As Monday unfolds on Wall Street, a sense of quiet hovers over the trading floor, with major indices refraining from significant movements midday in New York.
With a flurry of critical economic reports on the horizon, investors are treading lightly, waiting for clearer signals before making their next move.
The S&P 500 tiptoed down slightly, dipping 0.2% to 5,080 points, indicating a market pausing for a breath before the next act. Meanwhile, the tech-centric Nasdaq 100 found some ground, edging up by 0.2%, boosted by a strong showing from the semiconductor sector.
Among the standout performers were small-cap stocks, with the iShares Russell 2000 ETF IWM surging by 0.3%. Conversely, blue-chip stocks remained mostly still on the day.
Treasury yields crept higher across various maturities as traders adjust their expectations for potential Federal Reserve rate cuts, with projections now pointing to roughly 80 basis points of reductions by 2024, translating to a little over three full rate cuts at present.
The iShares 20+ Year Treasury Bond ETF TLT slipped by 0.7%, while the US dollar maintained its stability. Precious metals did not fare as well, with gold dropping 0.3% and silver shedding 2% of its value.
Crude oil displayed resilience, as West Texas Intermediate (WTI) crude oil climbed 1.8% to $78 per barrel, nearly clawing back all losses from the previous Friday.
Over in the cryptocurrency realm, Bitcoin BTC/USD flexed its muscles, notching a 3.5% gain to surpass the $53,000 milestone, kicking off the week on a strong note for digital assets.
Monday’s Market Performance and ETF Actions
| Market Indices | Price | 1-Day % Change |
| Russell 2000 | 2,030.56 | 0.3% |
| Nasdaq 100 | 17,965.88 | 0.2% |
| Dow Jones | 39,101.57 | -0.1% |
| S&P 500 | 5,080.81 | -0.2% |
The SPDR S&P 500 ETF Trust SPY nudged 0.2% lower to $507.17, while the SPDR Dow Jones Industrial Average DIA dipped 0.1% to $391.08. On the other hand, the tech-heavy Invesco QQQ Trust QQQ crept 0.2% higher to $437.56, based on Benzinga Pro data.
In the ETF space, Utilities Select Sector SPDR Fund XLU was seen as the notable underperformer, down 1.7%, while the Energy Select Sector SPDR Fund XLE took the lead by climbing 1.7%.
Highlights From Monday’s Stock Moves on Wall Street
- Tesla Inc. TSLA surged by nearly 4% amid a broader electric vehicle (EV) rally, lifted by positive investor sentiment post Li Auto Inc.’s LI stellar quarterly results. Peers such as Nio Inc. – ADR NIO, Rivian Automotive Inc. RIVN, and Lucid Group Inc. LCID also saw gains, rising 3.4%, 5.7%, and 2%, respectively.
- Crypto-linked stocks Marathon Digital Holdings Inc. MARA, Coinbase Global Inc. COIN, and Riot Platforms Inc. RIOT surged by 20%, 14%, and 15%, respectively, as Bitcoin rallied to $53,000.
- Palo Alto Networks Inc. PANW rose nearly 10%, marking the strongest performance among S&P 500 and Nasdaq 100 constituents.
- Alphabet Inc. GOOGL dipped 4% after analysts pointed out some Gemini AI tool inaccuracies related to image generation.
- R1 RCM Inc. RCM surged 28% as a group of majority shareholders contemplated taking the healthcare services provider private.
- Freshpet Inc. FRPT saw a 17% increase following the announcement of better-than-expected results.
- Among companies reacting to earnings, Dominos Pizza Inc. DPZ surged over 5%; Fidelity National Information Services Inc. FIS rose 3%; Pilgrim’s Pride Corp. PPC soared 7%; Itron Inc. ITRI jumped over 20%, and Public Service Enterprise Group Inc. PEG slid 1.9%.
- Companies reporting after market close include Workday Inc. WDAY, ONEOK Inc. OKE, Zoom Video Communications Inc. ZM, and SBA Communications Corp. SBAC.
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