SPDR Select Sector Fund - Technology (ARCA: XLK)

Dernières nouvelles pour SPDR Select Sector Fund - Technology (ARCA:XLK)

SPDR Select Sector Fund - Technology

Technology

Financial Services

Healthcare

Consumer Cyclical

Industrials

Real Estate

Communication Services

Other

Energy

Consumer Defensive

Utilities

Basic Materials

In seeking to track the performance of the index, the fund employs a replication strategy, which means that the fund typically invests in substantially all of the securities represented in the index in approximately the same proportions as the index. It generally invests substantially all, but at least 95%, of its total assets in the securities comprising the index. The fund is non-diversified.

Microsoft Corp

Nvidia Corp.

Apple Inc

Broadcom Inc

Salesforce Inc.

Adobe Inc

Advanced Micro Devices Inc.

Oracle Corp.

Accenture Plc

Qualcomm Inc.

The Technology Select Sector SPDR Fund

INVESCO TECHNOLOG S&P US SECTOR  ETF

After starting the week with a negative session, U.S. markets rebounded on Tuesday, driven by falling oil prices, which helped alleviate concerns about a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41234471/september-inflation-preview-traders-brace-for-market-jitters-as-crucial-report-loom">potential resurgence in inflation.</a>
Crude oil dropped as much as 5% on the day, weighed down by China&#8217;s lack of additional fiscal stimulus and a de-escalation in geopolitical tensions between Israel and Iran.
At the same time, Treasury yields paused their recent climb, offering further relief to investors.
Optimism surrounding the upcoming earnings season also buoyed traders, leading to renewed buying in tech stocks and key AI-linked companies. The S&amp;P 500 gained 0.8%, the Nasdaq 100 rallied 1.3% on the back of semiconductor strength, while the Russell 2000 posted a more modest 0.4% rise.
The Magnificent Seven stocks—Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)—were all in the green, collectively adding around $250 billion in market capitalization and inching closer to a combined market value of $16 trillion.
Meanwhile, the CBOE Volatility Index (VIX), often referred to as Wall Street&#8217;s &#8220;fear gauge,&#8221; fell 6%, reversing a sharp 17% spike from Monday.
Commodity markets weren&#8217;t spared from the broader Chinese-led sell-off, with metal prices taking a hit. Gold dropped 1.2%, while silver plunged over 4%, both reacting to China&#8217;s underwhelming stimulus news.
In the crypto space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 0.5%, trading at $62,479.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,051.16</td>
<td>1.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,742.69</td>
<td>0.8%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,201.50</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,017.06</td>
<td>0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:50 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100824&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;edged 0.7% higher to $571.68.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.1% up to $420.10.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 1.2% to $487.35.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.3% to $218.07.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.6%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 2.9%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
<ul>
<li>Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) rallied 5% after Goldman Sachs raised its price target from $376 to $425.</li>
<li>Lower oil prices triggered rallies in cruise lines and airlines. Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) rose 4.5%, Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) gained 3.8%, American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) climbed 3.7%, and Delta Air Lines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) added 2.8%.</li>
<li>The energy and materials stocks that fell the most on Tuesday included Marathon Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>), down 7.8%, Freeport McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), down 5.2%, and Valero Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>), down 4.9%.</li>
<li>Docusign Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NYSE">DOCU</a>) rallied 8.3% after it was announced that it would join the S&amp;P MidCap 400.</li>
<li>PepsiCo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) rose 0.6% in reaction to its quarterly earnings. </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41225048/pepsico-adjusts-2024-revenue-expectations-after-mixed-q3-performance-and-global-challenges">PepsiCo Adjusts 2024 Revenue Expectations After Mixed Q3 Performance And Global Challenges</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Earnings

Equities

Macro Economic Events

Sector ETFs

Broad U.S. Equity ETFs

New ETFs

Econ #s

Economics

Tech

ETFs

$BTC

AAPL

AMZN

SPDR Dow Jones Industrial Average ETF Trust

DOCU

GOOG

GOOGL

MSFT

NCLH

NVDA

PANW

TSLA

Stocks Rally As Oil Prices Tumble; Tech, Chipmakers Lead As Traders Focus On AI Winners Before Earnings Season: What's Driving Markets Tuesday?

Nvidia Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) H20&nbsp;graphics processing unit (GPU) revenue could be affected by China&#8217;s prioritization of domestic-made&nbsp;artificial intelligence&nbsp;(AI) chips.
China has informally urged its companies to leverage domestic AI chips over those from&nbsp;Nvidia, SCMP <a target="_blank" href="https://www.scmp.com/tech/article/3281254/tech-war-china-advocates-use-local-ai-chips-over-those-us-powerhouse-nvidia" rel="noreferrer noopener">cites</a> familiar sources. The stock is trading lower on Monday.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41143369/apple-to-launch-budget-iphone-in-2025-aims-for-market-share-gains-from-huawei-and-xiaomi" rel="noreferrer noopener">Apple To Launch Budget iPhone in 2025, Aims for Market Share Gains from Huawei and Xiaomi</a>
The Asian country ordered its companies to prioritize&nbsp;Huawei Technologies chips instead.
Reports indicating China&#8217;s retaliation against the U.S. semiconductor embargo on the Asian country started emerging in May. The U.S. cited national security reasons for the sanctions.
According to official records, China committed <a target="_blank" href="https://www.benzinga.com/government/24/09/40748185/chinas-markets-still-manage-to-get-nvidia-ai-chips-via-smuggling-report" rel="noreferrer noopener">43.5 billion yuan</a> ($6.12 billion) to computing data centers.
<a target="_blank" href="https://www.benzinga.com/news/24/08/40550305/nvidia-tech-fuels-chinese-ai-growth-overseas-alibaba-ramps-up-7b-investment" rel="noreferrer noopener">Prior reports said</a> Chinese AI developers bypass U.S. sanctions by leveraging blockchain technology via overseas data centers. China also resorted to smuggling Nvidia chips.
Recently, Alibaba Group Holding&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/09/40977069/alibaba-teams-up-with-nvidia-to-supercharge-evs-for-chinese-automakers-report" rel="noreferrer noopener">cloud computing services unit</a> collaborated with Nvidia to boost the&nbsp;autonomous driving&nbsp;experience for Chinese smart vehicle owners. The Chinese hyperscalar had previously acknowledged the severe impact of US sanctions on its AI ambitions.
Nvidia can earn $12 billion in sales from 1 million H20 GPUs in China in 2024. Nvidia acknowledged China as its third-largest market in its financial year, which ended January 28.
Investors can gain exposure to Nvidia through SPDR Select Sector Fund &#8211; Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and iShares S&amp;P 500 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVW#NYSE">IVW</a>).
<h2 class="wp-block-heading">Will Nvidia Stock Go Up?</h2>
When trying to assess whether or not NVIDIA will trade higher from current levels, it's a good idea to take a look at analyst forecasts. 
Wall Street analysts have an average 12-month price target of $152.76 on NVIDIA. The Street high target is currently at $200.0 and the Street low target is $90.0. Of all the analysts covering NVIDIA, 32 have positive ratings, 2 have neutral ratings and no one has negative ratings.
In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes <a href="https://www.benzinga.com/quote/NVDA/analyst-ratings">[Analyst Ratings]</a>. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering NVIDIA have performed in recent history. 
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. NVIDIA is 159.34% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about NVIDIA, visit <a href="https://www.benzinga.com/quote/NVDA">here</a>. If you want to go above and beyond, there's no better tool to help you do just that than <a href="https://pro.benzinga.com/">Benzinga Pro</a>. Start your free trial today.
Price Action: NVDA stock is down 0.43% at $124.38 premarket at last check Monday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41162084/amazon-prime-video-ramps-up-ads-taking-on-netflix-and-disney-in-streaming-battle" target="_blank" rel="noreferrer noopener">Amazon Prime Video Ramps Up Ads, Taking on Netflix and Disney+ in Streaming Battle</a></li>
</ul>
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News

