SPDR Select Sector Fund - Utilities (ARCA: XLU)

Dernières nouvelles pour SPDR Select Sector Fund - Utilities (ARCA:XLU)

SPDR Select Sector Fund - Utilities

Utilities

Technology

Financial Services

Healthcare

Industrials

Consumer Cyclical

Consumer Defensive

Energy

Communication Services

Real Estate

Other

Basic Materials

In seeking to track the performance of the index, the fund employs a replication strategy. It generally invests substantially all, but at least 95%, of its total assets in the securities comprising the index. The index includes securities of companies from the following industries: electric utilities; water utilities; multi-utilities; independent power and renewable electricity producers; and gas utilities. The fund is non-diversified.

NextEra Energy Inc.

Southern Co.

Duke Energy Corp.

Constellation Energy Corp

American Electric Power Co. Inc.

Sempra Energy

Dominion Energy Inc.

Public Service Enterprise Group Inc.

Pg&E Corp.

Exelon Corp.

The Utilities Select Sector SPDR Fund

INVESCO UTILITIES S&P US SECTOR  ETF

SELECT SECTOR UTI SELECT SPDR ETF

Utility companies&mdash;those that provide electricity, water, natural gas, and other essential services for residential and commercial customers&mdash;have had a banner year. The benchmark Utilities Select Sector SPDR Fund (ARCA: XLU) has climbed by about 31% in the last year, with the bulk of those gains having occurred in the last six months.
Many investors have flocked to utility stocks in recent months in anticipation of the Federal Reserve&#39;s first rate cut in several years, which was confirmed at the Federal Open Market Committee meeting in September. With inflation dropping and a cooling jobs market, cautious investors unsure of the impact of the rate cut seek out utility stocks for their defensive capabilities.
Because of their essential nature, utility stocks tend to remain steady even in times of market turmoil. Many also have a strong history of paying out dividends. However, the rapid rise of the AI industry has prompted a surge in electricity demand, with Goldman Sachs estimating data center power demand will grow by 160% through 2030. This marks a major boon for many utility firms as well.
<h2>DTE: Strong Financial Position, Infrastructure Investment</h2>
DTE Energy Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dte#NYSE">DTE</a>) provides electricity and gas service to customers in Michigan and conducts an energy trading business. Despite its limited geographical range, DTE&#39;s target area is fast-growing, and demand for power is increasing alongside rapid population and economic growth.
DTE maintains a solid financial position, with operating EPS climbing by 44.4% year-over-year in the most recent quarter, driven by its electricity business. Analysts expect earnings growth to continue, and the company also offers an impressive 15-year history of dividend increases and a solid dividend yield of 3.23%.
This firm is also expanding strategically in terms of its preexisting electricity and gas infrastructure&mdash;it has already invested $2 billion in this area this year, with at least another $2 billion to come by the end of the year&mdash;and in a burgeoning solar operation. The company broke ground in September on a solar farm that is expected to generate power for 40,000 homes.
<h2>PCG: Well-Positioned for Data Center Demand Increase</h2>
PG&amp;E Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pcg#NYSE">PCG</a>) serves the northern and central regions of California, traditionally a hotspot for tech firms and data center demand. Indeed, in a June investor update, the company noted that data center capacity totaling 3.5GW&mdash;enough to power about three million homes&mdash;is due to come online by 2030.
Between 2023 and 2040, PG&amp;E expects its overall load to grow by 2-4%, with about half of that coming from data center usage.
Coupled with the anticipated increase in demand is PG&amp;E&#39;s relative undervaluing compared with other utility companies. The firm has a forward P/E ratio of 14.6, and analysts have noted an average price target of $21.55, which is almost 9% higher than the current share price.
Together, this makes PG&amp;E both a strong defensive play in case of market upheaval as well as a strategic bet on the growth of AI and cloud computing needs.
<h2>VST: Deserving of the Hype?</h2>
Vistra Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vst#NYSE">VST</a>) has drawn attention this year as the top-performing stock in the S&amp;P 500, beating out even the likes of chip manufacturing super-stock NVIDIA Corp. with 1-year returns of nearly 250%. Despite this massive rally, many analysts still rate Vistra as a &quot;Buy,&quot; seeing room for additional growth based on the strength of data center demand and the company&#39;s acquisition history.
Vistra serves electricity and natural gas customers across the U.S. It is positioned to benefit from growing electricity demand among data center operators through its growing nuclear business.
Vistra recently completed the acquisition of its remaining 15% non-controlling interest in Vistra Vision, its nuclear generation, energy storage, and renewables subsidiary.
With firms like Constellation Energy Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ceg#NASDAQ">CEG</a>) planning to focus on nuclear energy to meet data center demand, Vistra&#39;s acquisition sets it up to thrive in this space.
<h2>Buy-and-Hold Opportunity</h2>
Utility stocks like those above represent a buy-and-hold opportunity for investors looking to capitalize on dividends for passive income. Entering positions in utility stocks now may also provide investors access to firms on the cusp of major growth thanks to a wave of new demand requests for electricity to power a fast-growing AI industry.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/ai-boom-and-rate-cuts-boost-utility-stocks-best-growth-picks/">AI Boom and Rate Cuts Boost Utility Stocks: Best Growth Picks</a>&quot; first appeared on MarketBeat.

