SPDR Select Sector Fund - Consumer Staples (ARCA: XLP)

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Inflation unexpectedly surges, shattering hopes for Fed rate cuts &amp; sending stocks down. Core inflation also exceeded expectations. No sector escapes losses, with real estate hit hardest.

Real Estate, Regional Bank Stocks Tank, Energy Cushions The Blow: March Inflation Rates Shake Up Sectors

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U.S. equities rallied on Thursday as investors expected slower labor market growth and potential rate cuts. AI-related stocks and major indices all saw gains.

S&amp;P 500, Nasdaq 100 Eye Record Close As Magnificent 7 Rally, Bitcoin Rebounds: What&#39;s Driving Markets Thursday?

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Wall Street in the green on Wed as lower-than-expected ISM services PMI eased concerns about US economy overheating and Fed cutting rates.

Stocks Rebound As Dollar Eases, GE Aerospace Rallies, Oil Prices Top $86: What&#39;s Driving Markets Wednesday?

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A fresh unexpected surge in inflation blindsided markets, shattering hopes for imminent Fed rate cuts and sending stocks down across the board. In March 2024, the annual Consumer Price Index (CPI) inflation rate surged to 3.5%, up from February&#8217;s 3.2%, surpassing <a href="https://www.benzinga.com/markets/commodities/24/04/38181302/inflation-rises-more-than-expected-to-3-5-in-march-derails-june-rate-cut-hopes">expectations set at 3.4%. </a>
Adding to concerns, core inflation, which excludes energy and food, also exceeded expectations, reaching 3.8% compared to the anticipated 3.7%, dismissing any justifications solely attributed to higher gasoline price pressures. 
Consequently, investors sharply revised down their expectations for Fed rate cuts, now anticipating the commencement of any easing policy no earlier than September, with less than two rate cuts expected by year-end.
<h3 class="wp-block-heading">What&#8217;s Hot/Cold In The CPI Basket?</h3>
Expenditure categories witnessing the highest month-over-month seasonally adjusted price increase in March were: 
<ul>
<li>Motor vehicle insurance: +2.6%</li>
<li>Motor vehicle maintenance and repair: +1.7%</li>
<li>Gasoline (all types): +1.7%</li>
<li>Hospital services: +1%</li>
<li>Meats, poultry, fish, and eggs: +0.9%</li>
</ul>
Those showing the lowest monthly inflation were: 
<ul>
<li>Fuel oil: down 1.3%</li>
<li>Used cars and trucks: down 1.1%</li>
<li>Cereals and bakery products: down 0.9%</li>
<li>Other food at home: down 0.5%</li>
<li>Airline fares: down 0.4%</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Sector Performance </h3>
By midday trading in New York, losses were broad-based within indices. 
<ul>
<li>454 out of S&amp;P 500 stocks traded in the red</li>
<li>93 Nasdaq 100 stocks were negative</li>
<li>1,783 out of Russell 2000 stocks were negative</li>
<li>898 out of Russell 1000 stocks were negative</li>
</ul>
No sectors managed to evade daily losses, with rate-sensitive pockets of the markets, such as real estate, feeling the brunt more acutely than others.
Energy managed to hold almost steady, as rising gasoline prices improved the outlook for oil companies. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>1-Day %Chg</th>
</tr>
</thead>
<tbody>
<tr>
<td> Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>-0.15%</td>
</tr>
<tr>
<td>Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>-0.75%</td>
</tr>
<tr>
<td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>-0.92%</td>
</tr>
<tr>
<td>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>-0.93%</td>
</tr>
<tr>
<td>Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>-1.07%</td>
</tr>
<tr>
<td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>-1.17%</td>
</tr>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>-1.35%</td>
</tr>
<tr>
<td>Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-1.44%</td>
</tr>
<tr>
<td>Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>-1.54%</td>
</tr>
<tr>
<td>Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>-1.93%</td>
</tr>
<tr>
<td>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>-3.85%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated At 11:40 a.m. ET</figcaption></figure>
Nine real-estate stocks tumbled by more than 7%: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Opendoor Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NYSE">OPEN</a>)</td>
<td>-10.04%</td>
</tr>
<tr>
<td>Global Net Lease, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNL#NYSE">GNL</a>)</td>
<td>-9.83%</td>
</tr>
<tr>
<td>Peakstone Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKST#NYSE">PKST</a>)</td>
<td>-9.26%</td>
</tr>
<tr>
<td>Hudson Pacific Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPP#NYSE">HPP</a>)</td>
<td>-8.82%</td>
</tr>
<tr>
<td>Anywhere Real Estate Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOUS#NYSE">HOUS</a>)</td>
<td>-8.36%</td>
</tr>
<tr>
<td>Piedmont Office Realty Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PDM#NYSE">PDM</a>)</td>
<td>-7.77%</td>
</tr>
<tr>
<td>RE/MAX Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RMAX#NYSE">RMAX</a>)</td>
<td>-7.75%</td>
</tr>
<tr>
<td>eXp World Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPI#NYSE">EXPI</a>)</td>
<td>-7.63%</td>
</tr>
<tr>
<td>Douglas Emmett, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DEI#NYSE">DEI</a>)</td>
<td>-7.44%</td>
</tr>
<tr>
<td>Office Properties Income Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OPI#NYSE">OPI</a>)</td>
<td>-7.31%</td>
</tr>
</tbody>
</table>
</figure>
Looking at different industries, regional banks and solar stocks fell the most. 
<ul>
<li>The SPDR S&amp;P Regional Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) fell 4.7%, on track for the worst day since late January. </li>
<li>The Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) fell 4.5%</li>
</ul>
Eight regional bank stocks tumbled more than 7% Wednesday: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Lakeland Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LBAI#NYSE">LBAI</a>)</td>
<td>-8.96%</td>
</tr>
<tr>
<td>Provident Financial Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFS#NYSE">PFS</a>)</td>
<td>-8.84%</td>
</tr>
<tr>
<td>Valley National Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLY#NYSE">VLY</a>)</td>
<td>-8.44%</td>
</tr>
<tr>
<td>ServisFirst Bancshares, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SFBS#NYSE">SFBS</a>)</td>
<td>-7.81%</td>
</tr>
<tr>
<td>New York Community Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>)</td>
<td>-7.61%</td>
</tr>
<tr>
<td>OceanFirst Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCFC#NYSE">OCFC</a>)</td>
<td>-7.58%</td>
</tr>
<tr>
<td>Flushing Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIC#NYSE">FFIC</a>)</td>
<td>-7.53%</td>
</tr>
<tr>
<td>Eagle Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGBN#NYSE">EGBN</a>)</td>
<td>-7.50%</td>
</tr>
</tbody>
</table>
</figure>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38186082/this-puts-the-fed-in-quite-a-tricky-position-7-economists-weigh-in-on-march-inflati">&#8216;This Puts The Fed In Quite A Tricky Position&#8217;: 7 Economists Weigh In On March Inflation Report</a>
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Thursday saw U.S. equities embracing a risk-on sentiment, with major averages all showing gains as investors anticipated a potentially slowing labor market pace in March, which could bolster the case for rate cuts starting in June.
Data released this morning revealed a surge in last week&#8217;s unemployment claims, exceeding predictions at 221,000 compared to the expected 214,000. Economists anticipate a moderation in nonfarm payrolls from 274,000 in February to 200,000 in March, along with a further easing in average hourly earnings growth from 4.3% <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38095071/march-jobs-report-preview-could-fridays-data-steer-the-fed-toward-rate-cuts">to 4.1% year-on-year.</a>
At midday trading in New York, the S&amp;P 500 surged by 0.8% to 5,250 points, poised to achieve a record-high close. Similarly, the Nasdaq 100 rose by 1% to 18,350 points, also on track for a record closing. All S&amp;P 500 sectors traded in the green. 
AI-related stocks outperformed, evidenced by the Global X Artificial Intelligence &amp; Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIQ#NYSE">AIQ</a>) climbing 1.3% to reach fresh all-time highs. 
Magnificent Seven witnessed the strongest session in nearly a month, as the Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>) rallied 1.7%, buoyed by robust gains from Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). 
Gold paused for a breather, down 0.5%, after hitting $2,300/oz. overnight, while Bitcoin rebounded by 2.9%, on track for the best session in more than a week.
<h1 class="wp-block-heading">Thursday&#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>18,350.04</td>
<td>1.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,092.88</td>
<td>1.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,252.37</td>
<td>0.8%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,318.12</td>
<td>0.5%</td>
</tr>
</tbody>
</table>
</figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.8% higher to $523.50, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.5% higher to $393.11 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was 1.1% higher to $446.84, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) and the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.1%, while the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) was the laggard, up 0.1%.
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
<ul>
<li>Solar stocks rallied Thursday, with the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) up over 3%. Industry heavyweight First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) and Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) were up 5.8% and 6.5%, respectively, representing the top performers in the S&amp;P 500 index for the day.</li>
<li>Lamb Weston Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>) fell over 18% as the company missed both earnings and revenue projections last quarter. </li>
<li>Other companies reacting to earnings were Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>), up 16%, RPM International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPM#NYSE">RPM</a>) down 5.4%, BlackBerry Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) up 10%, ConAgra Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAG#NYSE">CAG</a>), up 5.5%. </li>
<li>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) rose by 12% after the company produced 43 hydrogen-electric trucks in the first quarter, surpassing the production level for all of 2023 in a single quarter. </li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38091433/ai-revolution-is-underway-yet-its-economic-impact-is-several-years-off-goldman-sach">AI Revolution Is Underway, Yet Its Economic Impact Is &#8216;Several Years Off&#8217;: Goldman Sachs</a>
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S&P 500, Nasdaq 100 Eye Record Close As Magnificent 7 Rally, Bitcoin Rebounds: What's Driving Markets Thursday?