Regulations

Emerging Markets

Media

BABA

Nvidia's GPU Sales at Risk As China Pushes Local AI Chips in Retaliation

A stronger-than-expected September jobs report fueled gains on Wall Street, overshadowing investor concerns that had been driven by escalating geopolitical tensions in the Middle <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil">East earlier this week. </a>
The U.S. economy added 254,000 nonfarm payroll jobs in September, a significant jump from August's 159,000 and well above forecasts of 140,000. This marked the most robust employment growth since March 2024.
In addition, the unemployment rate dropped more than anticipated to 4.1%, while average hourly earnings also surpassed expectations, signaling a red-hot labor market.
Small-cap stocks outpaced their large-cap peers as worries about an economic slowdown subsided further. Meanwhile, traders adjusted their outlook for the Federal Reserve's November meeting, reducing the probability of a 50-basis-point rate cut from 30% to just 10% as the stronger jobs data diminished the need for a more aggressive policy move.
U.S. Treasury yields rose sharply in response to the solid labor market data. The 2-year yield climbed by 20 basis points, while the 10-year yield increased by 12 basis points. 
Chinese equities continued their upward trajectory, driven by ongoing domestic stimulus measures. The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) reached levels last seen in February 2022, just before Russia's invasion of Ukraine.
Gold dipped 0.3% as the U.S. dollar strengthened and bond yields climbed. Oil prices extended their rally for the fourth consecutive session, with WTI crude hitting $75 per barrel during intraday trading.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surged 2.2%, climbing to $62,000.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,203.80</td>
<td>1.1 %</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,932.47</td>
<td>0.7%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,727.63</td>
<td>0.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,146.54</td>
<td>0.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:35 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100424&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.5% to $570.47.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.3% higher to $421.66.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.7% to $484.95.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.2% to $218.77.</li>
<li>The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1.2%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) lagged, down 0.8%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Semiconductor stocks rallied, with Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) leading gains, up over 4%. </li>
<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) fell over 4% on a quarterly revenue miss. </li>
<li>Spirit Airlines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) tumbled 26%, amid bankruptcy discussions with creditors following the failed merger with JetBlue Airways Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>). Peers such as American Airlines Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NYSE">AAL</a>) and United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) rallied on the news, up by 5.4% and 3.6%, respectively. </li>
</ul>
Read now: <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41187740/blowout-september-jobs-report-spurs-reactions-6-economists-say-aggressive-fed-rat">&#8216;Blowout&#8217; September Jobs Report Spurs Reactions: 6 Economists Say Aggressive Fed Rate Cuts May Face Obstacles</a>
Image created using artificial intelligence via Midjourney.

Asia

Federal Reserve

JBLU

RIVN

SAVE

XLRE

Wall Street Rallies, Small Caps Outperform On Strong Jobs Report, Chinese Stocks Soar To 32-Month Highs: What's Driving Markets Friday?

The S&amp;P 500 reached record highs during Wednesday morning trading in New York, while the tech-heavy Nasdaq 100 climbed past the 20,000-point mark, a level last <a href="https://www.benzinga.com/money/best-tech-stocks">seen on July 17.</a>
Semiconductor stocks outperformed, driven by anticipation of Micron Technology Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) earnings report, due after the market close on Wednesday.
Yet, Wall Street showed sideways performance across major indices as investors cautiously digested positive stimulus news from China, which boosted market sentiment on Tuesday, and looked ahead to upcoming economic data.
On Thursday, investors will turn their attention to the final second-quarter gross domestic product report. The second estimate already showed the U.S. economy growing at a robust 3% pace for the quarter ending in June.
Weekly jobless claims will also be closely monitored, especially after the latest Conference Board Consumer Confidence Index revealed growing labor market concerns among U.S. households.
Friday brings the release of the personal consumption expenditures price index for August, the Federal Reserve&#8217;s <a href="https://www.benzinga.com/news/large-cap/24/09/41029162/feds-favorite-inflation-data-friday-could-sway-november-interest-rate-cut-odds">preferred inflation gauge</a>. This data could provide critical clues about the expectations for the November rate cut.
The U.S. dollar index edged higher Wednesday, supported by a slight rise in Treasury yields. Oil prices dipped by 1% but pared heavier losses after a larger-than-expected draw in crude oil inventories suggested continued strong demand.
In the crypto space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 0.8%, retreating from an intraday high of $64,800 – its highest level since late July.
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices </td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,003.52</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,732.42</td>
<td>0.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,214.40</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,986.73</td>
<td>-0.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 11:30 a.m.</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092524&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;flattened at $570.76.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;flattened at $420.90.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.2% to $486.27.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell to $219.22.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 0.4%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.9%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers </h3>
<ul>
<li>Duolingo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUOL#NASDAQ">DUOL</a>) rallied 6% after Evercore ISI raised the price target from $270 to $335. </li>
<li>Fortrea Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTRE#NASDAQ">FTRE</a>) tumbled nearly 10% after Jefferies downgraded the stock from Buy to Hold. </li>
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) rallied nearly 5% after Jefferies raised the price target from $99 to $137. </li>
<li>Ford Motor Co. and General Motors Co. fell 4.4% and 5%, respectively, after receiving a downgrade from Morgan Stanley.</li>
<li>Hewlett Packard Enterprise Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) rallied 4.9% after Barclays upgraded the stock from Equalweight to Overweight, raising the price target from $20 to $24. </li>
<li>Companies reporting earnings after the close include Micron Technology Inc and Jefferies Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>). </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41025381/exclusive-novo-nordisk-faces-political-heat-over-weight-loss-drug-prices-ahead-of-e">EXCLUSIVE: Novo Nordisk Faces Political Heat Over Weight-Loss Drug Prices Ahead Of Elections, Yet &#8216;The Real Issue Is With The Middlemen&#8217;</a></li>
</ul>
Photo via Shutterstock.

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Mid Cap

Small Cap

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DUOL

FTRE

S&P 500 Hits All-Time Highs, Nasdaq 100 Tops 20K Ahead Of Key Economic Data: What's Driving Markets Wednesday?

On Wednesday, ICT products and solutions provider FS announced its latest 400G and 800G Ethernet switches, powered by Broadcom Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) Tomahawk 5 chipset, for the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41017541/fs-unveils-51-2t-400g-and-800g-ai-ethernet-switches-powered-by-broadcom-tomahawk-5" rel="noreferrer noopener">large AI clusters</a>.
The switches are ideal for AI, big data, high-performance computing (HPC), and distributed storage.
FS introduced 400G and 800G&nbsp;AI switches&nbsp;with RoCE protocol support to handle large data volumes with low latency and high throughput.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40852011/broadcom-eyes-12b-in-ai-chip-revenue-for-2024-hyperscaler-spending-surge-goldman-sa" rel="noreferrer noopener">Broadcom Eyes $12B in AI Chip Revenue for 2024, Hyperscaler Spending Surge: Goldman Sachs</a>
Broadcom stock has risen 110% in the last 12 months as it capitalized on the AI shift.
According to JPMorgan, Broadcom&#8217;s AI business, which includes custom ASICs and networking solutions, will likely note a <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40750949/broadcom-analysts-lifts-ai-revenue-forecast-to-12b-on-potential-strong-demand-from-" rel="noreferrer noopener">compound annual growth rate</a> of 30%-40% over the next four to five years.
JPMorgan analyst Harlan Sur projected upside from higher demand for AI networking products and 3nm AI ASICs from hyperscalars like Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) and Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>).
Also, <a target="_blank" href="https://www.benzinga.com/news/24/09/40986800/broadcom-unveils-next-gen-sian-2-dsp-for-high-performance-ai-data-centers" rel="noreferrer noopener">earlier this week</a>, Broadcom launched Sian 2 digital signal processing&nbsp;(DSP)&nbsp;for high-performance AI data centers.
Investors can gain exposure to Broadcom through SPDR Select Sector Fund &#8211; Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>).
Price Action: AVGO stock is down 1.06% at $172.98 premarket at the last check Wednesday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/government/24/09/40938590/whats-going-on-with-ai-related-stocks-nvidia-amd-broadcom-and-super-micro-on-thursday" target="_blank" rel="noreferrer noopener">AI-Driven Chipmakers Like Nvidia and Broadcom Rally After Fed&#8217;s Interest Rate Slash</a></li>
</ul>
Photo by Dennis Diatel via Shutterstock

