Markets
Stocks Show Modest Gains Ahead of Fed Inflation Report; Chipmakers Struggle While Gold, Bitcoin Rebound: What’s Driving Markets on Thursday?
Stocks Show Modest Gains Ahead of Fed Inflation Report; Chipmakers Struggle, While Gold and Bitcoin Rebound: What’s Driving Markets on Thursday?
Wall Street had a subdued trading day on Thursday, with traders likely opting to remain on the sidelines in anticipation of the Federal Reserve’s earnings release on Friday. The Reserve’s preferred inflation gauge.
In regulatory news, U.S. banks have successfully passed the Federal Reserve’s 2024 stress tests. The results showed that all of the institutions analyzed were able to maintain minimum capital requirements even in the face of a severe economic shock. Notably, regional banks, as monitored by the SPDR S&P Regional Bank ETF (NYSE:KRE), had relatively better overall performance compared to their larger counterparts.
In midday trading in New York, major indices showed marginal gains, with small caps outperforming large cap indices.
The semiconductor sector continued to face headwinds, with the iShares Semiconductor ETF (NASDAQ:SOXX) fell 0.7%, targeting its fifth negative session in the last six. Nvidia Corp. (NASDAQ:NVDA) fell almost 2%.
Treasury yields fell, reflecting increased demand for bonds ahead of a key inflation report. The yield on the 10-year Treasury note fell 4 basis points to 4.29%, after rising 8 basis points on Wednesday. iShares 20+ Years Treasury ETF (NASDAQ:TLT) rose 0.5%.
In the commodities market, lower yields and a slightly weaker dollar spurred recoveries. Gold, tracked by SPDR Gold Fund (NYSE:GLD), rose 1.2%, erasing Wednesday’s losses, while crude oil rose 0.7%.
Cryptocurrencies also showed gains, with Bitcoin (CRYPTO: BTC) rose 1.3% and Solana (CRYPTOCURRENCY: SUN) rising more than 8% after VanEck’s order a Solana ETF application.
Thursday’s performance of major US indices and ETFs
|
Main indices |
Price |
1 day percentage change |
|
Russell 2000 |
2,020.84 |
0.4% |
|
Nasdaq 100 |
19,802.54 |
0.3% |
|
Dow Jones Index |
39,220.82 |
0.2% |
|
S&P 500 Index |
5,481.94 |
0.1% |
Updated at 12:51 PM ET
According to Benzinga Pro Data:
-
O SPDR S&P 500 ETF Fund (NYSE:SPY) rose 0.1% to $545.95.
-
O SPDR Dow Jones Industrial Average (NYSE:DAY) rose 0.2% to $391.94.
-
The heavy in technology Invesco QQQ Trust (ARCA: QQQ) rose 0.2% to $481.55.
-
Sectorally, the Consumer Discretionary Select Sector SPDR Fund (NYSE:XYL) presented superior performance, with an increase of 0.5%, while the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) lagged behind, falling 0.5%.
Thursday Stock Movers
-
Salesforce Inc. (NASDAQ:CRM) rose 6%, marking the best performance within the S&P 500.
-
Goldman Sachs Inc. (NYSE:GS) fell 2.3%, in reaction the Fed’s stress tests.
-
Among regional banks First Foundations Inc. (NYSE:FFWM) It is Dime Community Bancshares Inc.. (NASDAQ:DCOM) outperformed earnings, rising 5.9% and 4%, respectively.
-
Amazon.com Inc (NASDAQ:AMZN) rose 2.2% after unveiling a new section on its website focused on budget-friendly fashion and lifestyle products, making it easier to ship directly from Chinese sellers to U.S. consumers. Chinese eCommerce Platforms PDD Holdings Inc (NASDAQ:DCP), JD.com (NASDAQ:J.D.) It is Alibaba Holding Group (NASDAQ:NANNY) fell 4%, 3.8% and 1.9%, respectively.
-
Walgreens Botas Aliança Inc. (NASDAQ:World Management Association (WBA)) fell 25% in reaction to quarterly earnings.
-
Other stocks that reacted to corporate earnings were Micron Technologies Inc. (NASDAQ:MU), drop of 6.4%, Jefferies Financial Group Inc. (NYSE:JEF), increase of 6.7%, Levi Strauss & Co. (NYSE:LEVI), a drop of 16.5%, McCormick & Co. (NYSE:MKC), up 4.6%, Acuity Brands, Inc. (NYSE:THERE) increase of 0.9%, Simply Good Foods Company (NASDAQ:SMPL), drop of 1.7%.
The story continues
Read next:
Photo: Shutterstock
“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game With The #1 “News And Everything” Trading Tool: Benzinga Pro – Click here to start your 14-day trial now!
Get the latest stock analysis from Benzinga?
This article Stocks Show Modest Gains Ahead of Fed Inflation Report; Chipmakers Struggle, While Gold and Bitcoin Rebound: What’s Driving Markets on Thursday? originally appeared in Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.