Wall Street is in the green on Wednesday following two sessions of losses for the S&amp;P 500 index, as lower-than-expected ISM services PMI eased concerns that the U.S. economy is overheating and potentially discouraging the Fed <a href="https://www.benzinga.com/topic/interest-rates">to consider rate cuts.</a>
The ISM Services PMI dropped from 52.6 in February to 51.4 in March, indicating the slowest growth in three months and falling short of the forecasted 52.7.
The ADP National Employment Report revealed a stronger-than-expected surge in private payrolls, with employers adding 184,000 new jobs last month, surpassing the predicted 140,000.
The U.S. dollar experienced a slight pullback, declining by 0.4% for the day. 
Fed Chair Jerome Powell delivered a keynote address at Stanford University, reiterating that the central bank is making decisions on a meeting-by-meeting basis. 
He also said that if the economy progresses as expected, many Federal Open Market Committee members believe it&#8217;s likely they will start lowering interest rates sometime this year.
Meanwhile, global commodities continue to trade in an uptrend. West Texas Intermediate (WTI) crude prices surged to $86 a barrel on Wednesday, marking their highest level since late October 2023 and poised to record their fourth consecutive day of gains. 
Gold surged 0.5% to $2,290/oz on track for its eight straight positive day, while silver rallied 2.6% to $26.80.
<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>Russell 2000</td>
<td>2,084.34</td>
<td>0.9%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,229.17</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,228.57</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,272.90</td>
<td>0.3%</td>
</tr>
</tbody>
</table>
</figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.4% higher to $520.78, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.2% higher to $392.50 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was 0.6% higher to $443.54, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Industrial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) outperformed, up 0.7%, while the Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) was the laggard, down 1%.
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) saw a 6.5% increase the day after the company finalized its separation from GE Vernova. Jefferies analyst Sheila Kahyaoglu rated GE Aero stock as a Buy with an initial price target set at $155 per share.</li>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) shares tumbled over 7%, after the company&#8217;s chip foundry business incurred an operating loss of $7 billion in 2023. </li>
<li>Blue Owl Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OWL#NYSE">OWL</a>) shares jumped almost 6% after the company agreed to acquire Kuvare Asset Management for $750 million.</li>
<li>Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) rose 6% to levels last seen in November 2021, on reports the music streaming company will hike monthly subscription prices.</li>
<li>Ulta Beauty Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) fell 14.5% as executives mentioned a demand slowdown and tough competition in the first quarter. This decline also impacted peers like E.L.F. Beauty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>), down 10%, Coty Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COTY#NYSE">COTY</a>), down 5%, and Estee Lauder Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>), down 4%.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38073267/crude-prices-could-hit-95-this-summer-oil-is-fighting-the-fed-again">Crude Prices Could Hit $95 This Summer: &#8216;Oil Is Fighting The Fed, Again&#8217;</a>
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Stocks Rebound As Dollar Eases, GE Aerospace Rallies, Oil Prices Top $86: What's Driving Markets Wednesday?

An inflation report showing higher-than-anticipated figures in February 2024, following a similarly hot January report, failed to unsettle investors on Tuesday morning trading. 
The consumer price index (CPI) for February rose by 3.2% compared to the previous year, slightly exceeding both prior and anticipated rates of 3.1%. Monthly data aligned with expectations, <a href="https://www.benzinga.com/markets/equities/24/03/37615483/inflation-rises-more-than-expected-to-3-2-rebuffs-expectations-of-june-fed-rate-cut">showing a 0.4% increase.</a>
However, the core CPI index, which excludes volatile components such as energy and food items, surpassed expectations by registering a 3.8% annual increase, compared to the anticipated 3.7% predicted by economists.
Despite these developments, market expectations for a rate cut in June remained largely unchanged, with a 70% probability. Traders remained attentive to the possibility of four potential rate cuts by the year&#8217;s end.
Following the opening bells, immediate responses indicate a steady positive sentiment in risky assets, as major U.S. indices kept premarket gains.
<h3 class="wp-block-heading">Tuesday&#8217;s ETF Movers Following CPI Report</h3>
<ul>
<li>Bonds fall: Treasury yields moved higher after the higher-than-expected CPI report. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), reflecting the performance of longer-dated Treasury securities, fell 0.7% at 10:00 a.m. in New York, on track for the fourth straight days of losses. </li>
<li>Precious metal falls: Rate-sensitive commodities such as gold and silver fell. The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) fell 0.9%, on track to snap a nine-day winning streak. </li>
<li>Stocks keep premarket gains: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) traded 0.3% higher for the session, erasing premarket gains. The top-performing stock within the S&amp;P 500 was Oracle Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NASDAQ">ORCL</a>), up 11%, while Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) was the main laggard, down 13%. The tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was 0.4% higher. </li>
<li>Among sectors, the Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, up 0.4%. The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) fell 0.4%, lagging behind. </li>
<li>Industry-wise, the worst performers were the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) and the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), down 3.2%, 2.9% and 2.1%, respectively.</li>
<li>Semiconductors, as tracked by the VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>), rose 0.9%, attempting to rebound following Monday&#8217;s 1.7% decline. Among chipmakers, Taiwan Semiconductor Manufacturing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSMC#NYSE">TSMC</a>) rose 3%, followed by Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) up 2.7%. </li>
</ul>
Read Now: <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37614564/bitcoin-etf-investment-frenzy-500m-rushes-in-but-wheres-the-money-going">Bitcoin ETF Investment Frenzy: $500M Rushes In, But Where&#8217;s The Money Going?</a>
Image: Shutterstock

Market Vectors ETF Trust Market Vectors Gold Miners

JETS

NVDA

ORCL

iShares Trust Barclays 20+ Year Treasury Bond Fund

TSMC

Stocks Hold Gains As Traders Opt To Challenge Fed On Hot Inflation Data; Bonds, Gold Fall: 10 ETFs Moving Tuesday