Earnings

Large Cap

News

Dividends

Price Target

Markets

Analyst Ratings

Trading Ideas

AI Boom and Rate Cuts Boost Utility Stocks: Best Growth Picks

While the S&amp;P 500 is up 20.30% year-to-date, utilities — tracked by Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) — <a href="https://www.benzinga.com/topic/utilities">have surged by 26.99%</a>. 
The sector is outpacing the market's biggest names, including tech and communication services.
The leaders posting significant gains in this space include NextEra Energy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>), Southern Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>) and Duke Energy Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>). But it&#8217;s Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) and Constellation Energy Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>) that are embracing the AI revolution to supercharge their growth.
<h2 class="wp-block-heading">Vistra, Constellation: The New Tech Titans?</h2>
Vistra stock has rocketed 205.61% this year, becoming the top-performing stock in the S&amp;P 500. With its focus on nuclear energy, it's carving a niche in powering AI data centers.
Constellation Energy is up 119.86%, and has similarly thrived. The company struck deals with Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) to fuel the tech giant's AI and cloud infrastructure with clean nuclear energy.
Read Also: <a href="https://www.benzinga.com//node/40957437">Microsoft Taps Constellation For 20-Year Carbon-Free Power – 3,400 Jobs Coming To Pennsylvania</a>
These partnerships make utilities a surprising AI play, blending old-school reliability with cutting-edge tech applications. The newfound relevance of nuclear power in the AI era is a growth driver that no one saw coming.
<h2 class="wp-block-heading">Are Utilities The New Safe Haven?</h2>
While utilities have long been a defensive play, their AI adoption has turned them into a growth story. 
Funds like the Virtus Reaves Utilities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UTES#NYSE">UTES</a>), an actively managed fund, are gaining attention. With over 40% year-to-date returns, it's outperforming traditional market-weighted sector peers. UTES' smart bets on Vistra and Constellation have paid off handsomely, proving that even "boring" sectors can surprise investors.
Looking ahead, the rise of electrification-themed ETFs, such as those filed by Global X and Tema, suggests that utilities may continue to thrive in the AI-driven future.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40903154/13-etfs-to-own-as-fed-set-to-cut-rates-analysts-highlight-utilities-real-estate-and">13 ETFs To Own As Fed Set To Cut Rates: Analysts Highlight Utilities, Real Estate, And More</a></li>
</ul>