AVGO

Broadcom Chipset Fuels FS's High-Performance AI Networking Solutions

On Tuesday, artificial intelligence server company Super Micro Computer, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) added new maximum-performance GPU, multi-node, and rackmount systems to <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n41007202/supermicro-adds-new-max-performance-intel-based-x14-servers-delivering-the-industrys-broadest-rang" rel="noreferrer noopener">the X14 portfolio</a>.
These systems are based on Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) Xeon 6900 Series Processors with P-Cores (formerly codenamed Granite Rapids-AP).
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24121828/newplot-20.png" alt="" class="wp-image-563711" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24121828/newplot-20.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24121828/newplot-20-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Joining the X14 servers leveraging the Xeon 6700 Series Processors with E-cores launched in&nbsp;June 2024, today&#8217;s additions aim to create the industry&#8217;s broadest range of optimized servers supporting a wide variety of workloads from demanding AI, HPC, media, and virtualization to energy-efficient edge, scale-out cloud-native, and microservices applications.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40897994/whats-going-on-with-intel-stock-on-tuesday" rel="noreferrer noopener">Intel Secures Major Amazon Chip Deal, U.S. Grant Amid Restructuring Plans</a>
&#8220;Supermicro X14 systems have been completely re-engineered to support the latest technologies including next-generation CPUs, GPUs, highest bandwidth and lowest latency with MRDIMMs, PCIe 5.0, and EDSFF E1.S and E3.S storage,&#8221; said&nbsp;Charles Liang, president and CEO of Supermicro.
Supermicro&#8217;s new X14 systems will also offer socket compatibility with the upcoming Intel Xeon 6900 series processors with E-cores and Intel Xeon 6700 series processors with P-cores.
Last week, Needham&nbsp;analyst Quinn Bolton hailed Super Micro as a <a target="_blank" href="https://www.benzinga.com/news/24/09/40926422/super-micro-poised-for-expansion-as-gross-margin-concerns-ease-internal-control-risks-priced-in-anal" rel="noreferrer noopener">significant beneficiary of</a> growing investment in AI infrastructure, a first mover in rack-level liquid cooling solutions. He forecasted a revenue CAGR of over 55% from fiscal 2021 to fiscal 2026.
Super Micro Computer stock is up over 89% in the last 12 months. Bolton expects most of the risk associated with the review of its internal controls as priced in. Investors can gain exposure to the AI server company through Vanguard Mid-Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOT#NYSE">VOT</a>) and SPDR Select Sector Fund &#8211; Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>).
Price Action:&nbsp;SMCI stock is down 0.25% at $464.77 at the last check on Tuesday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40996401/intel-which-cratered-around-77-from-its-52-week-peak-finds-a-new-knight-in-shining-armor-as-qual" target="_blank" rel="noreferrer noopener">Intel, Which Cratered Around 77% From Its 52-Week Peak, Finds A New Knight In Shining Armor As Qualcomm And Apollo Propose Buyout Deal, But This Analyst Thinks It Doesn&#8217;t Make Sense: &#8216;It Seems Very Risky To Us Given Uncertain Returns&#8217;</a></li>
</ul>
Photo via Company

INTC

SMCI

Super Micro Unveils Next-Gen Servers Powered by Intel's Latest Xeon Chips

On Monday, Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40980423/broadcom-delivers-industry-leading-200glane-dsp-for-gen-ai-infrastructure" rel="noreferrer noopener">announced the launch</a> of Sian 2, its 200 Gbps per lane (200G/lane) PAM-4 digital signal processing&nbsp;(DSP) PHY, building on the original Sian DSP.
The Sian and Sian2 DSPs, power pluggable modules with 200G/lane interfaces, are essential for the next generation of AI clusters.
Vijay Janapaty, vice president and general manager of the Physical Layer Products Division at Broadcom: &#8220;The Sian family of products reinforces Broadcom&#8217;s leadership in optical DSP PHYs and enables our AI data center customers to deploy high-performance 800G and 1.6T links.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40776199/amd-vs-nvidia-amds-surprising-strategy-shift-in-gaming-gpu-battle" rel="noreferrer noopener">AMD vs. Nvidia: AMD&#8217;s Surprising Strategy Shift in Gaming GPU Battle</a>
Broadcom reported <a target="_blank" href="https://www.benzinga.com/news/24/09/40754938/semiconductor-etfs-take-a-beating-dragged-lower-by-nvidia-amd-and-broadcom-stocks" rel="noreferrer noopener">third-quarter topline</a> growth of 42%&nbsp;to &nbsp;$13.07 billion, topping the analyst consensus of $12.96 billion. The&nbsp;adjusted gross margin&nbsp;grew by 230 bps to 77.4%.
Broadcom expects artificial intelligence semiconductor revenue to rise to $12 billion in fiscal 2024.
Goldman Sachs analyst Toshiya Hari maintained its bullish take on the stock, citing the spending ramp-up by the <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40852011/broadcom-eyes-12b-in-ai-chip-revenue-for-2024-hyperscaler-spending-surge-goldman-sa" rel="noreferrer noopener">large Tier-1 hyperscalers</a>. The analyst flagged that the company is currently in the proof of concept (POC) stage with three hyperscale customers.
Broadcom&nbsp;stock has increased 104% in the last 12 months. Investors can gain exposure to the stock through SPDR Select Sector Fund—Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>).
Shares of Broadcom have an average 1-year price target of $534.17, representing an expected upside of 213.69%.
<h2 class="wp-block-heading">Broadcom Stock Prediction For 2024</h2>
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Broadcom, while 12 analysts have bullish ratings. The street high price target from Rosenblatt is $2400.0, while the street low from UBS is $170.0.
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Price Action: AVGO stock is down 0.61% at $170.09 at the last check on Monday.
Also Read:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40750949/broadcom-analysts-lifts-ai-revenue-forecast-to-12b-on-potential-strong-demand-from-" target="_blank" rel="noreferrer noopener">Broadcom Analyst Lifts AI Revenue Forecast To $12B On Potential Strong Demand From Google, Meta</a></li>
</ul>
Photo via Company

Broadcom Unveils Next-Gen Sian 2 DSP For High Performance AI Data Centers

Friday was a lackluster session on Wall Street, with major U.S. averages lingering in negative territory at midday trading in New York. This session coincided with the simultaneous expiration of a large volume of options and futures contracts, commonly referred <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40959748/exclusive-options-expert-warns-of-terrible-week-after-fridays-triple-witching">to as &#8220;triple witching.&#8221;</a>
However, rather than a sharp spike in volatility, stocks edged only slightly lower, failing to trigger a rise in the CBOE Volatility Index (VIX).
Investor sentiment remained defensive, with 10 out of 11 sectors of the S&amp;P 500 falling, while utilities were the only sector to post a positive performance.
Dovish remarks from Federal Reserve Governor Christopher Waller indicated that he expects &#8220;very low&#8221; August Personal Consumption Expenditure (PCE) data. 
Waller also hinted at the possibility of a 25 basis point rate cut in the next meeting or two if the data continues to come in as expected, with a stronger size of cut if the labor market weakens and inflation softens more rapidly.
Waller's comments sent gold surging past $2,600 per ounce, marking new all-time highs.
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remained stable at $63,000.
<h1 class="wp-block-heading">Friday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>Chg (1-day %)</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,015.17</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,700.41</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,771.36</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,237.55</td>
<td> -0.7%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092024&amp;t=be2bearmibe3na1">Benzinga Pro </a>data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.5% lower to $567.92.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;edged 0.2% down to $420.43.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.3% to $481.96.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.7% to $222.50.</li>
<li>The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, up 2.1%. The Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down 0.7%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) tumbled 13.6% on dismal quarterly earnings. </li>
<li>Lennar Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) also reacted to earnings, falling over 4%. </li>
<li>Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) rose over 6%, following the company&#8217;s appointment of Elliot Hill as the new CEO.</li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40960886/palantir-dell-to-join-s-p-500-friday-heres-how-tesla-stock-has-performed-since-its-add">Palantir, Dell To Join S&amp;P 500 Friday: Here&#8217;s How Tesla Stock Has Performed Since Its Addition In 2020</a></li>
</ul>
Wall Street illustration created using artificial intelligence via MidJourney.