The S&amp;P 500 index concluded Thursday&#8217;s session at 5,171, marking a 1% increase and <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37542707/s-p-500-reclaims-all-time-highs-as-powell-hints-at-rate-cuts-nvidia-breaks-900-bitcoin-nea">reaching fresh historical highs. </a>
 This rally shifted the week&#8217;s momentum to positive, potentially marking the 17th gain in the last 19 weeks, unless the index falls by 0.4% on Friday.
Since the end of October, the index, as monitored through the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), has surged over 25%, a testament to the strong trend driving the U.S. equity market.
Currently, the breadth of the market remains healthy with 71% of the S&amp;P 500 stocks trading above their 50-day average, and an even more impressive 74% surpassing the 200-day average. The latter is inching closer to the 75% threshold, a peak not reached since January and the highest since October 2021.
Chart: S&amp;P 500 Breaks All-Time Highs Again
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-1024x495.png" alt="" class="wp-image-244016" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07172113/image-20.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Diverse Sector Performance Defines This Week&#8217;s Rally
In a significant departure from previous weeks when the technology sector was predominantly at the forefront of the S&amp;P 500&#8217;s advances, this week witnessed a nuanced shift in market leadership. 
Sectors that had previously lingered in the background, overshadowed by the tech behemoths, emerged as this week&#8217;s frontrunners.
The materials sector led the charge with a 2.8% increase, closely followed by utilities, energy, and consumer staples, showcasing gains of 2.4%, 2%, and 1.73%, respectively. The tech sector, usually the market darling, found itself in the fifth spot, rising by 1.69%.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>This week&#8217;s performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>2.63%</td>
</tr>
<tr>
<td>Utilities&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>2.38%</td>
</tr>
<tr>
<td>Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>1.96%</td>
</tr>
<tr>
<td>Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>1.73%</td>
</tr>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>1.69%</td>
</tr>
<tr>
<td>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>1.51%</td>
</tr>
<tr>
<td>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>1.29%</td>
</tr>
<tr>
<td>Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>1.28%</td>
</tr>
<tr>
<td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>0.47%</td>
</tr>
<tr>
<td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>0.43%</td>
</tr>
<tr>
<td>Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-1.87%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Extreme Technical Overbought Signals Emerge</h3>
Despite the euphoria surrounding the S&amp;P 500&#8217;s record-breaking run, a closer examination of the technical landscape reveals emerging caution signs. 
The index&#8217;s relentless upward trajectory has catapulted the Relative Strength Index (RSI) to a staggering 77, a figure not seen since January 2020, just before the global markets were roiled by the Covid-19 pandemic. 
Such elevated RSI levels are traditionally viewed as overbought signals, suggesting that the current pace of the rally might be stretching the bounds of sustainability.
Chart: S&amp;P 500&#8217;s Weekly RSI Reaches Most Overbought Levels In Four Year
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-1024x495.png" alt="" class="wp-image-244045" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/07173952/image-22.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read now: <a href="https://www.benzinga.com/news/large-cap/24/03/37547023/gold-shines-brighter-than-ai-driven-semiconductor-stocks-7-mining-stocks-to-watch-with-prices-at-r">Gold Shines Brighter Than AI-Driven Semiconductor Stocks: 7 Mining Stocks To Watch With Prices At Record Highs</a>
Photo: Shutterstock

Technicals

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

After hitting a fresh record high on Monday, cocoa prices have slumped 13% — a sharp fall in just three days. But experts say the market remains in critical short supply, which is why Valentine&#8217;s Day <a href="https://www.benzinga.com/news/large-cap/24/02/37141514/cocoa-annual-inflation-tops-100-pushes-valentines-day-chocolate-pralines-to-unprecedented-costs">chocolates were so expensive</a>. 
Meanwhile, hedge funds continue to <a href="https://www.benzinga.com/markets/equities/24/02/37183247/choccy-horror-show-hedge-funds-pile-in-as-cocoa-soars-to-record-high">build up long positions</a>.
Despite the slump over the past three days, the U.S. cocoa futures price has jumped 43% to $5,999 a tonne since the start of the year. Four days ago it hit a fresh record high of $6,929.
This is particularly hard on companies such as Hershey Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>). The company reported earlier this month that it now expects flat earnings for 2024 due to higher raw materials costs.
&#8220;Historic cocoa prices are expected to limit earnings growth this year,&#8221; said Hershey CEO Michele Buck.
Shares in Hershey have fallen 8% to $186.25 since reporting its quarterly earnings and 2024 outlook on February 8.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/29092434/newplot-2024-02-29T132420.319.png" alt="" class="wp-image-234235" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/29092434/newplot-2024-02-29T132420.319.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/29092434/newplot-2024-02-29T132420.319-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Also Read: <a href="https://www.benzinga.com/markets/equities/24/02/37183247/choccy-horror-show-hedge-funds-pile-in-as-cocoa-soars-to-record-high">Choccy-Horror Show: Hedge Funds Pile In As Cocoa Soars To Record High</a>
But what does this mean to the consumer? Ether you&#8217;ll pay more for your chocolate and candy bars, or pack sizes are smaller. 
&#8220;Chocolate prices are about to rise — and bars and boxes will shrink too,&#8221; <a href="https://twitter.com/JavierBlas/status/1759597009240047995">said</a> Javier Blas, columnist for Bloomberg and ex-FT commodities correspondent on X.
The cocoa crisis has been a long time in the making. Most farmers in West Africa are overwhelmingly poor smallholders who lack the means to reinvest in their farms. Now, left with mainly old trees, farmers face lower yields and plants that are more susceptible to disease.
&#8220;Both factors are at play this year, and the upshot is a brutal gap between supply and demand, with the market heading for a deficit of between 300,000 and 500,000 tonnes. If confirmed, that would be the largest shortfall in 65 years,&#8221; said Blas.
While this doesn&#8217;t necessarily mean there&#8217;ll be a scarcity of candy bars on shelves — there are global warehoused stockpiles of cocoa — these stocks are wearing thin, adding to price pressure.
The International Cocoa Organization <a href="https://www.icco.org/wp-content/uploads/ICCO-Monthly-Cocoa-Market-Report-%E2%80%93-January-2024.pdf">said</a>: &#8220;It would be beneficial if all major players reconsider the structural issues being faced by the cocoa sector — aged trees, diseases, remunerative farm gate prices, climatic challenges, etc.&#8221;
The World Cocoa Foundation <a href="https://worldcocoafoundation.org/news-and-resources/press-release/world-cocoa-foundation-wcf-draws-up-a-new-landscape-for-an-equitable-cocoa-sector">said</a> it was addressing the imbalance between the wages earned by farmers in Cote d&#8217;Ivoire and Ghana, the world&#8217;s two largest cocoa producers, and prices charged to western consumers.
&#8220;Improving farmer income must remain at the forefront of everything that we do,&#8221; said Chris Vincent, president.
<h3 class="wp-block-heading">This Isn&#8217;t A Short-Term Problem</h3>
Better-paid farmers able to finally plant new trees won&#8217;t solve the problem overnight. It can take around five years before new cocoa trees start to produce seed pods.
This adds up to profits for traders and hedge funds who built up a near $9 billion net long position.
Still, there remains rising costs and pressure on margins for chocolate companies such as Hershey in the weeks leading up to Easter.
Shares in rival Mondelez International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>) — owner of Cadbury, Milka and Toblerone chocolate brands — are down 5% this month. Nestle SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSRGF#OTC">NSRGF</a>), owner of Toll Bar, is down 8% in February.
There is no exchange-traded fund to track the price of cocoa directly, but the Consumer Staples Select Sector SPDR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) has been performing reasonably well over the past few months. Since mid-October, it has gained 12.6% to $74.56.
Read Now: <a href="https://www.benzinga.com/markets/equities/24/02/37367334/gasoline-pump-prices-near-1-year-high-is-this-an-inflationary-threat">Gasoline Pump Prices Near 1-Year High: Is This An Inflationary Threat?</a>
Image: Shutterstock

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General

MDLZ

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Is My Candy Bar Getting Smaller? Yes, A Chocolate Crisis Means Smaller, Pricier Hershey's