Long Ideas

Sector ETFs

Tech

ETFs

MSFT

UTES

Utilities Outpace S&P 500, Fueled By AI: These 2 Stocks Lead The Charge

The Federal Reserve started the new rate cycle era last week, infusing strong optimism in various areas of the global markets and commodities. Wall Street has been hovering around a 52-week high. While the gains were broad-based, some areas were the biggest gainers and hit a 52-week high each on Sept. 20, 2024. We have highlighted three ETF areas that came to the forefront due to the Fed-induced rally.
<h2>Inside the Latest Fed Rate Cut</h2>
On Wednesday, the Fed announced a 50-basis-point cut in interest rates, marking its first reduction since March 2020. The new benchmark policy rate now stands between 4.75% and 5.00%. The rate cut was widely anticipated, though there was uncertainty over its size. A 25-basis-point reduction was expected by many, but softer-than-expected economic data led to calls for a larger cut. Ultimately, the Fed opted for the half-percentage-point reduction.
<h2>Further Rate Cuts Expected by Year-End</h2>
The Federal Open Market Committee&#39;s (FOMC) &quot;dot plot&quot; of individual officials&#39; projections indicates the possibility of another 50 basis points of cuts by the end of the year, aligning with market expectations. The committee also forecasts an additional percentage point of cuts by 2025 and another half-point cut by 2026, eventually reducing the benchmark rate by 2 percentage points.
Against this backdrop, below we highlight a few winning exchange-traded funds areas.
<h2>Winning ETF Sectors</h2>
<h2>Utilities ETF</h2>
The Utility sector tends to be stable and provides consistent dividends. This sector also performs better in a low-rate environment. Virtus Reaves Utilities ETF (ARCA:UTES), S&amp;P 500 Utilities Sector SPDR (ARCA:XLU) and Fidelity Utilities MSCI ETF (ARCA:FUTY) are the utilities ETFs that hit a 52-week high on Sept. 20, 2024.
<h2>India ETF</h2>
India ETFs are also hitting highs. Franklin India ETF (ARCA:FLIN), India Internet &amp; Ecommerce ETF (ARCA:INQQ), First Trust India Nifty 50 Equal Weight ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nfty#NASDAQ">NFTY</a>) and Columbia India Consumer ETF (ARCA:INCO), probably saw a spike on the likelihood of a falling U.S. dollar.
India&#39;s potential for growth makes it an attractive choice for investors. Recent upgrades in growth forecasts for the country, driven by robust public investment and strong private consumption, have boosted the prospects for these ETFs.
Consumers in India are expected to increase their spending on both essential and non-essential items per the country&#39;s central bank, a trend likely to continue over the next year. The forecasted rise in consumer consumption in the upcoming festive season is a tailwind.
<h2>Gold ETF</h2>
Gold bullion ETFs like iShares Gold Trust Micro (ARCA:IAUM), GraniteShares Gold Trust Shares (ARCA:BAR), Vaneck Merk Gold ETF (ARCA:OUNZ) and Physical Gold ETF (ARCA:SGOL) have hit a 52-week high lately. As the Fed eased its policy, the greenback lost strength and bond yields fell. Both factors should go in favor of gold investing.
<a href="https://www.zacks.com/stock/news/2340099/3-etf-sectors-hitting-52-week-highs-after-fed-rate-cut?cid=CS-BENZ-FT-etf_news_and_commentary-2340099">To read this article on Zacks.com click here.</a>

Mid Cap

Events

Federal Reserve

FLIN

FUTY

IAUM

INCO

Exchange Traded Concepts Trust India Internet & Ecommerce ETF

INQQ

NFTY

OUNZ

SGOL

3 ETF Sectors Hitting 52-Week Highs After Fed Rate Cut

Wall Street kicked off the week on a cautious note, with major indexes trading relatively flat as investors seek more clarity on the economic and political landscape.
A widely followed private sector survey by S&amp;P Global revealed that output growth slightly exceeded expectations in September, buoyed by stronger services activity. However, the report also signaled a reawakening of inflationary pressures, raising concerns about <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40965082/feds-historic-dissenter-bowman-says-smaller-interest-rate-cut-was-justified-we-have-no">future monetary policy moves.</a>
The latest betting-implied odds from Polymarket show Kamala Harris at 51% to win the 2024 U.S. presidential election, surpassing former President Donald Trump, who has seen his consensus slips in recent weeks.
Among major assets, gold continues its upward momentum, setting new all-time highs as investors flock to safe-haven assets amid global uncertainty.
Meanwhile, natural gas prices spiked over 4%, hitting a three-month high early Monday. The rise follows the formation of another storm in the Gulf of Mexico, which threatens to further disrupt supply chains already impacted by Hurricane Francine.
The geopolitical situation in the Middle East remains tense, with Israel targeting new Hezbollah sites in Lebanon and the U.S. sending additional military troops to the region amid rising conflict. 
Despite the turmoil, oil prices fell by 2%, suggesting that supply fears may be easing for the moment. 
In the cryptocurrency space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) eased by 0.5%, showing little movement.
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,816.41</td>
<td>0.1 %</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,707.19</td>
<td>0.1 %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,002.30</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,213.90</td>
<td>-0.6%</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=BZprocontent092324&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 flat at $568.42.</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 0.1% lower to $420.26.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) flattened at $482.36.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.5% to $220.36.</li>
<li>The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, up 0.6%. The Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 0.6%.</li>
</ul>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rallied 4%, while General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) fell 2.7% reacting to the latest export ban proposal from the U.S. administration <a href="https://www.benzinga.com/markets/asia/24/09/40981254/chinese-vehicle-tech-faces-biden-administration-ban-over-national-security-concerns-china-ev-stocks">on Chinese-made vehicles. </a></li>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) rose over 3% amid rumors that Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) is <a href="https://www.benzinga.com/m-a/24/09/40983591/qualcomm-takeover-of-intel-is-logically-unlikely-in-face-of-regulatory-challenges-analyst-says">exploring a potential takeove</a>r. Shares of Qualcomm fell 2%.</li>
<li>Ciena Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) obtained a double upgrade from Sell to Buy by Citigroup. </li>
<li>Viking Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>) fell over 6% amid negative weight-loss study data.</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40965082/feds-historic-dissenter-bowman-says-smaller-interest-rate-cut-was-justified-we-have-no">Fed&#8217;s Historic Dissenter Bowman Says Smaller Interest Rate Cut Was Justified: &#8216;We Have Not Yet Achieved Our Inflation Goal&#8217;</a></li>
</ul>
This image was created using artificial intelligence MidJourney.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Equities

