector Rank 1 
Amid the twin headwinds of high prices and still high mortgage rates, the U.S. housing sector looks attractive given that about 70% of the industries in this sector are top-ranked, with Heavy Construction and Homebuilders having an Industry Rank in the top 10%. 
SPDR S&amp;P Homebuilders ETF (ARCA:XHB) provides exposure to homebuilders with a well-diversified exposure across building products, homebuilding and home improvement retail. It tracks the S&amp;P Homebuilders Select Industry Index, holding 35 stocks in its basket. SPDR S&amp;P Homebuilders ETF is the most popular option in the homebuilding space, with AUM of $1.8 billion and an average daily volume of 2.4 million shares. The product charges 35 bps in annual fees and has a Zacks ETF Rank #3. 
Consumer Staples: Zacks Sector Rank 4 
The consumer staples saw the Zacks Sector Rank jump by three notches from 7 last week. The sector generally acts as a haven amid political and economic turmoil. Stocks in these sectors generally outperform during periods of low growth and high uncertainty. Publishing &ndash; Newspapers, Funeral Services, Staples Products, and Soap and Cleaning Materials are placed in the top 19% of industries. 
Consumer Staples Select Sector SPDR Fund (ARCA:XLP) is the most popular consumer staples ETF with AUM of $15.2 billion and an average daily volume of 12.5 million shares. It offers exposure to companies primarily involved in the development and production of consumer products that cover food and drug retailing, beverages, food products, tobacco, household products, and personal products. Consumer Staples Select Sector SPDR Fund follows the Consumer Staples Select Sector Index and holds 38 stocks in its basket. XLP charges 9 bps in annual fees and currently has a Zacks Rank #3. 
Materials - Zacks Sector Rank 5 
The materials sector, which tends to be the most sensitive to global economic growth expectations, is expected to see smooth trading given improving global economy. The Zacks Sector Rank moved to 5 from 6 last week. 
Vanguard Materials ETF (ARCA:VAW) has amassed $3 billion in its asset base and offers exposure to 116 stocks by tracking the MSCI US Investable Market Materials 25/50 Index. The ETF has 0.10% in expense ratio, while volume is small at 40,000 shares. Specialty chemicals and industrial gases take the largest share at 25.3% and 20.8%, respectively. The product has a Zacks ETF Rank #2 with a Medium risk outlook. 
Industrials - Zacks Sector Rank 5 
The industrials sector is set to benefit as business conditions have improved and demand seems to be solid. About 70% of the industries fall under the top-ranked category. Manufacturing - Material Handling, Wire and Cable Products, Uniform and Related, Metal Products - Procurement and Fabrication, Manufacturing - Thermal Products, Steel - Pipe and Tube are placed in the top 6%. 
Industrial Select Sector SPDR (ARCA:XLI), with a Zacks ETF Rank #2, looks like an exciting pick. It targets the broad industrial sector and follows the Industrial Select Sector Index. XLI holds 79 stocks in its basket and is well spread out across sectors, with aerospace &amp; defense, machinery, and ground transportation making up for a double-digit share each. Industrial Select Sector SPDR is the most popular ETF with AUM of $18 billion and an average daily volume of around 8.5 million shares. It charges 9 bps in fees per year. 
Aerospace - Zacks Sector Rank 7 
The aerospace and defense sector tends to benefit from rising geopolitical tensions, which result in increased defense spending worldwide. iShares U.S. Aerospace &amp; Defense ETF (BATS: <a class="ticker" href="https://www.benzinga.com/stock/ita#BATS">ITA</a>) provides exposure to U.S. companies that manufacture commercial and military aircraft and other defense equipment by tracking the Dow Jones U.S. Select Aerospace &amp; Defense Index. It holds 34 stocks in its basket with AUM of $6.3 billion and an expense ratio of 0.40%. 
iShares U.S. Aerospace &amp; Defense ETF trades in an average daily volume of around 426,000 shares. It has a Zacks ETF Rank #2 with a Medium risk outlook.
<a href="https://www.zacks.com/stock/news/2283422/5-top-ranked-sector-etfs-to-buy-in-june?cid=CS-BENZ-FT-etf_news_and_commentary-2283422">To read this article on Zacks.com click here.</a>