Wall Street saw a muted trading session as major indices dipped into the red <a href="https://www.benzinga.com/topic/wall-street">by midday in New York</a>.
Traders are currently anticipating further insights into monetary policy from the forthcoming <a href="https://www.benzinga.com/markets/equities/24/02/37223022/wednesday-watch-awaiting-fed-minutes-and-nvidias-earnings-for-market-direction">Federal Reserve meeting minutes.</a>
Investors are also poised for another significant event, as Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is set to announce its fourth-quarter earnings <a href="https://www.benzinga.com/news/earnings/24/02/37230071/how-to-earn-500-a-month-from-nvidia-stock-ahead-of-q4-earnings-report">after the market closes</a>.
The dollar, Treasury yields, and gold remained relatively stable, whereas in the commodities market, oil prices saw a modest 0.8% increase, with West Texas Intermediate (WTI) crude climbing to nearly $78 a barrel. 
Natural gas prices experienced a near 5% upswing, following a 9% jump on Tuesday, rebounding from significantly low levels, leading energy stocks to perform better than other sectors.
Cybersecurity stocks took the spotlight, with the Global X Cybersecurity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUG#NYSE">BUG</a>) experiencing a decline of over 7% in a single day, marking its steepest one-day drop since March 2020. This was in part due to a sharp fall in Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), which plummeted 27% following disappointing future earnings projections. 
Similarly, CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) and Zscaler Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) faced significant double-digit percentage losses.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 1.8% weaker to $51,800. 
<h3 class="wp-block-heading">Wednesday's Performance In 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 %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,467.09</td>
<td>-0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,961.51</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,392.80</td>
<td>-0.9%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,988.06 </td>
<td>-0.9%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.3% lower to $495.17, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.2% to $384.80 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 1% to $423.23, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), was the notable underperformer, down by 1.4%, while the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was the top gainer, up 1.7%. 
<h3 class="wp-block-heading">Wall Street Stock Movers On Wednesday</h3>
<ul>
<li>Garmin Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) rallied over 10% in reaction to its quarterly results. </li>
<li>Teladoc Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDOC#NYSE">TDOC</a>) fell over 25% amid a revenue miss. </li>
<li>Other companies reacting to earnings were Public Storage (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSA#NYSE">PSA</a>), up 0.9%, Realty Income Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/O#NYSE">O</a>), up 0.7%, Costar Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>), up 1.3%, Analog Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>), up 2%, Verisk Analytics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSK#NASDAQ">VRSK</a>), down 4%. </li>
<li>EQT Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>) and Antero Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AR#NYSE">AR</a>) rose 13% and 11%, respectively, on the heels of a strong rebound in natural gas prices. </li>
<li>Companies set to report their earnings after the closing bells are Nvidia Corp., Synopsys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>), Ansys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANSS#NASDAQ">ANSS</a>), Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), Marathon Oil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) and Texas Pacific Land Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37241019/health-care-becomes-most-overweighted-sector-as-hedge-funds-crowd-into-magnificent-">Health Care Becomes Most Overweighted Sector As Hedge Funds Crowd Into Magnificent 7</a>
Image: Shutterstock

$BTC

ANSS

CRWD

CSGP

GRMN

PANW

RIVN

SNPS

TDOC

VRSK

Wall Street Falters Ahead Of Fed Minutes, Nvidia Earnings, Cybersecurity Selloff: What's Driving Markets Wednesday?

Wall Street reopened on a weaker note following Monday&#8217;s market closure, with all major U.S. stock averages in the red due to a broad <a href="https://www.benzinga.com/markets">decline in technology stocks.</a>
As of midday Tuesday, the Nasdaq 100 had fallen by 1.5% after closing 0.9% lower on Friday, marking its worst two-day streak since late January.
Investors are focusing on key market events scheduled for Wednesday, including the release of the latest minutes from the Federal Open Market Committee and Nvidia&#8216;s earnings report after the market closes.
The chipmaker giant&#8217;s shares plummeted by 6% on Tuesday, marking its worst-performing session since late 2022. Its peer Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), experienced an even steeper decline, falling by 6.5%. Among the so-called Magnificent Seven stocks, only Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) managed to avoid losses, posting a modest gain of 0.3%. Tesla tumbled over 5%, potentially marking its worst session since late January.
Tuesday&#8217;s market movements were not driven by concerns over fewer interest rate cuts on the horizon than anticipated. Interest rate expectations in the money markets remained largely unchanged from Friday, with traders pricing in a full percentage point of cuts by December 2024. Treasury yields dropped by about 5 basis points across key maturities and the U.S. dollar remained stable.
Instead, it appears that a reassessment of broader stock valuations is underway, as the forward price-to-earnings ratios for both the S&amp;P 500 and the Nasdaq 100 continues to exceed five-year averages.
<h2 class="wp-block-heading">Tuesday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,486.50</td>
<td>-0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,962.37</td>
<td>-0.9%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,427.99</td>
<td>-1.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>198.56</td>
<td>-1.5%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.8% lower to $495.31, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.3% to $384.93 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 1.4% to $424.60, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), was the notable underperformer, down by 1.8%, while the Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) was the top gainer, up 1%. 
<h2 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h2>
<ul>
<li>Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) rose over 3% on better-than-expected company results in the last quarter of 2023, hitting fresh all-time highs and the strongest one-day surge since November 2022. The retailer giant also announced plans to acquire smart-TV maker Vizio Holding Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZIO#NYSE">VZIO</a>)</li>
<li>Logistic company Expeditors International of Washington Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>) fell 6.5% after the company missed both revenue and profit forecasts last quarter. </li>
<li>Other companies reacting to earnings were Home Depot Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>), down 0.3%, Westlake Chemical Partners LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WLKP#NYSE">WLKP</a>), down 0.8%, CenterPoint Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNP#NYSE">CNP</a>), up 0.3%. </li>
<li>Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) rose by over 14% following the announcement that Capital One Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) plans to acquire the credit card issuer in an all-stock deal valued at $35.3 billion.</li>
<li>Large-cap companies reporting after the market close on Tuesday are Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), Public Storage (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSA#NYSE">PSA</a>), Realty Income Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/O#NYSE">O</a>), Costar Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>), Diamondback Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) and Keysight Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEYS#NYSE">KEYS</a>) </li>
</ul>
Read now: <a href="https://www.benzinga.com/news/earnings/24/02/37213218/walmart-q4-performance-revenue-and-eps-surprise-dividend-hike-vizio-buyout-and-more">Walmart Q4 Performance: Revenue And EPS Surprise, Dividend Hike, VIZIO Buyout And More</a>
Photo via Shutterstock.

Bonds

Asset Sales

Intraday Update

EXPD

FANG

GOOGL

KEYS

VZIO

WLKP

Wall Street Faces Selling Pressure, Nvidia Investors Pull Back Ahead Of Earnings, Fed Minutes: What's Driving Markets Tuesday?

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

Treasuries

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

Wall Street paused for a breather Friday following a stronger-than-anticipated producer inflation report that once again caught investors off guard, echoing the heat of a similarly strong consumer inflation report <a href="https://www.benzinga.com/topic/inflation">earlier in the week</a>.
The Producer Price Index (PPI) for January 2024 saw a 0.3% month-over-month increase, surpassing the projected 0.1% surge, while the Consumer Price Index (CPI) surged by 3.1% year-on-year, exceeding the forecasted 2.9%, highlighting the ongoing intensity <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/02/37178834/producer-inflation-outruns-expectations-in-january-chills-investor-bets-on-fed-rate-cu">of the inflation battle.</a>
&#8220;The January inflation data vindicates the Fed&#8217;s wait-and-see approach,&#8221; Bank of America economist Stephen Juneau said in a note. 
As a result, traders trimmed their expectations for Fed rate cuts, delaying the anticipated start to this summer. Yields surged higher, with the policy-sensitive two-year note yield climbing by over 10 basis points to reach 4.67%. 
As of noon trading in New York, the S&amp;P 500 showed minimal change for the day, while the tech-heavy Nasdaq 100 lagged behind, potentially ending a five-week winning streak. A similar trend was observed with both Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)
<h2 class="wp-block-heading">Friday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>1-day % chg</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,020.44</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,675.17</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,749.70</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,044.70</td>
<td>-0.9%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.2% lower to $500.96, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.3% to $386.90 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.5% to $432.16, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
The Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>), outperformed, up 0.5%, while the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) was the laggard, down 1.4%. 
<h2 class="wp-block-heading">Friday's Stock Movers</h2>
<ul>
<li>Bio-Rad Laboratories Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIO#NYSE">BIO</a>) rose over 7%, marking the largest one-day rise among S&amp;P 500 stocks after the company released stronger-than-expected results last quarter. </li>
<li>Digital Realty Corp. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLR#NYSE">DLR</a>) fell 7.6% after fourth-quarter results missed projections. </li>
<li>Other companies reacting to earnings were Applied Materials Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NYSE">AMAT</a>), up 7%, Vulcan Materials Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VMC#NYSE">VMC</a>), Kinsale Capital Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNSL#NYSE">KNSL</a>), up 18%, The Trade Desk Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>), up 18%, Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), up 15%, Toast Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOST#NYSE">TOST</a>), up 15%, ShockWave Medical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWAV#NASDAQ">SWAV</a>), up 13%, Roku Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>), down 23%, Dropbox Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBX#NASDAQ">DBX</a>), down 21% and DoorDash Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NASDAQ">DASH</a>), down 9%. </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37183515/roku-stock-down-22-despite-almost-perfect-quarter-analyst-expects-stock-to-be-range">Roku Stock Down 22% Despite &#8216;Almost Perfect Quarter&#8217;: Analyst Expects Stock To Be &#8216;Range-Bound Until Platform Growth Returns&#8217;</a>
Illustration created using artificial intelligence via MidJourney.

