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Stocks Show Modest Gains Ahead of Fed Inflation Report; Chipmakers Struggle, While Gold, Bitcoin Rebound: What Will Drive Markets Thursday?
Stocks Post Modest Gains Ahead of Fed Inflation Report; Chipmakers Struggle, Gold, Bitcoin Rebound: What Will Drive Markets Thursday?
Wall Street had a subdued trading day on Thursday, as traders likely chose to remain on the sidelines ahead of Friday’s Federal Reserve release. The inflation indicator preferred by reserves.
In regulatory news, U.S. banks have successfully passed the Federal Reserve’s 2024 stress tests. The results showed that all institutions analyzed could maintain minimum capital requirements even in the face of a severe economic shock. In particular, regional banks, as noted by SPDR S&P Regional Banking ETF (NYSE:KRE), performed relatively better overall than their larger counterparts.
As of midday trading in New York, major indexes showed marginal gains, with small-caps outperforming large-cap indexes.
The semiconductor sector continued to face headwinds, with the iShares Semiconductor ETF (NASDAQ:SEX) down 0.7%, approaching its fifth negative session in the last six. Nvidia Corp. (NASDAQ:NVDA) decreased by almost 2%.
Treasury yields fell, reflecting increased demand for bonds ahead of the key inflation report. The yield on the 10-year Treasury bond fell 4 basis points to 4.29%, after rising 8 basis points on Wednesday. iShares 20+ Year Treasury ETF (NASDAQ:TLT) increased by 0.5%.
In the commodity market, lower yields and a slightly weaker dollar spurred the recovery. Gold, monitored by SPDR Gold Trust (London share:GLD), gained 1.2%, erasing Wednesday’s losses, while crude oil rose 0.7%.
Cryptocurrencies also saw gains, with Bitcoin (CRYPTO: Bitcoin) up by 1.3% e Solana (CRYPTOPHORE: SOL) up more than 8% following VanEck’s request a request for Solana ETF.
Thursday’s performance of major US indices and ETFs
|
Main indexes |
Price |
1 day %chg |
|
Russell 2000 |
2,020.84 |
0.4% |
|
Nasdaq100 |
19,802.54 |
0.3% |
|
Dow Jones |
39.220,82 |
0.2% |
|
S&P 500 Index |
5,481.94 |
0.1% |
Updated at 12:51 p.m. ET
Second Benzinga Pro Data:
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THE SPDR S&P 500 ETF Trust Fund (London share:TO SPY) was 0.1% higher at $545.95.
-
THE SPDR Dow Jones industrial average (London share:DIAMETER) rose 0.2% to $391.94.
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Heavy technology Trust Invesco QQQ (ARCA: QQQ) rose 0.2% to $481.55.
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From a sectoral point of view, the At the discretion of the consumer Select the SPDR Sector Fund (London share:XLY) outperformed, up 0.5%, while the SPDR fund for the selected consumer staples sector (NYSE:XLP) lagged behind, falling 0.5%.
Thursday’s stocks
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Salesforce Inc. Public Company (NASDAQ:CRM) rose 6%, becoming the best performer among the S&P 500.
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Goldman Sachs Inc. (London share:GS) fell by 2.3%, in reaction to the Fed’s stress tests.
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Among the regional banks Prime Foundations Inc. (NYSE:FFWM) AND Dime Community Bancshares Inc(NASDAQ:DCOM) outpaced earnings, by 5.9% and 4%, respectively.
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Amazon.com Inc (NASDAQ:AMZN) rose 2.2% after unveiling a new section on its website focused on low-cost fashion and lifestyle products, making it easier to ship directly from Chinese sellers to U.S. consumers. Chinese e-commerce platforms PDD Holdings Inc (NASDAQ:PDD), JD.com (NASDAQ:Justice of the Peace) AND Alibaba Holding Group (NASDAQ:BABA) decreased by 4%, 3.8% and 1.9% respectively.
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Walgreens Boots Alliance Inc. Cooperative Society (NASDAQ:WBA) fell 25%, in reaction to quarterly earnings.
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Other stocks that reacted to corporate earnings were Micron Technologies Inc. (NASDAQ:MU), down by 6.4%, Jefferies Financial Group Inc. (London share:JEF), up 6.7%, Levi Strauss & Co. (NYSE:LEVI), down 16.5%, McCormick & Co. Inc. (NYSE:MKC), up 4.6%, Brand Acuity, Inc. (NYSE:HI) up 0.9%, The Simply Good Food Company (NASDAQ:SMPL), down 1.7%.
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This article Stocks show modest gains ahead of Fed inflation report; Chip Makers Struggle As Gold, Bitcoin Rebound: What Will Drive Markets Thursday? originally appeared on Benzinga.com
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