5 Top-Ranked Sector ETFs to Buy in June

Wall Street experienced a muted session on Wednesday morning as traders adopted a cautious stance ahead of the Federal Reserve meeting minutes release at 2 p.m. EDT and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) earnings announcement <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38958935/can-nvidia-live-up-to-the-hype-analyst-says-q1-earnings-anticipation-like-that-of-a">after the market close.</a>
The tech-heavy Nasdaq 100 gained 0.2%, slightly outperforming other major indices, with the S&amp;P 500 and the Dow both in negative territory by midday in New York.
Small caps, tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), fell by 0.4%.
Significant gains were observed in solar and clean energy industries. The Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) surged nearly 9%, and the Invesco WilderHill Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBW#NYSE">PBW</a>) jumped 5%. These gains were likely driven by newly announced trade tariff modifications on solar manufacturing equipment by the United States Trade Representative.
Notably, First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) soared 16% to fresh all-time highs, on track for its top-performing session gains in over a year.
Treasury yields remained steady, while the U.S. dollar index (DXY) strengthened by 0.2%. Traders are currently pricing in a 42-basis-point reduction in Federal Reserve rates by year-end.
In the commodities markets, metals saw significant declines, with gold, silver and copper falling 1.2%, 2% and 4.9%, respectively, with copper particularly affected by reports of abundant inventories in China.
Natural gas prices rallied over 4%, while oil prices eased by 0.6%. In the cryptocurrency market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remained flat at $70,400.
<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>18,745.23</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,318.84</td>
<td>0.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,809.02</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,093.71</td>
<td>-0.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:03 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>) was 0.1% lower to $530.75, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.2% to $397.99 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was up 0.1% to $456.34, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Among sectors, the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up by 0.5%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged behind, dropping 1.8%, likely impacted by news of the Biden administration directing the Department of Energy to release 1 million barrels of <a href="https://www.benzinga.com/government/24/05/38966104/biden-plans-release-of-1-million-barrels-of-gasoline-to-curb-northeast-prices-because-hes-unable-to">gasoline from strategic reserves.</a>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Other than First Solar, solar stocks rallying on Wednesday included Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) up 9%, SunPower Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPWR#NASDAQ">SPWR</a>), up 28% and Maxeon Solar Technologies, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAXN#NASDAQ">MAXN</a>) up 27%. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell 3%, after the EV maker reported a decline in annual sales in Europe. </li>
<li>TJX Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>) rose 6% in reaction to quarterly earnings. </li>
<li>Other companies reacting to earnings were Analog Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>), up 8.8%, Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>), down 7.5%, Williams-Sonoma Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>), down 6.7%, Dycom Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DY#NYSE">DY</a>), up 8.5%, Toll Brothers Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>), down 7.2%, XP Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XP#NASDAQ">XP</a>), down 12%, Brady Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRC#NYSE">BRC</a>), up 8.8%, Golden Ocean Group Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOGL#NASDAQ">GOGL</a>), down 9.5% and ViaSat Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSAT#NASDAQ">VSAT</a>) down 15%.</li>
<li>Companies slated to report their earnings after the close include Nvidia Corp, Synopsys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>), Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>), V.F. Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) and BBB Funds Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TBBB#NYSE">TBBB</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/general/biotech/24/05/38951889/exclusive-roundhill-investments-launches-weight-loss-etf-for-exposure-to-blockbuster-drugs-like-o">EXCLUSIVE: Roundhill Investments Launches Weight Loss ETF For Exposure To Blockbuster Drugs Like Ozempic</a>
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Market Summary

Stocks Falter, Metals Fall As Traders Turn Cautious Ahead Of Fed Minutes, Nvidia Earnings; First Solar Hits Record Highs: What's Driving Markets Wednesday?

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SPDR Select Sector Fund - Industrial

Overview

SPDR Select Sector Fund - Industrial (ARCA:XLI), Quote.Headers.trade-ideas