Commodities

Wall Street Falls On Triple Witching Day, Fed's Waller Pushes Gold To Fresh Record Highs, FedEx Plummets: What's Driving Markets Friday?

Wall Street is in full risk-on mode following the Federal Reserve&#8217;s landmark decision to slash interest rates by 50 basis points, signaling further cuts as inflation approaches <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40938732/wall-street-ramps-up-interest-rate-cut-bets-after-fed-meeting-the-hard-landing-crow">the central bank&#8217;s target.</a>
The S&amp;P 500 and Dow Jones both set fresh record highs during the morning session in New York, buoyed by strong performances from the Magnificent Seven tech giants.
By midday, these elite tech stocks added over $500 billion in market value, boosting their combined market capitalization to $15.9 trillion.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) led the rally, surging nearly 7% and hitting a two-month peak, while NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) climbed 5%, driving the semiconductor sector higher.
The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) jumped 4.6%, fully erasing its losses from September.
The Nasdaq 100 rose 2.9%, on pace for its strongest session in over a month and outperforming other major indices. Small caps joined the rally, with the Russell 2000 index surging 2%.
Commodities rallied across the board: Gold, silver, and copper increased by 1.2%, 3.8%, and 1.8%, respectively. Oil prices, tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), spiked over 3%.
The bullish sentiment extended to cryptocurrencies, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rising over 2%, poised to close at its highest level since late August.
<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices </td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,905.70</td>
<td>2.9%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,249.90</td>
<td>2.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,720.74</td>
<td>1.8%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,002.90</td>
<td>1.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:25 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091924&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.8% higher to $571.52.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 1.2% to $421.23.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 2.8% to $484.99.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1.9% to $223.63.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 0.2%. The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 0.9%.</li>
</ul>
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
<ul>
<li>Darden Restaurants Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) soared 9%, in response to its quarterly earnings and bullish outlook for upcoming quarters. </li>
<li>Also reacting to earnings reports was FactSet Research Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDS#NYSE">FDS</a>) up 5%.</li>
<li>Companies expected to report earnings after the close include FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) and Lennar Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>).</li>
</ul>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40937291/bank-stocks-hit-inflection-point-after-feds-50-basis-point-cut-analyst-reveal-top-p">• Bank Stocks Hit Inflection Point After Fed&#8217;s 50 Basis Point Cut, Analyst Reveals Top Picks</a> Images was created using artificial intelligence DALL-E

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SOXX

Wall Street Breaks Records, Chipmakers Rally, Tesla Hits 2-Month High As Fed Cut Drives Risk-On Mode: What's Driving Markets Thursday?

Wall Street reacted with unease to Federal Reserve Chair Jerome Powell&#8216;s remarks following a landmark decision to cut the federal funds rate by 50 basis points, bringing it down to a target range <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40927293/powell-defends-0-5-interest-rate-drop-as-right-thing-for-the-economy-doubles-down">of 4.75% to 5%. </a>
The Federal Reserve&#8217;s highly anticipated dot plot, which outlines each policymaker&#8217;s rate path preference, indicated that policymakers <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">anticipate further easing ahead</a>. The dot plot signaled that the Fed is likely to cut rates by a quarter percentage point at each of the next two decisions. Looking further ahead, it suggests an additional rate reduction of at least another percentage point in 2025.
Despite the initial market euphoria following the 50-basis-point rate cut, Powell&#8217;s cautious remarks on the future rate path have injected uncertainty into the markets.
See Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40928301/interest-rates-in-free-fall-what-it-means-for-mortgages-credit-cards-and-your-wallet-a">Interest Rates In Free-Fall &#8211; What It Means For Mortgages, Credit Cards And Your Wallet As The Federal Reserve Springs Into Action For First Time In 4 Years</a>
<h3 class="wp-block-heading">Market Response To Rate Cut, Powell&#8217;s Remarks</h3>
Initially, the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), surged to record highs. Gold prices, represented by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), also hit all-time highs as the U.S. dollar weakened.
Interest-rate sensitive stocks were the largest gainers between 2 p.m. and 2:35 p.m. ET, with small caps outperforming large-cap counterparts.
Yet, Powell&#8217;s cautionary comments during the press conference caused a reversal in market sentiment.
Here&#8217;s how major asset classes closed on the Fed&#8217;s decision day:
<ul>
<li>The U.S. dollar, which many believed would plummet in a 50-basis-point cut scenario, instead recouped its losses and rallied to weekly highs. The Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) closed 0.1% higher.</li>
<li>U.S. large-cap indices all ended the day in the red, paring back gains made immediately after the rate decision. The S&amp;P 500 finished 0.3% lower, while the Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), declined by 0.4%.</li>
<li>Small caps managed to close unchanged for the day, but they still gave back all their post-rate-cut gains.</li>
<li>Sector-wise, the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was the only sector to close in positive territory, up 0.2%. </li>
<li>The worst performer was the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), which fell 1%.</li>
<li>Gold dropped 0.4% to $2,555 per ounce, hitting levels last seen on Thursday of the previous week.</li>
<li>Silver and oil also saw robust declines, closing 2.1% and 1.2% lower, respectively.</li>
<li>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1.1% to $59,717.</li>
</ul>
<h3 class="wp-block-heading">Powell&#8217;s Caution Stirs Investor Uncertainty</h3>
While defending the 50-basis-point rate cut, Powell tempered market enthusiasm, emphasizing that such a cut should not be seen as a new norm. His key statements on Wednesday included:
<ul>
<li>&#8220;No one should look at today and think this is the new pace.&#8221;</li>
<li>&#8220;We can go quicker or slower, or pause, on rate cuts if it is appropriate.&#8221;</li>
<li>&#8220;There is nothing in our projections that suggest we are in a rush.&#8221;</li>
<li>&#8220;If the economy remains solid and inflation persists, we can dial back policy restraint more slowly.&#8221;</li>
</ul>
These comments signaled a more cautious approach to future rate cuts, disappointing investors who had hoped for a more aggressive easing cycle.
<h3 class="wp-block-heading">Economist Insights</h3>
<ul>
<li>Jeffrey Roach, LPL Financial: &#8220;We learned from today's Summary of Economic Projections (SEP) that the Fed is interested in getting to a neutral fed funds rate as quickly as possible.&#8221;</li>
<li>John Lynch, Comerica Wealth Management: &#8220;The Fed was more aggressive than I expected, since 50 basis point cuts are historically associated with crises. I don't consider 2% GDP, 4.2% unemployment rate, and 15% profit growth forecasts for 2025 as a crisis.&#8221;</li>
<li>Bill Adams, Comerica Bank: &#8220;With the Fed pivoting, interest rates will be substantially lower over the next six to twelve months. That is very welcome news for credit-sensitive sectors of the economy like housing, manufacturing, and retailers of cars and other big-ticket consumer products.&#8221;</li>
<li>Chris Zaccarelli, Independent Advisor Alliance: &#8220;Lowering interest rates now should allow the market to hit all-time highs again by the end of this year, and more gains for next year.&#8221;</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40923390/20-s-p-500-stocks-that-move-the-most-when-the-fed-starts-cutting-interest-rates">20 S&amp;P 500 Stocks That Move The Most When The Fed Starts Cutting Interest Rates</a></li>
</ul>
Photo courtesy of the Federal Reserve.