Global

$BTC

CIEN

SPDR Dow Jones Industrial Average ETF Trust

INTC

QCOM

TSLA

VKTX

Select Sector SPDR-Consumer Discretionary

US Stocks Stall, Gold Updates Record Highs, Tesla Rallies: What's Driving Markets Monday?

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:
<ul>
<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.

Macro Economic Events

Broad U.S. Equity ETFs

Commodities

Economics

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

Intraday Update

NVDA

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

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

As the Federal Reserve transitions from a restrictive monetary policy to a more accommodative stance, investors are questioning how this regime change will <a href="https://www.benzinga.com/topic/interest-rates">impact various asset classes. </a>
The central bank&#8217;s shift towards lower interest rates can have far-reaching implications across equities, bonds, and other markets.
Historically, stocks have tended to perform well following the Fed&#8217;s initial rate cuts—but with a crucial caveat: the economy must avoid slipping into a recession. An <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40855247/fed-rate-cuts-and-s-p-500-the-why-matters-most-data-shows">analysis by Goldman Sachs</a> reveals that the S&amp;P 500 has experienced significant declines even after rate cuts if the U.S. economy entered a recession during those periods.
When it comes to bonds, lower interest rates have generally led to a decrease in bond yields, thus driving up bond prices. Unlike equities, this dynamic has historically played out somewhat independently of the economic cycle. However, &#8220;what's past is prologue&#8221; is not always a guarantee in financial markets.
<h2 class="wp-block-heading">&#8216;Quality Can Be Found Across Asset Classes&#8217;</h2>
According to Bank of America&#8217;s latest Research Investment Committee (RIC) report, investors can identify quality opportunities across various asset classes, particularly in today&#8217;s shifting market landscape.
BofA analysts suggest that in the U.S. equity space, investors should adopt a defensive stance, focusing on companies with high free cash flow.
Savita Subramanian, head of U.S. equity &amp; quantitative strategy at BofA, notes that S&amp;P 500 valuations indicate low price returns for the next decade, making dividend payouts more crucial for total returns.
<ul>
<li>Utilities: Recently <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">upgraded to Overweight by BofA, </a>the utilities sector stands out for its defensive characteristics and competitive yield. Subramanian indicates that growing power demand driven by AI-linked data centers bolsters the outlook for utility companies. ETFs like the First Trust Utilities AlphaDEX ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXU#NYSE">FXU</a>) and the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) are potential plays in this space.</li>
<li>Real Estate: Offering higher quality yield than before, with 70% of the sector rated B+ or better, the real estate sector provides attractive options. BofA notes that the S&amp;P 500 real estate segment has relatively low office exposure, which could mitigate some risks. Recommended ETFs include the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) and iShares Cohen &amp; Steers REIT ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICF#NYSE">ICF</a>).</li>
<li>Consumer Staples: BofA finds the consumer staples sector tactically attractive, especially ETFs like the Consumer Staples Select Sector SPDR ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>), which has substantial exposure to resilient companies like The Procter &amp; Gamble Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>), Costco Wholesale Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>), Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>). Another sector play here is the iShares U.S. Consumer Staples ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYK#NYSE">IYK</a>). </li>
<li>Value, Quality, Dividends, and Buybacks: The bank is also bullish on factor-based ETFs, recommending exposure in value, quality, dividend, and buyback amid a strong free cash flow yield and potential for higher payouts than the broader S&amp;P 500 index. ETFs in this category include the Vanguard Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTV#NYSE">VTV</a>), Pacer US Cash Cows 100 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COWZ#NYSE">COWZ</a>), Schwab US Dividend Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHD#NYSE">SCHD</a>), and iShares Core Dividend ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIVB#NYSE">DIVB</a>).</li>
</ul>
Outside the U.S., Bank of America is bullish on Japanese equities as effective corporate reforms are expected &#8220;to unleash a mountain of cash.&#8221; The WisdomTree Japan Hedged Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXJ#NYSE">DXJ</a>) is a top pick in this market, having gained 125% since 2019. This ETF also offers protection against the yen&#8217;s devaluation. 
In the fixed-income market, BofA suggests exposure to AAA-rated collateralized loan obligations (CLOs) and long-dated Treasury bonds.
<ul>
<li>CLOs: BofA recommends the Janus Henderson AAA CLO ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JAAA#NYSE">JAAA</a>), viewing these loans as quality yield options that have withstood stress during both the 2008 financial crisis and the 2020 pandemic-induced downturn.</li>
<li>Long-Dated Treasuries: Investors looking for duration exposure can consider the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), which tracks long-dated Treasury bonds with a 17-year duration.</li>
</ul>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Asset Class</th>
<th>Name</th>
</tr>
</thead>
<tbody>
<tr>
<td colspan="3">Equities</td>
</tr>
<tr>
<td>Utilities</td>
<td>First Trust Utilities AlphaDEX ETF</td>
</tr>
<tr>
<td>Utilities </td>
<td>Utilities Select Sector SPDR Fund</td>
</tr>
<tr>
<td>Real Estate</td>
<td>Real Estate Select Sector SPDR Fund </td>
</tr>
<tr>
<td>Real estate</td>
<td>iShares Cohen &amp; Steers REIT ETF</td>
</tr>
<tr>
<td>Consumer staples</td>
<td>Consumer Staples Select Sector SPDR ETF </td>
</tr>
<tr>
<td>Consumer staples</td>
<td>iShares U.S. Consumer Staples ETF</td>
</tr>
<tr>
<td>Value</td>
<td>Vanguard Value ETF</td>
</tr>
<tr>
<td>Quality</td>
<td>Pacer US Cash Cows 100 ETF </td>
</tr>
<tr>
<td>Dividend</td>
<td>Schwab US Dividend Equity ETF</td>
</tr>
<tr>
<td>Buybacks</td>
<td>iShares Core Dividend ETF </td>
</tr>
<tr>
<td>Japan</td>
<td>Wisdom Tree Japan Hedged Equity ETF</td>
</tr>
<tr>
<td colspan="3">Fixed income</td>
</tr>
<tr>
<td>Credit</td>
<td>Janus Henderson AAA CLO ETF</td>
</tr>
<tr>
<td>Duration</td>
<td>iShares 20+ Year Treasury Bond ETF </td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40887448/long-dated-treasury-bond-etf-hits-14-month-highs-ahead-of-imminent-fed-rate-cut">Long-Dated Treasury Bond ETF Hits 14-Month Highs Ahead Of Imminent Fed Rate Cut</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Analyst Color

