On Tuesday, contrary forces raged in the market – while large-cap indices dived, small caps skyrocketed, metaphorically akin to a teeter-totter reflecting investor sentiment on stock valuations.
The iShares Russell 2000 ETF IWM remarkably climbed over 1%, striding towards its fourth consecutive rally, akin to a determined sprinter on a winning streak hurdling towards its goal, echoing the longest streak of success since the twilight months of 2023.
Blue-chip stocks experienced a downswing of 0.4%, while the Nasdaq 100 endured a dip of 0.2%, on its way to its sixth session in the red out of the last seven. Sectors remained relatively static, with utilities shining bright with a 1.3% increase, while the tech sector stumbled by 0.6%.
Among macroeconomic indicators, the news of manufactured durable goods witnessed a significant slump of 6.1% in January compared to the preceding month, surpassing expectations of a 4.5% drop. The upcoming release of the second estimate of the fourth-quarter GDP data, initially pegged at 3.3%, is eagerly awaited by investors.
Commodities experienced a surge, with oil prices leaping by 1.4%, aiming for their highest close since the middle of November 2023, with West Texas Intermediate (WTI) touching $78.50 per barrel. Simultaneously, natural gas prices jumped by a significant 4.1%.
The buzz around cryptocurrencies returned, as Bitcoin BTC/USD soared by over 4%, peaking at $57,450 during trading, achieving its highest level since December 12, 2021. This upward swing was attributed to steady inflows into spot Bitcoin ETFs, the forthcoming supply halving, and the prevailing bullish sentiment from both retail and institutional investors.
Diving Deeper into Market Performance: A Breakdown of Key Indices and ETFs
| Major Indices | Price | 1-Day % chg |
| Russell 2000 | 2,054.69 | 1.3% |
| S&P 500 | 5,065.12 | -0.1 % |
| Nasdaq 100 | 17,903.65 | -0.2% |
| Dow Jones | 38,913.17 | -0.4% |
The SPDR S&P 500 ETF Trust SPY observed a marginal 0.1% dip to $505.54, while the SPDR Dow Jones Industrial Average DIA retreated by 0.4% to $389.14. The tech-heavy Invesco QQQ Trust QQQ saw a slight 0.1% fall to $436.11 as per Benzinga Pro data.
The Utilities Select Sector SPDR Fund XLU emerged as the star performer, surging by 1.5%, while the Technology Select Sector SPDR Fund XLE lagged behind, down 0.4%.
The Pulse of Wall Street: Notable Stock Movements on Tuesday
- Shares of Viking Therapeutics Inc. VKTX more than doubled during Tuesday’s session, propelled by promising results for its weight-loss drug in Stage 2 trials.
- Shares of Janux Therapeutics Inc. JANX soared by over threefold following encouraging interim early-stage data for its experimental therapy targeting an advanced form of prostate cancer.
- Norwegian Cruise Line Holdings Inc. NCLH rallied 16% post-releasing revenue figures surpassing expectations and citing robust cruise demand.
- Clarivate plc CLVT faced a 23% decline after missing revenue projections.
- Notable post-earnings movers included Lowe’s Companies Inc. LOW (+1.75%), American Tower Corp. AMT (-3%), Autozone Inc. AZO (+5.4%), DBA Sempra SRA (flat), Constellation Energy Corp. CEG (+13%).
- Companies set to report after the closing bell are Republic Services Inc. RSG, Agilent Technologies Inc. A, Extra Space Storage Inc. EXR, eBay Inc. EBAY, First Solar Inc. FSLR
Read now: Robinhood, Coinbase And This Bitcoin ETF Hit New 52-Week Highs As BTC Spikes To $57,000
Image created using artificial intelligence with MidJourney.