Analyst Color

PowerShares DB US Dollar Index Bullish Fund

Powell's Hawkish Tone Tempers Market Excitement After Historic 50-Basis-Point Interest Rate Cut, Economist Sees 'Welcome News For Credit-Sensitive Sectors'

Wall Street is jittery hours before the highly anticipated Federal Open Market Committee (FOMC) meeting, with all major indices posting modest losses by midday in New York. While a Federal Reserve rate cut is considered a done deal, the market remains divided on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40921827/fed-decision-is-here-5-things-investors-need-to-know-ahead-of-wednesdays-pivotal-in">magnitude of the cut. </a>
Current implied probabilities show a 60% chance of a 50-basis-point reduction, while a smaller 25-basis-point cut has lately gained traction, rising to 40% odds, as per CME FedWatch.
The growing expectation of a smaller cut has pushed Treasury yields higher across the curve, reflecting a shift in market sentiment.
Amid this uncertainty, the CBOE Volatility Index (VIX), often seen as the market&#8217;s fear gauge, spiked 8%, signaling heightened investor anxiety.
The U.S. dollar steadied, recovering from overnight losses. Commodities retreated, with oil prices down 0.9%, despite a fresh escalation of tensions in the Middle East, and silver slipping 1%. Gold remained flat.
In the cryptocurrency market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) declined 1.5%, dipping below the $60,000 mark after a 3.6% rally on Tuesday.
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major U.S. Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day chg %</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,622.28</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,482.17</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,369.89</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,201.42</td>
<td>-0.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:05 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091824&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.3% lower to $561.44.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.3% to $416.11.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.4% to $471.53.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) eased 0.5% to $218.40.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 0.2%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 0.8%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>ResMed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RMD#NYSE">RMD</a>) fell over 5% after Wolfe Research cut the stock rating from &#8216;Peer Perform&#8217; to &#8216;Underperform.&#8217;</li>
<li>General Motors Co.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares surged over 2% on Wednesday following the announcement that its electric vehicle customers will soon be able to access Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&#8217;s Supercharger network using a GM-approved adapter.</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40923390/20-s-p-500-stocks-that-move-the-most-when-the-fed-starts-cutting-interest-rates">20 S&amp;P 500 Stocks That Move The Most When The Fed Starts Cutting Interest Rates</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Stocks Edge Lower As Fed Rate Decision Looms, Treasury Yields Rise As Odds Improve For Smaller Cut: What's Driving Markets Wednesday?

Wall Street experienced a slightly positive session Tuesday, supported by investor optimism as the Federal Open Market Committee (FOMC) kicked off its two-day meeting, expected to deliver the first interest rate cut in over <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40878710/investors-bet-on-50-basis-point-rate-cut-wall-street-analysts-urge-caution-this-is-">four years on Wednesday.</a>
The session&#8217;s notable performers were small caps, with the Russell 2000 index surging about 1.3%, targeting its highest close since early August and outperforming larger-cap indices.
Among industries, solar, clean energy and regional banks led gains as traders eyed pockets of the markets that would benefit from lower interest rates.
On the macro front, August retail sales provided an upside surprise, growing by 0.1% month-over-month compared to <a href="https://www.benzinga.com/news/econ-s/24/09/40902634/retail-spending-remains-on-solid-footing-but-fed-must-weigh-rate-cuts-impact-on-workers-says-economi">the expected 0.2% decline</a>. This stronger-than-anticipated data slightly reduced the likelihood of a more aggressive 50-basis-point rate cut, with market-implied probabilities for such a move slipping from 67% to 63%, according to the CME FedWatch Tool.
Short-dated Treasury yields rose as expectations for a substantial rate cut moderated. Meanwhile, the dollar strengthened, gaining 0.2%. 
In the commodities market, gold retreated 0.7% from Monday&#8217;s record-high close. Oil prices increased by 1.3% following escalating geopolitical tensions in the Middle East.
Reports indicate a<a href="https://www.benzinga.com/etfs/specialty-etfs/24/09/40903888/simultaneous-pager-explosions-across-lebanon-leave-over-1-000-hezbollah-militants-wounded"> coordinated attack in Lebanon</a> led to thousands of pagers linked to Hezbollah militants being detonated, resulting in numerous casualties within the Iran-backed organization.
Additionally, Iran&#8217;s ambassador to Lebanon is reportedly injured, though the official responsibility for the attack remains unclaimed.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) jumped over 4%, buoyed by positive ETF inflows, signaling renewed investor interest in the digital asset space as interest rates shift. 
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,220.44</td>
<td>1.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,642.79</td>
<td>0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,441.83</td>
<td>0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,636.05</td>
<td>0.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:38 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091724&amp;t=be2bearmibe3na1">Benzinga Pro</a> platform:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.1% higher to $563.44.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.1% up to $417.61.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) also rose 0.1% to $473.60.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1.2% to $220.28.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 1.2%. The Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 0.9%.</li>
</ul>
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) surged over 6% after receiving approval from Health Canada for its updated SPIKEVAX COVID-19 vaccine, designed to target the KP.2 sub-lineage of SARS-CoV-2 in individuals aged six months and older.</li>
<li>GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) climbed 3.5% following an upgrade from Bank of America, which raised its rating on the stock from Neutral to Buy and increased the price target from $200 to $300.</li>
<li>Hewlett Packard Enterprise Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) advanced nearly 5% after Bank of America also upgraded its rating from Neutral to Buy and boosted the price target from $21 to $24.</li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/09/40904599/stock-of-the-day-will-apple-bring-the-market-down">Stock Of The Day: Will Apple Bring The Market Down?</a></li>
</ul>
The image was created using artificial intelligence MidJourney.

Retail Sales

MRNA

Small Caps, Bitcoin Rally As Traders Await Fed Rate Cut; Treasury Yields, US Dollar Tick Up On Strong Retail Sales: What's Driving Markets Tuesday?