Movers

AMAT

AMZN

COIN

DASH

KNSL

MSFT

ROKU

SWAV

TOST

Tech Stocks Ease On Hot PPI, Yields Rise, Microsoft, Amazon Snap 5-Week Positive Streak: What's Driving Markets Friday?

U.S. stocks broadly surged on Thursday, marking a two-day rebound after the Tuesday market turmoil triggered by a stronger-than-expected inflation report. Investors honed in on robust corporate earnings data while drawing positive insights from a disappointing January retail sales report, reigniting speculation about <a href="https://www.benzinga.com/markets/equities/24/02/37156844/retail-sales-sink-in-january-manufacturing-indicators-improve-jobless-claims-fall-thursdays-econ">potential Fed interest rate cuts.</a>
The S&amp;P 500 surged back above 5,000 points, while the Nasdaq 100 paused for a breather at 17,800. 
Small caps outshined large caps, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallying 1.4% on top of Wednesday&#8217;s 2.4% surge. 
The dollar moved slightly lower, causing commodities to regain some ground. Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), surged back above $2,000, while silver rallied 2.3%. 
Crude oil prices, as tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), rose 1.9% to $78 a barrel. 
<h2 class="wp-block-heading">Thursday&#8217;s Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>1-day %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,020.13</td>
<td>1.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,620.08</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,011.47</td>
<td>0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,784.05</td>
<td>-0.1</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.3% higher to $500 the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.6% to $386.34 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) held at $433.15, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), outperformed, up 2.2%, while the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) was the laggard, down 0.5%. 
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose 4% amid rising optimism that the Biden administration could enact proposed Environmental Protection Agency regulations next month that might speed up the electric vehicle transition. </li>
<li>Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) rose over 6% after the bank announced the the Office of the Comptroller of the Currency concluded a 2016 consent order over its sales practices misconduct. </li>
<li>CBRE Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBRE#NYSE">CBRE</a>) rallied 8% on stronger-than-expected fourth-quarter results. </li>
<li>Shares of Deer &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) fell 6% as the company unveiled a disappointing outlook for the first quarter. </li>
<li>Other companies reacting to earnings are Antero Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AR#NYSE">AR</a>), up 10%, Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>), down 2.5%, Zebra Technologies Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZBRA#NYSE">ZBRA</a>), up 11%, West Pharmaceuticals Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WST#NYSE">WST</a>), down 14%, Twilio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>), down 15%, AppLovin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APP#NYSE">APP</a>), up 21%, Pegasystems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEGA#NASDAQ">PEGA</a>), up 31%, YETI Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YETI#NASDAQ">YETI</a>), down 15%, Penn Entertainment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>), down 14% and Tripadvisor Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRIP#NASDAQ">TRIP</a>), up 10%. </li>
</ul>
Read now: <a href="https://www.benzinga.com/top-stories/24/02/37163602/spotlight-on-the-ai-5-microsoft-tsmc-broadcom-nvidia-and-amd">Spotlight On The AI 5: Microsoft, TSMC, Broadcom, Nvidia And AMD</a>
Illustration created using artificial intelligence via MidJourney.

New ETFs

Retail Sales

CBRE

CSCO

PEGA

PENN

TRIP

TWLO

YETI

ZBRA

S&P Reclaims 5,000 As Disappointing Retail Sales Put Fed Cuts Back On Track, Small Caps Shine: What's Driving Markets Thursday?

The U.S. stock market attempted a rebound following Tuesday&#8217;s declines, which were sparked by a higher-than-expected inflation report in January, as investors <a href="https://www.benzinga.com/calendars/earnings">refocused on corporate earnings.</a>
More than two-thirds of S&amp;P 500 companies reported thus far, with 75% of them exceeding earnings-per-share expectations and 65% reporting positive revenue, according to Factset data.
Wednesday&#8217;s recovery impacted nine out of eleven S&amp;P 500 sectors, with energy and consumer staples lagging behind. 
The S&amp;P 500 was up 0.4% as of noon trading in New York, while the tech-heavy Nasdaq 100 surged by 0.5%.
Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), rallied by 1.7% after experiencing a 4% drop on Tuesday.
Treasury yields were lower across all maturities amid dovish Fed remarks. The 10-year yield dropped 7 basis points to 4.25% after Chicago Fed President Austan Goolsbee stated that even if inflation comes in a bit higher over next few months, it would still be consistent with the path back to the 2% target. 
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to dominate headlines, as the largest cryptocurrency surpassed a $1 trillion market value, with its price climbing above $51,000.
In the commodities market, U.S. natural gas prices declined for the eighth consecutive day amid milder weather forecasts and elevated stocks, reaching lows last observed in July 2020.
<h2 class="wp-block-heading">Wednesday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,995.83</td>
<td>1.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,681.96</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,971.29</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,273.13</td>
<td>0.0%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.4% higher to $495.55, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) held steady at $382.73 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.5% to $430.34, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
The Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>), outperformed, up 1.1%, while the Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) was the laggard, down 0.6%. 
Industry-wise, solar stocks, as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), rallied by 3.5%, after dropping nearly 6% on Tuesday. 
<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>
<ul>
<li>Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) surged 11% on stronger-than-expected results last quarter, claiming the top performance for the day among S&amp;P 500 stocks. </li>
<li>Akamai Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) fell 9% as revenue missed the Street&#8217;s forecasts. The company was Wednesday&#8217;s worst performer within the S&amp;P 500. </li>
<li>Other companies reacting to earnings were MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>), down 8%, IQVIA Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IQV#NYSE">IQV</a>), up 10.5%, Charler River Laboratories International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRL#NYSE">CRL</a>), up 9.2%, The Kraft Heinz Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NYSE">KHC</a>), down 5.9%, Welltower Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WELL#NYSE">WELL</a>), up 7%, Airbnb Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NYSE">ABNB</a>), down 2.7%, Lyft Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>), up 33%, QuidelOrtho Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>), down 30%. </li>
<li>Crypto-related stocks such as Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) and Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) rallied, 13%, 10% and 9% respectively. </li>
</ul>
Read now: &#8216;<a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37128741/its-not-that-decentralized-sec-chair-gary-gensler-hesitant-on-bitcoin-calls-it-just-an-acc">It&#8217;s Not That Decentralized&#8217;: SEC Chair Gary Gensler Hesitant On Bitcoin, Calls It &#8216;Just An Accounting Ledger&#8217;</a>
Photo: Shutterstock

ABNB

AKAM

LYFT

MARA

QDEL

RIOT

UBER

WELL

Stocks Rebound As Investor Focus Shifts To Earnings, Bitcoin Tops $1 Trillion Value: What's Driving Markets Wednesday?