REIT

Bonds

Specialty ETFs

New ETFs

Treasuries

Econ #s

COST

COWZ

DIVB

WisdomTree Trust Japan Total Dividend Fund

iShares Trusthen & Steers Realty Majors Index Fund

iShares Trust Dow Jones USnsumer Goods Sector Index Fund

JAAA

SCHD

iShares Trust Barclays 20+ Year Treasury Bond Fund

XLRE

13 ETFs To Own As Fed Set To Cut Rates: Analysts Highlight Utilities, Real Estate, And More

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.

Small Cap

AAPL

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?

Often considered an afterthought compared to the juggernauts of economic indicators — such as the Consumer Price Index (CPI) inflation and job market report — retail sales data rarely moves the needle <a href="https://www.benzinga.com/topic/interest-rates">for Federal Reserve policymakers.</a>
But this Tuesday, the August retail sales numbers could mean something as they land just before the Fed&#8217;s two-day Federal Open Market Committee (FOMC) meeting, where a pivotal interest rate decision is on deck for Wednesday.
A rate cut on Wednesday is already a done deal; the real uncertainty is how big that will be. The markets are currently placing their bets on a 60% chance of a 50-basis-point cut and a 40% chance of a more modest <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-">25 basis-point reduction</a>, as per CME FedWatch tool.
Bank of America economist Stephen Juneau doesn&#8217;t believe recent economic data justify a large rate cut. Yet, he conceded that &#8220;a very weak retail sales report could drive the Fed to start large.&#8221; According to Juneau, a -1% figure with downward revisions would qualify as &#8220;very weak.&#8221;
The investment bank forecasts a 0.3% monthly decline in overall retail sales, sharply below the more optimistic Bloomberg consensus of a 0.2% increase.
If BofA&#8217;s gloomy predictions come to pass, it could be enough to tilt the Fed&#8217;s hand toward a heftier rate cut.
<h1 class="wp-block-heading">How To Trade Tuesday&#8217;s Retail Sales and Wednesday&#8217;s Fed Meeting?</h1>
Bank of America highlighted that the uncertainty around this FOMC meeting is unprecedented, at least since 2015.
&#8220;The market uncertainty over 25bp&nbsp;or 50bp&nbsp;means&nbsp;that the meeting will&nbsp;be a trading catalyst,&#8221; analysts wrote. 
To help traders navigate these stormy waters, BofA unveiled a matrix for different retail sales and FOMC outcomes. 
If retail sales come in strong and the Fed takes a dovish stance, it's time to own cyclicals. However, if sales are weak and the Fed leans hawkish, it might be wise to retreat into defensives.
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th></th>
<th>FOMC Dovish</th>
<th>FOMC Hawkish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Retail Sales: &#8216;Strong&#8216;</td>
<td>Very positive: Own cyclicals</td>
<td>Positive: Own growth</td>
</tr>
<tr>
<td>Retail Sales: &#8216;In Line&#8216;</td>
<td>Positive: Own cyclicals</td>
<td>Negative: Own growth</td>
</tr>
<tr>
<td>Retail Sales: &#8216;Weak&#8216;</td>
<td>Slightly negative: Own defensives</td>
<td>Negative: Own defensives</td>
</tr>
</tbody>
</table>
</figure>
&#8220;Rate-sensitive sectors-manufacturing and housing have certainly been adversely affected by the Fed&#8217;s actions,&#8221; the investment bank stated.
These rate-sensitive sectors have borne the brunt of the Fed&#8217;s previous rate hikes. It&#8217;s been 23 months since the ISM Manufacturing PMI last posted two consecutive months above 50, marking the second-longest slump on record. The housing market isn&#8217;t faring much better, with existing home sales plunging nearly 40% year-over-year at their lowest point.
According to Bank of America, easing rate pressure should lead to at least a modest pickup in manufacturing and housing activity, potentially boosting earnings growth for the S&amp;P 500 into 2025. 
In light of this view, analysts indicated: &#8220;We prefer sectors that can benefit from easing rate pressure. We are overweight Financials, Consumer Discretionary, Real Estate and Utilities.&#8221;
Utilities, as tracked by the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), were upgraded from Market-Weight to Overweight earlier this month, reflecting a more bullish outlook on quality and income-generating companies.
