Stocks Ease Ahead of Wednesday’s Key Events, Apple Soars to All-Time Highs, Bitcoin Slumps to $66,500: What’s Driving Markets Tuesday? -Apple (NASDAQ:AAPL)

June 11, 2024 1.35pm | 2 minute read

Wall Street was trading slightly in the red Tuesday morning as markets took a cautious stance ahead of the Federal Open Market Committee and inflation report The FOMC will meet on Wednesday.

The S&P 500 index fell 0.2% as of 12:55 pm in New York, marking its worst daily performance since the start of the month.

Despite the overall market decline, the tech-heavy Nasdaq 100 avoided losses, supported by a strong rally in the The Apple company. (NASDAQ:AAPL). The Cupertino-based iPhone maker rose 5.9%, mirroring last month’s post-earnings reaction, led by bullish notes from analysts after Tuesday’s WWDC event.

Blue-chip Dow Jones stocks fell 0.7%, while small-cap stocks lagged 1%. Treasury yields saw little movement, with the benchmark 10-year bond holding steady at a yield of 4.46%.

Commodities were generally weaker, with gold and silver falling 0.2% and 1.9% respectively, while West Texas Intermediate (WTI) crude oil held steady at $77 a barrel.

Bitcoin (CRYPTO: Bitcoin) recorded the worst performance of the day, falling more than 4% to $66,500 and recording its worst daily performance since late April.

Tuesday’s performance of the main US indices and ETFs

Updated at 12:55 pm ET

Second Benzinga Pro data:

• THE SPDR S&P 500 ETF Trust Fund (NYSE:TO SPY) was 0.3% lower at $534.10.
• THE SPDR Dow Jones Industrial Average (NYSE:DIAMETER) was 0.7% lower at $386.43.
• Those with high technological content Invesco QQQ Fund (ARK: QQQ) was stable at $464.60.
• From a sectoral point of view, the Technology Select the sector SPDR Fund (NYSE:XLK) outperformed, up 1%, while the Financials Select the sector SPDR fund (NYSE:XLF) lagged, down 1.5%.

Tuesday’s stock movements

• FMC Corp. (NYSE:FMC) rose 3.5% after Pierre Brondeau returned as president and CEO.
• NextEra Energy Inc. (NYSE:BORN) fell 6.7%, posting its worst daily performance since October 2023, after the company issued weaker guidance.
• State Street Corp. (NYSE:STT) AND BlackRock Inc. (NYSE:BLK) fell 4.5% and 1.7% respectively, after Reuters revealed that a US Congressional panel is poised to accuse Wall Street’s biggest firms of climate-related collusion.
• Affirm Holdings Inc. (NASDAQ:AFRM) rose more than 8% after Apple announced the inclusion of the company’s products in Apple Pay later this year.
• Technology company DXC (NYSE:DXC) rose 11.5% on takeover interest from Apollo Global Management AND Kyndryl Estates

Read now: Claim Soars After Apple Partnership Announcement: What It Means for Users

Image generated using artificial intelligence via Midjourney.

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