After enjoying 13 out of 14 positive weeks, Wall Street kicked off Monday on a weaker note as traders revise down their expectations <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36936620/feds-kashkari-echoes-powells-hawkish-stance-monetary-policy-is-not-as-tight-as-we-w">regarding Fed interest rate cuts.</a>
Stronger-than-expected economic data — and comments from Federal Reserve officials indicating the central bank has no immediate plans to reduce rates — pushed major U.S. stock averages into the red.
Both Fed Chair Jerome Powell and Minneapolis Fed President Neel Kashkari issued warnings that monetary policy may remain restrictive for a while due to the remarkable economic resilience.
In January, the services sector expanded beyond expectations, as indicated by the latest ISM PMI figures, marking the strongest growth since September 2023 and extending its 13th <a href="https://www.benzinga.com/news/econ-s/24/02/36934961/us-service-sector-expands-beyond-expectations-in-january-signals-robust-economic-resilience">consecutive month of expansion.</a>
Traders have now embraced the idea that a rate cut in March is off the table. Furthermore, they are reducing their rate cut expectations for 2024, going from six rate cuts last week to just about five as of Monday.
Treasury yields surged across all maturity levels, with the 10-year yield increasing by 13 basis points to 4.15%, causing the dollar to strengthen by 0.5% against a basket of major currencies.
Small-cap stocks were hit the hardest, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) experiencing a 1.2% decline. Large-cap indices also saw declines, although with a more modest impact.
Bonds fell, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) sliding 1.9% after a 2% decline on Friday.
Oil prices rebounded, with West Texas Intermediate (WTI) crude oil rising by 1%, driven by escalating tensions in the Middle East, triggered by U.S. strikes over the weekend that targeted Iran-related sites in Syria and Iraq.
<h2 class="wp-block-heading">Monday&#8217;s Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Major Indices &amp; ETFs</th>
<th>Price</th>
<th>%</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>17,619.42</td>
<td>-0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,947.28</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,389.00</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,940.18</td>
<td>-1.1%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.2% lower to $493.17, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.7% to $383.95 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) eased 0.1% to $428.55, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Technology SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 0.3%, followed by the Energy SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), up 0.1%. 
Notable laggards were the Real Estate SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>), which plummeted 1.8%, and the Materials SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), down 2.2% 
On the industry front, semiconductors rallied, with the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) up 1.9%. 
<h2 class="wp-block-heading">Monday&#8217;s Stock Movers</h2>
<ul>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rose 4% following a bullish note by Goldman Sachs, which raised <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36933548/nvidia-stock-on-path-to-800-goldman-sachs-says-industry-gold-standard-for-the-futur">its price target on the chipmaker $800. </a></li>
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) fell 3% after surging as much as 20% on Friday. </li>
<li>Snap Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NASDAQ">SNAP</a>) fell 4% after the company announced it would cut its workforce by 10%. </li>
<li>Catalent Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTLT#NYSE">CTLT</a>) rose nearly 10% after Danish pharma giant Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) agreed to buy the company for $16.5 billion in cash. </li>
<li>Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) rose nearly 2% after reporting better-than-expected results last quarter. </li>
<li>Other companies reacting to earnings reports were McDonald&#8217;s Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), down 4%, Estee Lauder Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>), up 13%, Air Products &amp; Chemicals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APD#NYSE">APD</a>), down 14%, ON Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>), up 10%, and IDEXX Laboratories Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>), up 6.4%. </li>
<li>Companies that will report their earnings after the closing bell are Vertex Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>), Simon Property Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPG#NYSE">SPG</a>) and Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) </li>
</ul>
Photo via Shutterstock.

Specialty ETFs

Price Target

Reiteration

CTLT

IDXX

PLTR

SNAP

VRTX

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

The U.S. stock market, as gauged by the S&amp;P 500 index, is on track to record its fourth consecutive week of gains, marking its 13th positive week out <a href="https://www.benzinga.com/markets">of the last 14.</a>
The broad gains seen across major U.S. stock averages on Friday have been fueled by major tech earnings surpassing expectations and a labor market showing more strength than predicted in January, maintaining high expectations for robust consumer spending in the near future.
The S&amp;P 500 was up 0.8% reaching fresh record highs as of midday trading in New York. 
Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) skyrocketed over 22% following an impressive earnings report and optimistic guidance for 2024. Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) soared more than 8% after reporting a 14% jump in revenue and record-breaking profits. 
Collectively, the market value of the Magnificent Seven has hit $12.9 trillion, surpassing the combined worth of economies such as Germany, Japan, and India. 
The January jobs report showcased remarkable job growth, with payrolls increasing by 353,000—nearly twice the anticipated 180,000. Additionally, wages rose more than expected, challenging the forecasts <a href="https://www.benzinga.com/news/large-cap/24/02/36908814/us-economy-adds-353-000-payrolls-in-january-monster-job-growth-well-above-expectations-destroys-fe">for interest rate cuts.</a>
Traders now believe a March cut is off the table, and they are also reducing their expectations for a cut in May. As a result, the total number of rate cuts anticipated for 2024 has decreased from six to five.
Bonds took a hit, as yields rose substantially across the curve. The popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) tanked 2.5%. 
<h2 class="wp-block-heading">Friday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>Change (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>17,634.97</td>
<td>+1.7%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,954.20</td>
<td>+1.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,589.48</td>
<td>+0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>193.54</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.9% higher to $493.69, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.2% to $385.86 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 1.7% to $429.18, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Communication Service SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) rallied, up 3.8%, followed by the Consumer Discretionary SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) up 1.5%.
Sector laggards were the Real Estate SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>), down 1.9%, and the Utilities SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), down 2%. 
<h2 class="wp-block-heading">Friday&#8217;s Stock Movers</h2>
<ul>
<li>Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) rose 16% after reporting better-than-expected results. </li>
<li>Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) fell over 15% after missing earnings. </li>
<li>Other companies reacting to earnings Saia, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIA#NASDAQ">SAIA</a>), up 12%, The Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>), up 5.6%, Gen Digital Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEN#NASDAQ">GEN</a>), down 13%, Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>), down 4%, Clorox Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>), up 5.5%. </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36912911/6-apple-analysts-size-up-q1-results-iphone-sales-major-step-in-the-right-direction-">6 Apple Analysts Size Up Q1 Results, iPhone Sales: &#8216;Major Step In The Right Direction,&#8217; &#8216;Some Good And Bad News&#8217;</a>
Photo: Shutterstock

CHTR

DECK

LBRDA

SAIA

Stocks Notch 4th Straight Positive Week Driven By Tech, Meta Shines, Bonds Tank On Hot Jobs Data: What's Driving Markets Friday?

The day after the Federal Reserve meeting is marked by a rebound on Wall Street, with all major stock indices in the green, buoyed by strong corporate earnings and the market&#8217;s continued dovish expectations regarding the <a href="https://www.benzinga.com/federal-reserve">Federal Reserve&#8217;s interest rate cuts.</a>
Speculators seem poised to challenge Fed Chair Jerome Powell, who stated that a cut in March is unlikely and that more confidence is needed to assert that inflation is heading toward the Fed&#8217;s 2% target.
The odds for the March meeting, according to fed futures prices, assign a 41% chance for a cut and a 59% chance for no change. Yet speculators are increasing their bets from May onward, factoring in six rate cuts on a meeting-by-meeting basis until December 2024.
On the data front, initial jobless claims increased for the second consecutive week, reaching their highest level in two months as labor costs decelerated and the number of job cuts surged. Survey data on manufacturing activity showed better-than-expected conditions in January. 
Here is how major markets traded during the day:
<ul>
<li>Both the S&amp;P 500 and the tech-heavy Nasdaq 100 show gains of 0.8%, while blue chips and small caps are slightly softer, at 0.6%. </li>
<li>Cracks are re-emerging in the regional banking sector following the nightmarish results published Wednesday by New York Community Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>), which is plunging another 13% after closing down 37% the day before. Analysts are beginning to scrutinize individual banks&#8217; exposure to troubled real estate loans, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36893035/regional-banks-suffer-worst-2-day-slump-since-march-2023-crisis-as-investors-scruti">particularly commercial properties and offices</a>. </li>
<li>The sector&#8217;s gauge, the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), is falling more than 4%, on track for the worst performing two-day streak since March 2023. </li>
<li>Treasury yields are down across all major maturities, with the 10-year yield dropping 7 basis points to 3.85%, after having risen to a more than 4% yield the previous day. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) is up 1.6%. </li>
<li>The market&#8217;s dovish view on interest rates and banking uncertainties have revived interest in gold, with the yellow metal rallying 1.2%, its strongest day since mid-December 2023, and putting it on track for the fourth straight positive session.</li>
</ul>
<h2 class="wp-block-heading">Thursday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>S&amp;P 500</td>
<td>4,885.51</td>
<td>0.8%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,277.46</td>
<td>0.8%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,960.18</td>
<td>0.7%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,396.40</td>
<td>0.6%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.9% higher to $487.46, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.7% to $384.24 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.9% to $420.71, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Consumer Staples SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, up 1.7%, followed by the Materials SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>), up 1.5%. 
Notable laggards were the Energy SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>), down 0.6%, and the Financials SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) flat for the day. 
On the industry front, gold miners rallied, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) gaining 3.3%. On the flip side, the SPDR S&amp;P Regional Banking ETF fell 2.5%, trimming heavier losses during the session. 
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul>
<li>Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) fell over 4%, despite reporting <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36891341/qualcomm-beat-q1-expectations-why-one-analyst-flags-huawei-as-a-key-risk-factor">better-than-expected results last quarter</a>. The negative performance is due to investors&#8217; worries about the company&#8217;s sales in China in the first quarter of 2024. </li>
<li>Other companies reacting to earnings are MetLife Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>), down 6%, Corteva Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTVA#NYSE">CTVA</a>), up over 18%, Merck &amp; Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), up 3.8%, Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONC#NASDAQ">ONC</a>), down 3%, Peloton Interactive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTON#NASDAQ">PTON</a>) and UGI Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGI#NYSE">UGI</a>), up 11.4%. </li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/24/02/36891577/goldman-sachs-pushes-back-fed-rate-cut-timeline-after-powells-strong-signal">Goldman Sachs Pushes Back Fed Rate Cut Timeline After Powell&#8217;s &#8216;Strong Signal&#8217;</a>
Photo via Shutterstock.