Tech stocks kicked off the week on the negative note, driven lower by concerns over weaker-than-expected demand for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)&#8217;s <a href="https://www.benzinga.com/news/24/09/40882969/iphone-16-pro-demand-lags-longer-wait-times-globally-china-shows-smaller-gap-analyst">latest iPhone 16 models</a>. 
Shares of Apple tumbled over 3% by midday in New York, heading for their worst session in more than a month. The sell-off in Apple spilled over to chip stocks, with Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) plunging more than 5%.
The broader semiconductor sector, tracked by the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>), declined by 2.2%, reflecting widespread apprehension in the industry.
Elsewhere in the market, the S&amp;P 500 edged lower, while the Dow Jones and the Russell 2000 managed to buck the trend, posting modest gains for the day.
Bonds outperformed equities as Treasury yields dropped amid growing expectations of Federal Reserve rate cuts. 
Over the weekend, investor sentiment shifted toward an interest rate cut for the upcoming Sept. 18 meeting, with markets now pricing in a 60% probability of a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40883023/how-second-tier-economic-data-tuesday-could-sway-the-feds-rate-decision-it-will-be-">larger 50-basis-point rate cut.</a>
Gold prices extended their gains, rising 0.3% to reach new record highs, marking the third consecutive session of increases. In the energy market, oil prices climbed 0.7%, and natural gas prices surged 4% on a more optimistic demand outlook.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) wasn&#8217;t spared from the sell-off in tech stocks, falling 2.5%.
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,490.08</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,192.30</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,621.31</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,377.78</td>
<td>-0.7%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:15 p.m. ET</figcaption></figure>
According to Benzinga Pro data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.1% lower to $561.66.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.4% to $416.43.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.8% to $471.63.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.2% to $217.28.</li>
<li>The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1.2%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 0.7%.</li>
</ul>
<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>
<ul>
<li>Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) jumped 6% after multiple analysts raised their price targets for the stock.</li>
<li>Lattice Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>) surged over 11% following the appointment of its new CEO, Ford Tamer.</li>
<li>In addition to Arm Holdings, other notable chipmakers that declined on Monday included Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), which fell 5.3%; Wolfspeed Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NASDAQ">WOLF</a>), down 9%; and Qorvo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>), which slid 7%. </li>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) was 2% lower. </li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40883274/senator-warren-urges-fed-to-slash-rates-by-0-75-veteran-investor-warns-even-0-5-cut">Elizabeth Warren Urges Fed To Slash Rates By 0.75%; Veteran Investor Warns Even 0.5% Cut Could &#8216;Reduce Trump&#8217;s Chances Of Winning&#8217;</a></li>
</ul>
This image was created using artificial intelligence MidJourney.

Bonds

LSCC

ORCL

QRVO

WOLF

Nasdaq 100 Falls As Apple Weighs On Chipmakers; Bonds Rise As Investors Eye 0.5% Rate Cut: What's Driving Markets Monday?

Tech&#8217;s extended bull run has more legs to play out, with a key imminent catalyst potentially giving a<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/09/40828657/top-3-tech-stocks-youll-regret-missing-in-september"> thrust to the stocks belonging to the sector,</a> according to an analyst at Wedbush.
Fed To Kickstart Risk-On Trade: The Federal Reserve will finally begin to cut interest rates in the current monetary policy cycle. The likely cut will come two-and-a-half years after the first rate hike implemented to curb inflationary pressure that reared its ugly head following the stimulatory measures implemented to offset the impact of the COVID-19 pandemic. 
Wedbush&#8217;s Daniel Ives said tech investors now look forward to risk-on trade after some nervousness seen in late July. &#8220;Despite all the noise and white knuckles, overall tech earnings have been generally robust with Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), the latest tech stalwart to give more validation that the AI Revolution is starting to quickly move towards the much-awaited software and use case part of the cycle,&#8221; he said.
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
Growth Sweet-spot: The tech supply chain is gearing up for an &#8220;unprecedented&#8221; period of growth, driven by the massive artificial intelligence capex spending over the next few years, Ives said, basing his view on Asia checks.
The AI revolution, which kickstarted with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), now has ramifications for the broader tech sector, the analyst said, calling the technology the fourth industrial revolution. This revolution is happening across semiconductor, software, infrastructure, internet and smartphones and will likely extend over the next 12 to 18 months, he said.
Nvidia and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) are core drivers of AI, and now other tech stocks such as Oracle, ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>), Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>), Dell Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>), International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Advanced Micro Devices, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NYSE">AMD</a>) are joining the party as well, he said. &#8220;We believe the stage is set for tech stocks to move higher into yearend and 2025 in our opinion as the Fed and Powell kick off its rate-cutting cycle this week, macro soft landing remains the path, and tech spending on AI remains a generational spending cycle just starting to hit the shores of the tech sector,&#8221; Ives said.
Why It&#8217;s Important: The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an exchange-traded fund that tracks the Nasdaq 100 Index, has been on an extended uptrend since the start of 2023. This is despite the hiccup seen since mid-July due to concerns about the lavish capex plans of AI companies.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="475" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/16015317/image-111-1024x475.png" alt="" class="wp-image-548793" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/16015317/image-111-1024x475.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/16015317/image-111-300x139.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/16015317/image-111-768x356.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/16015317/image-111-1536x713.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/16015317/image-111.png 1860w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Source: Benzinga Pro data.
The extended run-up introduces caution among investors, given valuations have become stretched. Analysts also see the laggards and leaders switching places when the Fed begins to cut rates, with <a href="https://www.benzinga.com/markets/equities/24/07/39830547/why-cathie-wood-is-betting-on-small-cap-stocks-triumphing-over-magnificent-six-amid-restrictive-">underperforming interest-rate sensitive small-cap stocks seen as the biggest beneficiaries.</a>
Tech bulls such as Ives see the broadening of the rally rather than one gaining at the expense of the other, given the massive potential AI offers.
The QQQ settled Friday&#8217;s session up 0.45% at $475.34, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) gained 0.50% to $220.44 and is up about 15% for the year.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40771209/peter-schiff-warns-against-irrational-exuberance-toward-tech-stocks-cryptos-as-econ">Peter Schiff Warns Against Irrational Exuberance Toward Tech Stocks, Cryptos As Economist Cites Intel&#8217;s Fall From Grace</a></li>
</ul>
Photo by Phongphan on Shutterstock

DELL

PLTR

Worried About Staggering Tech Valuation? Analyst Says These Stocks Are  Poised To Go Higher As Fed Kicks Off 'Rate-Cutting Cycle' This Week

Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) has bagged approval from the European Commission to provide over 7.4 billion Polish złoty ($1.91 billion) in state grants to support building the chipmaker&#8217;s new chip plant.
The European Commission will disburse the grant between 2024 and 2026, Reuters cites Poland&#8217;s Deputy Prime Minister and Minister of Digital Affairs Krzysztof Gawkowski.
Intel chose Poland over Vietnam, citing <a target="_blank" href="https://www.benzinga.com/news/24/07/39667470/whats-going-on-with-intel-stock-on-monday" rel="noreferrer noopener">insufficient investment incentives</a>.
Intel initially announced plans in 2022 to invest up to $4.6 billion in building a semiconductor assembly and test facility near Wroclaw, Poland.
The process will likely be over by the end of 2024, Reuters cites Poland&#8217;s Deputy Digital Affairs Minister Dariusz Standerski. Construction on the plant could begin later this year.
Intel stock has been <a target="_blank" href="https://www.benzinga.com/m-a/24/09/40747080/intel-eyes-mobileye-stake-sale-amid-pressure-stock-slides" rel="noreferrer noopener">down 50% in</a> the last 12 months as it has failed to capitalize on the industry&#8217;s shift to artificial intelligence. <a target="_blank" href="https://www.benzinga.com/m-a/24/09/40747080/intel-eyes-mobileye-stake-sale-amid-pressure-stock-slides" rel="noreferrer noopener">According to recent reports</a>, it is eying a strategic stake sale of the Israeli autonomous driving company Mobileye Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>) and its Enterprise Networking division.
Investors can gain exposure to Intel through SPDR Select Sector Fund &#8211; Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and Vanguard High Dividend Yield ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VYM#NYSE">VYM</a>).
Price Action: INTC stock is up 1.47% at $19.65 at the last check on Friday.
Photo via Shutterstock