Read Now:
<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>
This image was created using artificial intelligence MidJourney.

Previews

Retail Sales

How Second-Tier Economic Data Tuesday Could Sway The Fed's Rate Decision: It 'Will Be A Trading Catalyst'

Wall Street is experiencing a risk-on session Friday, with all sectors of the S&amp;P 500 index trading in the green as traders are energized by the now-imminent Federal Reserve rate cut, expected in <a href="https://www.benzinga.com/topic/interest-rates">less than a week.</a>
Both the S&amp;P 500 and Nasdaq 100 are on track for their fifth consecutive session of gains, pushing their weekly performances to 4% and 5.7%, respectively, and fully recouping last week&#8217;s losses.
Friday saw small-cap stocks build significant momentum, once again outperforming their large-cap counterparts amid the euphoria over the anticipated Fed rate cuts.
A large overnight bet by a trader on a 50-basis-point Fed rate cut sent the 2-year Treasury yield down by 7 basis points to 3.58%. This puts it on track to close at its lowest level since September 12, 2022. 
Market-implied probabilities for a half-point cut surged to as high as 43%, according to CME FedWatch data. 
Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), continues to extend its historic highs, rising by 1%. Meanwhile, silver has roared ahead with a 3.3% gain, bringing its weekly performance to a stunning 16%, marking its best week since April 2020.
The rally in precious metals has been a boon for miners. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) has extended its weekly gains beyond 10%, its best performance since March 2023.
Oil prices are cooling off, slipping by 0.4% after Thursday&#8217;s sharp rally. In the cryptocurrency market, Bitcoin gained 2.2%, climbing to $59,400 and is on track to close at its highest level since late August.
<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>2,182.68</td>
<td>2.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,355.75</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,620.96</td>
<td>0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,484.48</td>
<td>0.3%</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/?">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 $561.37.</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 0.7% to $414.78.</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 $474.18.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 2.4% to $216.84.</li>
<li>Both the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) and the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 1.2%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) showed the smallest gains, up 0.3%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) fell over 9%, despite reporting better-than-expected results last quarter, as revenue guidance missed forecasts. </li>
<li>Boeing Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) dropped 3.8% after 33,000 union workers launched a strike on Friday, rejecting the company's proposed four-year contract amid ongoing challenges at the aircraft manufacturer.</li>
<li>United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) gained nearly 2% after announcing an agreement with SpaceX to equip its fleet with Starlink&#8217;s high-speed Wi-Fi service.</li>
<li>Warner Bros Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) rose over 9%, on track for the strongest 2-day rally since 2008, after announcing a multi-year partnership with Charter Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NYSE">CHTR</a>). </li>
<li>Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) dropped more than 6% after Barclays downgraded the stock from &#8216;Equal-Weight&#8217; to &#8216;Underweight&#8217; and slashed the price target from $181 to $133 per share.</li>
</ul>
Read now: 
<ul>
<li><a href="https://www.benzinga.com/24/09/40857449/consumer-morale-hits-4-month-high-inflation-expectations-ease-partisan-gaps-in-sentiment-inched-up">Consumer Morale Hits 4-Month High, Inflation Expectations Ease: &#8216;Partisan Gaps In Sentiment Inched Up&#8217;</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

