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The Pulse of the Market: Vibrant Small Caps Surge, the Gold Rush Continues, and BitCoin Takes a Dip

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The Pulse of the Market: Vibrant Small Caps Surge, the Gold Rush Continues, and BitCoin Takes a Dip



In the intricate dance of market forces on Wednesday morning, the financial landscape painted a complex picture on Wall Street. While tech giants navigated slight declines with finesse, blue chips and small caps stepped boldly into the spotlight.


The S&P 500 index reclaimed its throne above the 5,200-point peak, soaring by 0.2%, while the Dow Jones flaunted a 0.5% surge, and the Nasdaq gracefully executed a marginal 0.1% dip.


There was a subtle falter in the step of the Magnificent Seven, as the Roundhill Magnificent Seven ETF (MAGS) experienced a modest 0.8% decline.


Meanwhile, small caps executed an elegant rally, with the iShares Russell 2000 ETF (IWM) ascending by 1.2%, symbolizing the strongest performance witnessed in recent memory.


On the macro front, whispers of change were heard as 30-year mortgage rates tiptoed down from 6.98% to a tantalizing 6.93%, as reported by the Mortgage Bankers Association of America. However, the weekly rhythm of new mortgage applications hit a minor discordant note with a 0.7% decline.


Treasury yields across the curve took a dive by 3 basis points, lending a supporting hand to gold, which shined brightly with a 0.5% increase, reaching a dazzling mark of $2,190 per ounce. The iShares 20+ Year Treasury Bond ETF (TLT) pirouetted 0.6% higher in response.


In a turn of events, Bitcoin (BTC/USD) gracefully slipped 1.4% below the 69,000 mark, gracefully landing at an intraday low of 68,380.


A Symphony of Performance: Major US Indices and ETFs Dance in Harmony


Major Indices Price 1-day %chg
Russell 2000 2,091.84 1.3%
Dow Jones 39,497.24 0.5%
S&P 500 5,223.58 0.4%
Nasdaq 100 18,214.24 0.0%


The SPDR S&P 500 ETF Trust (SPY) showed finesse with a 0.3% rise to $520.78, while the SPDR Dow Jones Industrial Average (DIA) executed a 0.5% descent to $393.92. The tech-heavy Invesco QQQ Trust (QQQ) held steady at $443.33, as confirmed by Benzinga Pro data.


Sector-wise, the Utilities Select Sector SPDR Fund (XLU) and the Real Estate Select Sector SPDR Fund (XLRE) were the top performers of the day, showcasing a magnificent 2% and 1.8% growth, respectively. The Technology Select Sector SPDR Fund (XLK) trailed behind, offering a flat reading.


Stocks in Motion: Wednesday’s Melodic Movement


  • nCino, Inc. (NCNO) orchestrated a powerful rally of nearly 19% following robust quarterly results.
  • Among other performers dancing to earnings reports were GameStop Corp. (GME), with a somber 15% decline, Progress Software Corporation (PRGS) with a modest 1.2% dip, Cintas Corp. (CTAS) showcasing a triumphant 9% rise, Carnival Corp (CCL) celebrating a 2.6% uptick, Lands End Inc. (LE) leaping 12%, and Sonida Senior Living Inc (SNDA).
  • Celsius Holdings Inc (CELH) conducted a nearly 8% drop after amending its distribution agreement with PepsiCo Inc. (PEP) and introducing an incentive program that amps up Pepsi’s margins on Celsius’ beverage sales.
  • SL Green Realty Corp. (SLG) radiated a 5.3% surge after Barclays elevated the stock from ‘Underweight’ to ‘Equalweight,’ ascending the price target from $38 to $45.
  • Companies poised to take the stage after market close included Jefferies Financial Group Inc. (JEFF), RH Inc. (RH), H.B. Fuller Company (FUL), Braze Inc. (BRZE), Chemours Company (CC), and Sprinklr Inc. (CXM).


Now Read: Yellen Issues Warnings On China’s Green Energy Exports: It ‘Hurts American Firms And Workers’


Image: Midjourney