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Market Movers: The Great Stocks Freeze, Magnificent 7 Crack Under Strain as Apple, Tesla, and Google Face Turbulence; Bitcoin, Gold Set Sights on Record Highs Market Movers: The Great Stocks Freeze, Magnificent 7 Crack Under Strain as Apple, Tesla, and Google Face Turbulence; Bitcoin, Gold Set Sights on Record Highs

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Bull and bear stock market

Amidst a quiet beginning on Wall Street, major stock indices cling to the flatline at midday in New York. Investors favor artificial intelligence champions while actively seeking opportunities in small caps to narrow the gap.

The iShares Russell 2000 ETF (IWM) surged by 0.5%, outstripping the S&P 500, Nasdaq 100, and Dow Jones indices. U.S. small-cap stocks’ benchmark skyrockets to its highest level since April 2022, boasting a remarkable near-30% surge since late October 2023.

Nvidia Corp. (NVDA) continues its exceptional climb, rising 4.7% on Monday, expanding year-to-date gains to a notable 74%. However, cracks emerge in the Magnificent Seven cohort as Apple Inc. (AAPL), Alphabet Inc. (GOOGL), and Tesla Inc. (TSLA) plummet by 2.9%, 3.3%, and 6.9%, respectively.

The U.S. dollar remains stable while Treasury yields edge up ahead of Federal Reserve Chair Jerome Powellβ€˜s two-day semiannual testimony to Congress starting Wednesday.

In commodities, gold surges by 1.7%, surpassing $2,100 per ounce, nearing its all-time highs by just 1.4 percentage points. Oil sees a 1% dip, with OPEC+ maintaining a 2.2-million-barrel-per-day cut extension through the second quarter.

In the cryptocurrency realm, Bitcoin (BTC/USD) leaps past $67,000, registering a 6.5% upsurge and inching closer to the peak of $69,000 attained in November 2021.

Performance Snapshot of Major US Indices and ETFs on Monday

Major Indices Price 1-Day % Change
Russell 2000 2,085.93 0.5%
S&P 500 5,137.73 0.0%
Dow Jones 39,052.95 -0.1 %
Nasdaq 100 18,271.79 -0.2%

TheΒ SPDR S&P 500 ETF TrustΒ (SPY) remains stagnant at $512.84, theΒ SPDR Dow Jones Industrial Average (DIA) slightly declines by 0.1% to $390.92, and the tech-heavyΒ Invesco QQQ TrustΒ (QQQ) drops 0.2% to $444.85 based on Benzinga Pro data.Β 

TheΒ UtilitiesΒ Select Sector SPDR FundΒ (XLU) emerges as the top performer, rising by 1%, while theΒ Communication Services Select Sector SPDR FundΒ (XLC) lags, down by 1.2%.

Monday’s Stock Movers

  • Macy’s Inc. (M) escalates by 15% following Arkhouse Management and Brigade Capital Managementβ€˜s increase in the per-share acquisition offer for Macy’s to $24 in cash from the prior $21.
  • Apple Inc. faces a 3% downturn, hitting its lowest point since early November 2023, after the European Union levies a nearly $2-billion fine on the Cupertino company for alleged market position abuse in music streaming app distribution.
  • Tesla Inc. plunges 7% due to below-par EV sales in China.
  • JetBlue Airways Corp. (JBLU) terminates its $3.8-billion bid for Spirit Airlines Inc. (SAVE) amid regulatory barriers. JetBlue ups by 1.7%, while Spirit declines by almost 15% settling all matters with payment of a $69-million termination fee.
  • New York Community Bancorp. (NYCB) tumbles over 15% following a more than 25% drop on Friday, amidst executive changes and revelation of substantial weaknesses in the bank’s loan review procedure.
  • Hewlett Packard Enterprise Company (HPE) spikes 10.4% backed by robust bullish momentum post last week’s earnings report.

Read now: S&P 500 Sets Sights On 5,400, But Analyst Warns Of Imminent Market Volatility

Photo via Shutterstock.

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