REIT

Guidance

Real Estate

CTVA

PTON

QCOM

Stocks Recoup Post-Fed Losses As Traders Challenge Powell, Regional Banks Crack, Gold Rises: What's Driving Markets Thursday?

It&#8217;s a bullish day on Wall Street, with major U.S. large-cap indices reaching record highs, driven by broad-based rallies in tech-related stocks as investors continue to <a href="https://www.benzinga.com/topic/artificial-intelligence">embrace the AI trade.</a>
The U.S. government announced on Wednesday the National Science Foundation, in collaboration with prominent tech companies specializing in artificial intelligence (AI) and nine other federal agencies, is launching a pilot program designed to establish a shared AI research infrastructure.
The S&amp;P 500 Index surged past 4,900 points, maintaining its upward trajectory for the fifth consecutive session. This index, comprising 500 of the largest U.S. stocks, has achieved a remarkable 17% return over the past three months, marking its most robust three-month rally since June 2020 and the second most vigorous since May 2009.
Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) attained a significant milestone, reaching a $3 trillion market capitalization and matching Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) as the <a href="https://www.benzinga.com/etfs/sector-etfs/24/01/36764071/microsofts-race-to-the-top-hits-3-trillion-valuation-challenging-apples-throne">world&#8217;s most valuable company.</a> Microsoft holds the highest weight in the S&amp;P 500 index, with a 7.3% stake.
The Nasdaq 100 also experienced remarkable growth, surpassing 17,660 points. The tech-heavy index is on track for its 11th gain in the last 13 sessions, and potentially its 12th positive week in the last 13.
The Dow Jones Industrial Average inched 0.3% up, while the Russell 2000, which is tied to small-cap stocks, lagged, screening a flat performance. 
On the data front, U.S. private sector activity surveys for January indicated the strongest growth in the past seven months, led by a robust performance in the service sector and signs <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36760996/us-output-growth-hits-7-month-high-in-january-services-lead-manufacturing-rebounds">of recovery in manufacturing.</a> Investors now await advance estimates of the fourth quarter U.S. GDP, scheduled for Thursday. 
Elsewhere, the People&#8217;s Bank of China (PBoC) cut the Reserve Requirement Ratio (RRR) for banks by 50 basis points. This move is anticipated to inject approximately $139.45 billion into the market, complementing other stimulus measures <a href="https://www.benzinga.com/markets/asia/24/01/36758819/chinese-stocks-rally-as-beijing-goes-all-in-on-financial-support-squeezes-short-sellers">recently introduced by Beijing.</a> Chinese-related stocks, as gauged by the iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>), responded positively, with a 3% increase following a 4.5% rally the previous day.
In currency and commodities markets, the U.S. dollar weakened slightly, gold prices dipped by 0.5%, and oil prices climbed by 1%. Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) edged up by 0.5%, nearing the $40,000 mark.
<h2 class="wp-block-heading">Wednesday's Performance In U.S. Major Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>17,643.92</td>
<td>1.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,900.09</td>
<td>0.7%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,015.66</td>
<td>0.3%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1979.06</td>
<td>0.0%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.7% to $487.91, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) edged 0.2% higher to $379.76 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was 1.3% higher to $428.82, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Technology Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.4%. The Utilities Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) underperformed, down 1.3%. 
Among industries, chipmakers dominated, with the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) up 2.8%. 
<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>
<ul>
<li>Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) rose over 12% in reaction to the company's earnings report. The streaming giant reported subscriber additions of 13.1 million in the fourth quarter. </li>
<li>Other companies reacting to their earnings were Textron Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TXT#NYSE">TXT</a>), up 8%, Abbot Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>), down 2.7%, Texas Instrument Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), down 2.2%, AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>), down 3%, Freeport-McMoRan Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), up 5%,&nbsp;General Dynamics Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>), up 5%, and&nbsp;Kimberly-Clark Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>), down 5%. </li>
<li>DuPont De Nemours Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>) tumbled over 13% after the company expected to witness a loss for the fourth quarter, considerably below analyst target. Wells Fargo cut the stock from Overweight to Equal-weight. </li>
<li>Major companies expected to report after market close include Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Canadian Pacific Kansas City Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>), Ameriprise Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMP#NYSE">AMP</a>), International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), CSX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>), Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>),  Las Vegas Sand Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>) and Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>).</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36762528/6-netflix-analysts-size-up-earnings-subscribers-wwe-deal-wwe-raw-changes-the-game">6 Netflix Analysts Size Up Earnings, Subscribers, WWE Deal: &#8216;WWE Raw Changes The Game&#8217;</a>
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Stock Market Extends Record Highs, S&P 500 Hits 4,900 On Tech Rally, Microsoft's $3 Trillion Mark: What's Driving Markets Wednesday?

Wall Street took a breather on Tuesday, with the major U.S. stock indices trading near the flatline or showing slight declines during midday trading in New York as investors closely await a series of relevant earnings reports and crucial economic data slated for the <a href="https://www.benzinga.com/calendars/earnings">remainder of the week. </a>
Both the S&amp;P 500 and the Nasdaq 100 remained stable at their respective all-time highs, while the Dow experienced a slight decrease of 0.4%. Small caps, as represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), weakened by 0.7%.
The dollar and Treasury yields moved higher, likely exerting some resistance on the stock market&#8217;s rally. The likelihood of a Fed rate cut in March has decreased to 40% and traders now anticipate a total of five rate cuts, down from six, by December 2024.
With yields rising across various Treasury maturities, the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) declined by 1.1%.
Chinese stocks traded in New York saw a strong jump as Beijing announced measures totaling $278 billion to stabilize the<a href="https://www.benzinga.com/markets/asia/24/01/36738324/chinas-market-rescue-a-bold-278-billion-stabilization-plan-in-play-amid-deepening-crisis"> country&#8217;s troubled stock market.</a> Both Alibaba Group Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) rose 6.7%, while electric vehicle maker NIO Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NASDAQ">NIO</a>) gained 4.5%. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remained relatively flat, after reaching intraday lows at $38,550, while gold experienced a slight increase of 0.3%.
<h2 class="wp-block-heading">Tuesday&#8217;s Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Major Indices</th>
<th>Price</th>
<th>%</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>17,338.84</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,851.32</td>
<td>0.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,831.33</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1971.67</td>
<td>-0.7%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) held steady at $483.31, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.5% to $378.22 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was unchanged at $421.69, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Consumer Staples Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, up 0.9%. The Real Estate Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) fell the most, down 0.7%. 
<h2 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h2>
<ul>
<li>Shares of United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) rose more than 6% after the company&#8217;s strong earnings and revenue results last quarter. The airline released weak guidance for the first quarter after the Boeing 737 Max groundings. </li>
<li>Other companies reacting to earnings were Verizon Communication Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), up 5.4%, and Procter &amp; Gamble (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) up 4.4% after earnings and revenue topped estimates. </li>
<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) sank more than 11% after the company&#8217;s full-year outlook disappointed. General Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) fell nearly 1% after disclosing weaker-than-expected guidance.</li>
<li>Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) fell 1.5% despite an earnings and revenue beat, while Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) fell over 4% as the company&#8217;s CEO announced that profits from F-35 sales could weaken into the third quarter amid global supply chain disruptions. </li>
<li>Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) was flat ahead of its earnings release, scheduled after market close. The streaming giant secured WWE rights from January 2025, striking a $5-billion agreement with TKO Group Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TKO#NYSE">TKO</a>), which rose 13%. </li>
<li>Texas Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) and Intuitive Surgical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) will also report after the closing bell. </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36742655/elon-musks-tesla-confronts-black-cloud-q4-earnings-to-draw-line-in-the-sand-around-">Elon Musk&#8217;s Tesla Confronts &#8216;Black Cloud&#8217;: Q4 Earnings Must Draw &#8216;Line In The Sand Around Margins,&#8217; Analyst Says</a>
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US Stocks Pause As Treasury Yields, Dollar Surge On Trimmed Fed Rate Cut Bets: What's Driving Markets Tuesday?