ADBE

CHTR

Market Vectors ETF Trust Market Vectors Gold Miners

GRMN

Wall Street Aims For Fifth Straight Gain, Small Caps Soar As 2-Year Yields Hit 2-Year Lows, Adobe Sinks: What's Driving Markets Friday?

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

Bank of America has reshuffled its sector outlooks, raising Utilities to &#8220;overweight&#8221; while downgrading <a href="https://www.benzinga.com/topic/energy">Energy to &#8220;market-weight.&#8221;</a>
The changes come as elevated volatility and policy uncertainty drive a recalibration of investment strategies. According to Savita Subramanian, Bank of America&#8217;s head of U.S. equity strategy, the shifting economic and political landscape has altered the risk-reward profiles <a href="https://www.benzinga.com/markets">of these key sectors.</a>
<h3 class="wp-block-heading">Utilities: Defensive Hedge With Growth Potential</h3>
Subramanian argues that Utilities, as tracked by the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), long regarded as a defensive sector, have become increasingly attractive in the <a href="https://www.benzinga.com/markets">current rate environment</a>.
As economic uncertainty persists, utilities offer stable fundamentals and a built-in defensive hedge against inflation. 
One of the core factors behind the Bank of America&#8217;s upgrade is their higher dividend yield, which has become more appealing given the revised outlook for interest rates.
Bank of America economists now predict terminal interest rates will reach 3.25% by 2025, lower than previous expectations, and this environment is favorable for income-generating assets like utilities. 
Further boosting the outlook for utilities is their exposure to artificial intelligence (AI) technologies. As companies in the sector begin to integrate AI for efficiency and operational improvements, there could be longer-term growth opportunities that hadn&#8217;t been factored in before, the analyst says.
Utilities are now benefiting from AI in ways that enhance productivity, making them not just a defensive play but also an indirect AI beneficiary, she adds.
<h3 class="wp-block-heading">Energy: From Value To Value Trap?</h3>
In contrast, Bank of America&#8217;s downgrade of the Energy sector, as tracked by the Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), comes amid concerns over political risk and weakening fundamentals. 
Although energy companies have improved in terms of quality and discipline compared to prior cycles, the sector faces rising uncertainty that could undermine its stability.
Subramanian warns that the supply discipline that has supported oil prices could start to unravel if the political environment changes. This coincides with Bank of America&#8217;s commodity strategists lowering their oil price forecasts, casting doubt on the sector&#8217;s growth prospects. 
&#8220;Energy stocks might look cheap, but they could be &#8216;cheap for a reason,'&#8221; she notes. 
One of the most worrying signals is the sector's earnings revisions: Energy now holds the &#8220;most negative earnings revision ratio of all sectors,&#8221; indicating that analysts are increasingly pessimistic about future earnings growth.
Moreover, Energy&#8217;s strong performance in recent years could turn into a liability if the political winds shift. Regulatory pressures, including potential changes in drilling policies and climate regulations, are key risks that could weigh heavily on the sector's outlook.
<h3 class="wp-block-heading">Avoiding The Tech Dip: Underweight Information Technology</h3>
Bank of America remains cautious on the beaten-down Information Technology sector, maintaining its &#8220;underweight&#8221; rating, despite arguments that the recent selloff has created a buying opportunity.
Subramanian highlights that Tech stocks still trade at record valuations, particularly in terms of enterprise value to sales (EV/Sales), making the sector vulnerable to further downside. 
&#8220;Technology is cyclical, not secular,&#8221; Subramanian asserts, meaning that its performance is closely tied to broader economic trends, not immune to them as some investors might hope.
Another concern is the upcoming changes in Standard &amp; Poor's index cap rules, which are likely to impact the largest Tech names. These changes could introduce concentration risk, leading to passive selling that could pressure some of the sector's mega-cap stocks. 
Read now:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40773576/us-yield-curve-no-longer-inverted-why-this-time-the-recession-scenario-might-be-d">US Yield Curve No Longer Inverted: Why This Time The Recession Scenario Might Be Different For Investors</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Upgrades

