The S&P 500 found itself locked in a tussle with the psychological barrier of 5,000 today, while the Nasdaq 100 made leaps and bounds to reach unprecedented heights. Meanwhile, in the grand arena of the stock market, the major U.S. stock averages showed a mixed performance at midday in New York.
On a day light on data, the limelight was seized by the Federal Reserve officials. Richmond Fed President Thomas Barkin echoed Fed Chair Jerome Powell, advocating for a cautious approach in deliberating rate cuts.
Treasury Secretary Janet Yellen appeared before the Senate Banking Committee on Banking, Housing, and Urban Affairs, affirming the exceptional performance of the economy under the Biden administration. However, she also underscored emerging risks in the commercial real estate sector.
In the market exhibition, small caps put on an impressive show, with the iShares Russell 2000 ETF (IWM) surging nearly 1%, while blue chips in the Dow Jones inched up 0.2%.
Treasury yields saw a modest uptick across the curve, while the dollar maintained its steady demeanor. The ever-volatile Bitcoin (BTC/USD) made a resolute recovery above $45,000, marking a 2.4% gain.
In the commodities arena, WTI crude oil pushed up over 2.5% to settle around $76 after Israel turned down a ceasefire offer from Hamas.
The British chipmaker ARM Holdings plc (ARM) stole the limelight, surging nearly 60% after surpassing third-quarter earnings estimates and elevating its 2024 forecasts to lofty heights.
Performance Snapshot of Major Indices and ETFs
| Major Indices | Price | 1-day % change |
| Russell 2000 | 1,969.05 | 0.9% |
| Nasdaq 100 | 17,782.42 | 0.2% |
| S&P 500 | 4,992.42 | -0.1 % |
| Dow Jones | 38,617.10 | -0.2% |
The SPDR S&P 500 ETF Trust (SPY) sagged 0.1% to $497.65, the SPDR Dow Jones Industrial Average (DIA) slipped 0.2% to $386.11, and the tech-heavy Invesco QQQ Trust (QQQ) moved up 0.2% to $432.97, according to Benzinga Pro data.
In the sectoral parade, the Energy SPDR Select Sector Fund (XLY) outshone, up 0.6%. The Utilities (XLU), down 1.4%, played the role of laggard, followed closely by the Financial SPDR Select Sector Fund (XLE) sliding 0.8%.
Stock Movers on Thursday