Eurozone

MBLY

Intel Secures About $2B In State Aid For Poland Chip Plant

At midday on Thursday, Wall Street was showing slight gains, with small caps leading the charge. The Russell 2000 index surged 1.2%, outperforming large-cap indices <a href="https://www.benzinga.com/news/small-cap">in a notable rebound.</a>
The session kicked off with the release of the August Producer Price Index (PPI), which revealed mixed inflation data, following a slightly hotter-than-expected underlying consumer inflation picture a day earlier. 
However, the PPI report had little impact on market expectations surrounding future Federal Reserve rate cuts, with traders fully pricing in a reduction in the fed funds rate next week.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40700320/jpmorgan-warns-anticipated-rate-cuts-may-not-significantly-boost-stock-markets-fed-will-start-ea">JPMorgan Warns Anticipated Rate Cuts May Not Significantly Boost Stock Markets</a>
Meanwhile, jobless claims remained largely unchanged from the previous week and in line with forecasts, suggesting stability in the labor market. 
Also in line with market expectations, the European Central Bank (ECB) also announced a 25-basis-point cut to the deposit facility rate, lowering it to 3.5%.
The macroeconomic backdrop provided a tailwind for commodities. Gold hit a new all-time high, up 1.7% surpassing $2,550 per ounce, <a href="https://www.benzinga.com/markets/equities/24/09/40838414/gold-miners-eye-best-1-day-rally-in-6-months-as-gold-hits-fresh-record-highs-todays-environment-">boosting mining stocks. </a>
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) surged 4.3% by midday, marking its strongest session since early March 2024.
Silver prices also saw a strong uptick, rallying 3.8%, which pushed the Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) up by more than 5%, positioning it for its best session since December 2023.
Across the broader commodities complex, oil prices climbed 2.4%, while natural gas spiked 4.5%.
In the cryptocurrency market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was up 1.1%, rebounding after Wednesday&#8217;s slight dip. 
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,132.34</td>
<td>1.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,340.93</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,572.48</td>
<td>0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,928.03</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091224&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.4% higher to $557.23.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.3% to $410.61.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.6% to $471.53.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.3% to $211.46.</li>
<li>The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 1.3%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) was the laggard, down 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) soared 4.5% after BNP Paribas raised the price target from $58 to $65. </li>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) plunged over 14% after announcing plans to cut annual R&amp;D spending by approximately $1.1 billion starting in 2027, citing &#8220;recent commercial challenges.&#8221; The company now projects its 2025 revenue to range between $2.5 billion and $3.5 billion, below analyst expectations of $3.9 billion. </li>
<li>Medical Properties Trust, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPW#NYSE">MPW</a>) rallied by over 17%, fter the medical REIT disclosed a global settlement with tenant&nbsp;Steward Health Care System, its secured lenders, and the&nbsp;Unsecured Creditors Committee.</li>
<li>Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) fell by about 3.5% after&nbsp;Raymond James&nbsp;lowered its price target on the&nbsp;stock from $160 to $125.</li>
</ul>
Now Read:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40823561/this-under-the-radar-defensive-ai-sector-quietly-outperforms-all-others-despite-rec">This Under-The-Radar Defensive AI Sector Quietly Outperforms All Others, Despite Receiving &#8216;No Love&#8217; From Investors</a></li>
</ul>

Global

Market Vectors ETF Trust Market Vectors Gold Miners

Stocks Edge Up As Producer Inflation Supports Rate Cut Bets, Small Caps, Miners Rally: What's Driving Markets Thursday?

A broadly softer-than-expected U.S. producer inflation report triggered market shifts on Thursday, driving down the value of the dollar and Treasury yields while boosting gold prices to <a href="https://www.benzinga.com/topic/gold">a new all-time high. </a>
Meanwhile, U.S. equity futures ticked upward, signaling a potential fourth consecutive session of gains for U.S. stocks.
Economic data released Thursday showed the headline Producer Price Index (PPI) for final demand slowing to 1.7% year-over-year in August, below market expectations of 1.8% and down from July's downwardly revised 2.1%. On a monthly basis, PPI increased by 0.2%, surpassing the forecasted 0.1% and improving from the revised flat reading for July.
Core PPI, which excludes volatile food and energy prices, remained stable at 2.4% year-over-year, slightly underperforming the expected 2.5%. On a month-to-month basis, core PPI rebounded with a 0.3% rise, up from the previous month's 0.2% decline and surpassing expectations of a 0.2% increase.
In parallel, weekly initial jobless claims came in at 230,000, in line with market forecasts, signaling stable labor market conditions.
Across the Atlantic, the European Central Bank (ECB) cut its key policy rate by 25 basis points, marking the second reduction since June. The ECB justified the move as part of its efforts to moderate monetary policy. 
The ECB kept its inflation outlook steady but revised its growth forecasts downward. The central bank emphasized a data-dependent approach for future decisions, with no commitment to further rate cuts.
<h3 class="wp-block-heading">Market Reactions</h3>
Market reactions to the U.S. data were relatively muted. Rate-cut expectations for the Federal Reserve's meeting next week remained stable, with the probability of a 25-basis-point cut holding firm at 85%. 
<ul>
<li>U.S. Treasury yields softened, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down 0.2% as yields slightly decreased.</li>
<li>The U.S. dollar, as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), slipped 0.1%. </li>
<li>The S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), traded 0.2% higher in the premarket, as of 9:05 a.m. ET.</li>
<li>Tech stocks, followed by the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), were 0.1% higher.</li>
<li>Small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), rose 0.4%.</li>
<li>The&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was the top-performing S&amp;P 500 sector in the premarket, up 0.6%.</li>
<li>Gold prices, monitored through the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose by 1.1% to 2,538 per ounce.</li>
<li>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 1.3%.</li>
</ul>
Read now: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40794070/exclusive-lazard-small-cap-expert-predicts-30-50-russell-2000-rally-on-the-back-of-">EXCLUSIVE: Lazard Small-Cap Expert Predicts 30%-50% Russell 2000 Rally On The Back Of Lower Interest Rates (UPDATED)</a></li>
</ul>
Photo: Shutterstock

iShares Trust Barclays 20+ Year Treasury Bond Fund

Gold Reaches Record High As Dollar Weakens On Soft Producer Inflation Data; Wall Street Eyes Fourth Day Of Gains

The utilities sector has emerged as the top-performing sector within the S&amp;P 500 <a href="https://www.benzinga.com/markets">so far in 2024</a>.
As of Sept. 11, the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) has surged 22% year-to-date, outpacing all other sectors and even surpassing the technology sector – tracked by the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) – by 9 percentage points.
This marks a significant turnaround for utilities, which trailed tech by 40 percentage points in 2023.
<h3 class="wp-block-heading">Chart: Utilities Sector Outperforms S&amp;P 500, Tech Stocks In 2024</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="445" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-1024x445.png" alt="" class="wp-image-543220" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-1024x445.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-300x130.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-768x334.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-1536x667.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091124&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
<h3 class="wp-block-heading">The Drivers Behind The Utility Sector Surge</h3>
The robust performance of utilities stocks in 2024 has caught many investors by surprise, especially given the broader market&#8217;s focus on growth sectors like technology in recent years. 
&#8220;There is an undeniable defensive undertone here, as defensive stocks like utilities and consumer staples are leading the charge. The lack of momentum in the previously unstoppable &#8216;Magnificent 7&#8217; tech stocks could be signaling a shift in market sentiment,&#8221; analyst Michael Gayed.
This move toward defensive assets is particularly significant amid rising concerns over macroeconomic volatility and an increasingly unpredictable interest rate environment.
Bank of America recently raised its outlook for the utilities sector to Overweight, citing a combination of income and quality characteristics, which have become increasingly attractive as volatility rises.
&#8220;Client flows have suggested no love for the sector, but single stocks have begun to see inflows in recent weeks and ETF flows have begun to trend positively since the spring,&#8221; analysts at Bank of America highlighted.
&#8220;It's remarkable that the most defensive sector of the S&amp;P 500 has officially become the year&#8217;s top performer, despite the widespread consensus that the economy is doing well,&#8221; Otavio Costa, a macro strategist at Crescat Capital, said in a post on social media X.
<h3 class="wp-block-heading">Utilities Meet Rising Demand For AI-Driven Data Centers</h3>
Indeed, a critical factor boosting the utilities sector is the rising demand for electricity tied to the growth of AI-linked data centers. 
Carly Davenport, an analyst at Goldman Sachs, highlighted this trend in a note, saying, &#8220;Data center growth is starting to contribute meaningfully to power demand, and we've seen further positive revisions to the pipeline.&#8221;
Goldman Sachs estimates that data centers will be the largest driver of U.S. power demand growth, contributing around 90 basis points (bps) to the nation&#8217;s 2.4% power demand compound annual growth rate through 2030. 
This increase in demand is expected to lead to incremental capital investments in transmission and generation capacity, potentially driving further upside for utilities stocks over the next several years.
<h3 class="wp-block-heading">Top-Performing Utility Stocks in 2024</h3>
Several utility companies have experienced outsized gains this year, driven by strong earnings, strategic investments, and sectoral tailwinds. Here&#8217;s a look at the top-performing utility stocks year-to-date through Sept. 11:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Price Chg. % (YTD)</td>
</tr>
<tr>
<td>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>)</td>
<td>107.95%</td>
</tr>
<tr>
<td>Constellation Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NYSE">CEG</a>)</td>
<td>60.22%</td>
</tr>
<tr>
<td>NRG Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)</td>
<td>54.88%</td>
</tr>
<tr>
<td>NextEra Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>)</td>
<td>37.39%</td>
</tr>
<tr>
<td>Public Service Enterprise Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEG#NYSE">PEG</a>)</td>
<td>34.52%</td>
</tr>
<tr>
<td>American Electric Power Company, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NYSE">AEP</a>)</td>
<td>26.86%</td>
</tr>
<tr>
<td>The Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>)</td>
<td>26.63%</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40794070/exclusive-lazard-small-cap-expert-predicts-30-50-russell-2000-rally-on-the-back-of-">EXCLUSIVE: Lazard Small-Cap Expert Predicts 30%-50% Russell 2000 Rally On The Back Of Lower Interest Rates (UPDATED)</a></li>
</ul>
Photo: Shutterstock