The S&amp;P 500 index continued its upward momentum Monday, building on the record high levels it reached Friday. Concurrently, both the Dow Jones Industrial Average and the tech-heavy Nasdaq 100 extended <a href="https://www.benzinga.com/news/earnings/24/01/36721881/stock-indexes-trade-at-all-time-highs-ahead-of-key-earnings-this-week-whats-driving-markets-monday">their own all-time highs.</a> The Dow hit the milestone of 38,000, a record for <a href="https://www.benzinga.com/markets">the blue-chip index</a>. 
Wall Street veteran Ed Yardeni is trying to temper the growing excitement in the markets.
In his most recent post, published on Sunday, Yardeni outlines three potential historical precedents for the economy, the Federal Reserve and the stock market&#8217;s future performance.
The first scenario, for which Yardeni assigns a 60% probability, is a &#8220;Roaring 2020s&#8221; outlook. This envisions subdued inflation and expanding profit margins for companies, ultimately leading to gains in the stock market.
The second scenario, with a 20% probability, resembles the 1970s. In this scenario, there are risks of a second inflationary energy shock, reminiscent of the 1970s, which prompts the Federal Reserve to raise interest rates once again, resulting in poor stock performance.
The third scenario draws parallels with the 1990s-style melt-up and carries a 20% probability. In this scenario, the Federal Reserve becomes concerned about inflation falling below 2% and responds by aggressively cutting interest rates, even as the economy continues to perform well. This prompts a stock market melt-up, with technology stocks leading the way. 
&#8220;Irrational exuberance would make a comeback in this scenario. It&#8217;s a lot of fun for stock investors while it lasts,&#8221; Yardeni said.&nbsp;
He cautions that this scenario could lead to a valuation bubble bursting if the Fed is forced to raise interest rates due to signs of asset inflation transitioning into price inflation.
<h2 class="wp-block-heading">S&amp;P 500 Highlights Monday</h2>
<ul>
<li>The S&amp;P 500 closed at 4,850 points Monday, up 0.2%, marking its third straight positive session. </li>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed at $483.52, up 2.4% since the start of the year. </li>
<li>Monday&#8217;s session saw eight out of 11 S&amp;P 500 sectors ending in positive territory. </li>
<li>The top performing sector was the Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>), up 0.75%</li>
<li>The laggards were the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) and the Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>), both down 0.5%. </li>
<li>Top performing stocks: V.F. Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>), up 5.03%; Synopsys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>), up 4.8%; and Albemarle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>), up 4.9%, </li>
<li>Worst performing stocks: Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>), down 24.2%; Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), down 10.1%; and Bunge Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GB#NYSE">GB</a>), down 4.4%</li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/24/01/36720598/us-stock-market-at-record-highs-overvalued-territory-or-still-a-value-buy">US Stock Market At Record Highs: Overvalued Territory Or Still A Value Buy?</a>
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GILD

S&P 500, Dow Extend All-Time Highs: 'It's A Lot Of Fun For Stock Investors While It Lasts,' Wall Street Veteran Says

Could stagflation be the story of 2024 as tensions in the Middle East and the Red Sea escalate? After a U.S.-led coalition conducted airstrikes against Houthi rebels in Yemen this week, the stakes are raised — as are the <a href="https://www.benzinga.com/markets/equities/24/01/36597914/fed-rate-cuts-in-march-keep-dreaming-economists-say-as-inflation-spike-shakes-markets">risks of inflation remaining stubbornly high</a>.
Stagflation is the emergence of rising inflation during an economic downturn — it&#8217;s not common, as weak demand during a downturn usually draws prices lower.
But it is a dreaded phenomenon for policymakers, as it leaves them hamstrung to act. If they raise interest rates, they risk further damage to an already weak economy and if they cut to help bolster the economy, the risk is further inflation.
<h2 class="wp-block-heading">What Are The Current Risks?</h2>
The economy is expected to slow in 2024. Purchasing manager surveys are already showing signs of slowing activity in manufacturing industries as inflation and higher interest rates cooled demand for consumer goods.
While inflation has eased in recent months — the <a href="https://www.benzinga.com/economics/macro-economic-events/24/01/36592931/inflation-rises-more-than-expected-to-3-4-in-december-rattling-traders-betting-on">December consumer price index report</a> this week showed inflation rose again in the final month of 2023.
Analysts at Schroders are now considering whether the events unfolding in the Middle East could be inflationary as goods, no longer moving through the Red Sea and Suez Canal, are diverted around Africa — a much longer route that is adding to shipping costs.
In recent days this has pushed oil prices back up towards $80 a barrel and the main risk is that further escalation, now that U.S. forces have struck against the Houthis in Yemen, could push commodity prices even higher.
&#8220;In addition to trade frictions, a widening of tensions in the region could push oil prices up towards $120 per barrel,&#8221; said David Rees, senior economist at Schroders.
In midday trading on Friday, oil prices had eased from their highs, but remained around 3% higher on the day, with Brent crude at $80 a barrel. The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) an exchange traded fund that tracks light-sweet crude, was up 2.5%.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/12115126/newplot-37-2.jpeg" alt="" class="wp-image-180956" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/12115126/newplot-37-2.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/12115126/newplot-37-2-300x300.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/12115126/newplot-37-2-150x150.jpeg 150w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
Also Read: <a href="https://www.benzinga.com/economics/macro-economic-events/24/01/36592931/inflation-rises-more-than-expected-to-3-4-in-december-rattling-traders-betting-on">Inflation Rises More Than Expected To 3.4% In December, Rattling Traders Betting On Fed Rate Cuts</a>
<h2 class="wp-block-heading">Supply Chains</h2>
The chief risk for higher inflation would be if supply chains became blocked, as they did during the global Covid pandemic — which was the chief driver of the inflation currently being tackled by central banks.
The key difference here is that supplies are still getting through, but the costs of shipping are significantly greater with the Red Sea effectively closed.
John Kartsonas, managing partner at Breakwave Advisors, said: &#8220;Container rates have now doubled in the last two months. Tanker rates have had a more muted reaction, but it might be the case that they will react going forward given the escalating events.&#8221;
Rob Thummel, managing director at Tortoise, added: &#8220;The current oil price does not reflect a geopolitical risk premium so prices could rise to over $80 per barrel should tensions in the Middle East continue to escalate.&#8221;
<h2 class="wp-block-heading">Economic Downturn To Worsen?</h2>
So far, despite the evidence of slowing manufacturing growth, the U.S. economy, particularly the labor market, is holding up reasonably well with GDP growth of around 2.5% expected in 2023.
As long as the geopolitical situation doesn&#8217;t worsen further, many analysts believe a soft landing — or even &#8220;no landing&#8221; — is possible for the U.S. economy in 2024.
Talking to Benzinga on Thursday, Bluford Putnam, former chief economist at CME Group, said: &#8220;We're going to post gross domestic product growth of 2.5%-3% for 2023. I wouldn't even call that a soft landing — I would say that is either average or slightly above potential GDP growth.&#8221;
<h2 class="wp-block-heading">What Stocks For Stagflation?</h2>
For day traders, stagflation is one of the most difficult environments in which to trade. For longer-term investors, consumer staples and other non-cyclical stocks such as utilities are usually among the go-to sectors.
The Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) includes stocks such as Procter &amp; Gamble (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) and Costco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COST#NYSE">COST</a>) and has performed well during previous downturns.
While the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) holds stocks such as NextEra Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>) and Sempra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRE#NYSE">SRE</a>).
Now Read: <a href="https://www.benzinga.com/markets/equities/24/01/36597914/fed-rate-cuts-in-march-keep-dreaming-economists-say-as-inflation-spike-shakes-markets">Fed Rate Cuts In March? Keep Dreaming, Economists Say As Inflation Spike Shakes Markets</a>
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COST

Stagflation In 2024? Red Sea Crisis Could Trigger Domino Effect For Global Costs

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

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