Wall Street Hits Record Highs Pre-Inflation Report Wall Street Hits Record Highs Pre-Inflation Report

Published On: February 12, 2024 9:11 pm

As Wall Street charged into the week, both the S&P 500 and Nasdaq 100 set new records in anticipation of Tuesday’s inflation report for January. The vision of successive gains met with surreal numbers. The indices have notched a fifth consecutive week of rises, with 14 of the last 15 weeks signaling the bulls are in charge.

The Russell 2000’s small caps shadowed their larger siblings in stellar style, echoing a jubilant Friday. Buoyed by a New York Fed survey, showing consumers’ optimism, the markets brimmed with excitement as stable inflation expectations emerged.

Bitcoin BTC/USD hit the headlines, soaring to a dizzying $50,333, driven by robust ETF inflows – entry doors creaking under the influx, reminiscent of late December 2021.

In a churning sea of velocity, chipmaking leviathan NVIDIA Corp. NVDA muscled past Amazon.com Inc. AMZN, claiming the fourth spot in market capitalization rankings like a seasoned contender.

The VanEck Semiconductor ETF SMH has already surged more than 20% since the outset of the year, accentuating the gravity of the market’s ascent.

Market Performance on Monday

Major Indices	Price	1-day (%)
Russell 2000	2,049.37	2.0%
Dow Jones	38,905.35	0.6%
S&P 500	5,046.59	0.5%
Nasdaq 100	18,022.49	0.4%

The SPDR S&P 500 ETF Trust SPY edged 0.4% higher to $503.14, the SPDR Dow Jones Industrial Average DIA soared 0.6% to $389.24, and the tech-heavy Invesco QQQ Trust QQQ climbed 0.4% to $436.72, according to Benzinga Pro data.

Sector-wise, the Materials SPDR Select Sector Fund XLB outperformed, moving up 1.2%, followed by the Energy SPDR Select Sector Fund XLE and the Communication Services SPDR Select Sector Fund XLC, both gaining 1.1%.

In the world of industries, the Invesco Solar ETF TAN skyrocketed over 5%, after rallying by nearly 8% the previous week, marking a propulsion of staggering magnitude.

Monday’s Stock Movers

V.F. Corporation VF witnessed its stock soaring nearly 15% following CEO Bracken Darrell‘s announcement of purchasing 65,360 company shares last week.
Enphase Energy ENPH experienced an almost 8% increase, continuing its upward trajectory after a 20% surge the previous week.
Among companies scheduled to report earnings after the market closes are Arista Networks Inc. ANET, Cadence Design Systems Inc. CDNS, Waste Management Inc. WM, and Principal Financial Group Inc. PFG.