This Under-The-Radar Defensive AI Sector Quietly Outperforms All Others, Despite Receiving 'No Love' From Investors

Wall Street witnessed a broad sell-off on Wednesday, except for the tech sector, as investor optimism over disinflation progress cooled following a <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40812986/inflation-slows-to-2-5-in-august-lowest-rate-since-february-2021-core-index-remai">mixed August inflation report.</a>
The Consumer Price Index (CPI) rose 2.5% year-over-year, slightly below the 2.6% estimate and down from July&#8217;s 2.9%, marking the slowest pace of inflation since February 2021. The bulk of this decline came from energy-related categories.
However, core inflation — excluding the more volatile components like food and energy — rose 0.3% month-over-month, surpassing expectations of 0.2%. The annual core CPI remained at 3.2%, reflecting persistent inflation in service-related sectors.
A key driver of inflation continues to be shelter costs, which rose 0.5% from the previous month—the sharpest increase since January — and account for nearly a third of the total CPI.
The report dashed hopes for a Federal Reserve rate cut in the upcoming meeting. Market expectations for a 50-basis-point cut plummeted to just 13%, down from 34% the day before, as per CME FedWatch. 
The inflation data gave the U.S. dollar a lift and nudged Treasury yields higher across the board. Sectors most sensitive to interest rates, such as real estate, materials and financials, led the sell-off.
In contrast, tech stocks defied the broader market slump, driven by strong gains in the semiconductor space. 
Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) surged 4.5%, buoyed by the market's reaction to the <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40817347/donald-trump-lost-debate-to-kamala-harris-will-lose-ground-in-the-polls-polymarket-traders">latest U.S. presidential debate</a> between Vice President Kamala Harris and former President Donald Trump. 
The two candidates engaged in a back-and-forth about <a href="https://www.benzinga.com/general/politics/24/09/40731719/goldman-sachs-kamala-harris-victory-bodes-well-for-us-economy-trump-tariffs-will-drive-up-inflat">tariffs on goods</a>, which would impact inflation and the chipmaking industry.
Solar stocks also rallied, with the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) jumping over 4%, as the prospect of a Harris administration increased <a href="https://www.benzinga.com/markets/equities/24/09/40817317/solar-shares-climb-as-harris-gains-momentum-post-debate-against-trump-7-top-gainers-in-clean-ene">optimism for renewable energy policies.</a> First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) was the top performer within the industry, jumping over 12%. 
Elsewhere, gold remained flat, while oil prices rebounded over 2% after Tuesday&#8217;s sell-off. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) dropped more than 2%.
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,865.96</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,476.37</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,092.21</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,436.47</td>
<td>-0.7%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:50 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091124&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.3% lower to $547.10.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.7% to $405.59.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.2% higher to $459.93.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.4% to $207.30.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 0.9%. The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) was the laggard, down 1.4%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Lithium-related stocks surged on Wednesday after reports of production disruptions in China sent the price of the commodity climbing. Albemarle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>), one of the world&#8217;s largest lithium producers, rallied 9.7% on the news.</li>
<li>AppLovin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) surged 8.6% to $93.63 after Bank of America analyst Omar Dessouky reiterated a Buy rating and raised the price target from $100 to $120.</li>
<li>Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) rallied 8.1% amid bullish remarks from Bank of America analyst John Murphy, CFA who expects the Gravity SUV to get a large total addressable market.</li>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) tanked 13.8% as revenue missed expectations last quarter. </li>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) plummeted 12.8% in reaction to the presidential debate. </li>
</ul>
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40816734/gamestop-analyst-says-retailer-could-close-all-stores-operate-as-bank-to-manage-los">GameStop Analyst Says Retailer Could Close All Stores, Operate As Bank To Manage Losses</a></li>
</ul>
Image: Shutterstock

FSLR

LCID

Stocks Fall As Inflation Data Chills Rate-Cut Excitement, Chipmakers, Solar Sector Soar On Harris-Linked Boost: What's Driving Markets Wednesday?

U.S. inflation in August hit its lowest annual rate since February 2021 at 2.5%, falling from 2.9% in July and below the expected 2.6%, yet the underlying story <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40812986/inflation-slows-to-2-5-in-august-lowest-rate-since-february-2021-core-index-remai">tells a more complicated tale.</a> 
Stripping out volatile food and energy prices, core inflation pressures remain stubborn at 3.2% as shelter costs surged at their fastest monthly pace since January 2024, fueling gains in the dollar and sending Treasury yields climbing.
Expectations for a hefty 50-basis-point rate cut at the Sept. 18 FOMC meeting plummeted to just 15%, down from 34% a day earlier, as per CME Group&#8217;s FedWatch tool.
Traders now increasingly anticipate a more measured 25-basis-point cut, as sticky core inflation—particularly in services—remains a key factor under close watch by the Fed.
Energy goods and services indices saw notable monthly drops, helping to ease overall price pressures. Gasoline prices fell 0.6% month-over-month in August after holding steady in July, while electricity declined 0.7% and utility bills for piped gas services dropped 1.9%.
<h2 class="wp-block-heading">Market Reactions</h2>
The mixed August inflation report and the corresponding drop in investor expectation for a larger rate cut by the Federal Reserve at the September meeting triggered the following reactions in major assets: 
<ul>
<li>The S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), opened Wednesday&#8217;s session 0.2% lower. </li>
<li>Tech stocks, followed by the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) were flat. </li>
<li>Small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), sunk 1%. </li>
<li>The&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) was the top-performing S&amp;P 500 sector, up 0.5%. </li>
<li>The Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) was the main laggard, down 1.6%. </li>
<li>The&nbsp;Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) rose 0.1%. </li>
<li>The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) eased 0.1% as Treasury yields rose. </li>
<li>Gold prices, monitored through the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), fell by 0.4%. </li>
<li>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2%. </li>
</ul>
Read now: 
<ul>
<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40799429/s-p-500-off-to-a-rough-start-in-september-with-historical-trends-suggesting-more-troub">Stocks Had Worst Start To September Nearly Ever &#8211; Here&#8217;s Why</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

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