Downgrades

Bank Of America Warns Energy Could Be 'Cheap For A Reason,' Highlights Utilities As Defensive Play

Lower-than-expected private employment growth in August triggered positive reactions Thursday in interest rate-sensitive assets like gold and the Japanese yen, while pushing Treasury yields lower as traders bolster their bets on a 50-basis-point rate cut by the <a href="https://www.benzinga.com/topic/interest-rates">Federal Reserve this month.</a>
U.S. private employers added 99,000 jobs in August, the lowest reading since January 2021 and down from a downwardly revised 111,000 in July, the ADP <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40728795/private-employment-grows-by-99-000-in-august-sharply-misses-forecasts-of-140-000-">National Employment report revealed. </a>
The outcome fell short of the predicted 140,000, highlighting a surprising cooling in labor market conditions last month.
While weekly jobless claims were in line with expectations and offered little new insight, signs of further weakness in the labor market surfaced in the Challenger Job Report, which recorded 75,891 job cuts in August — a sharp 193% increase from the 25,885 cuts in July.
A day earlier, official statistics revealed that job openings fell to 7.673 million in July,&nbsp;the lowest in over three years, with vacancies now almost closing the gap with <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40711148/july-job-openings-fall-to-3-year-lows-gap-with-unemployment-narrows-to-near-parit">the level of unemployment. </a>
Following the slew of Thursday&#8217;s labor market data, market-implied probabilities for a 50-basis-point cut surged to 45%, as per CME Group&#8216;s FedWatch tool, ahead of the highly anticipated official jobs report on Friday.
<h3 class="wp-block-heading">Market Reactions</h3>
Treasury yields moved lower across the board, with the policy-sensitive two-year yield down by 3 basis points to 3.72%, hitting the lowest yield in a month.
The benchmark 10-year yield dropped to 3.73%, marking its lowest level in a month. It also officially surpassed the two-year yield for the first time since July 2022, marking the end of the U.S. yield curve inversion.
In premarket trading, the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) was 0.3% higher at 9:00 a.m. in New York, after closing 1.3% higher on Wednesday.
The Japanese yen rose against the dollar, amid narrowing yield differentials between the two regions. The Invesco CurrencyShares Japanese Yen Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXY#NYSE">FXY</a>) was 0.4% higher. 
Gold prices rallied on the back of disappointing employment data, with the commodity surging to $2,515 per ounce. The SPDR Gold Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) was up by 0.9%.
U.S. major indices are set to open slightly in the red, with S&amp;P 500 futures down 0.1% and Nasdaq 100 futures slipping 0.3%.
Sector-wise, technology stocks, as tracked by the Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), lagged, down 0.6%. Utilities, as tracked by the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), strengthened the most, up 0.7%. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40718185/could-august-jobs-numbers-keep-recession-fears-at-bay-this-time-is-different-analys">Could August Jobs Numbers Keep Recession Fears At Bay? &#8216;This Time Is Different,&#8217; Analyst Says</a></li>
</ul>
Illustration created using artificial intelligence via Midjourney.

Currency ETFs

Forex

Gold Rallies, Yen Surges, Treasury Yields Fall As Disappointing Payrolls Data Supports Large Rate-Cut Bets

Wall Street remained relatively quiet during Tuesday morning trading as investors held their breath for key events <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40570314/top-nvidia-analyst-sees-no-major-impact-from-blackwell-delay-but-flags-one-caveat-h">later in the week. </a>
The AI powerhouse Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is in the spotlight ahead of its Wednesday post-market earnings report, while traders also eagerly await the Federal Reserve's favorite inflation report on Friday.
Tech stocks slightly rebounded by 0.3%, after a 1% drop on Monday, while the S&amp;P 500 held broadly flat. Both blue chips and small caps fell, down 0.2% and 1% respectively. 
Industry-wise cruise lines led gains, with Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>), Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) and Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) rising 4%, 3.9% and 3.3% on positive investor sentiment toward the sector. 
Semiconductors rebounded, with the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) up 0.9%, after tumbling 2.5% a day earlier.
Energy-related stocks fell, dragged down by the pullback in oil prices. West Texas Intermediate (WTI) light crude fell by 2% as geopolitical risks in the Middle East showed no significant escalation in recent hours, while Goldman Sachs analysts downplayed concerns over potential <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40576919/goldman-sachs-lowers-oil-price-forecasts-says-us-supply-beating-expectations-downpl">disruptions in Libyan oil production.</a>
The U.S. dollar eased by 0.2%, reversing Monday&#8217;s gains. Treasury yields remained unchanged, with speculators continuing to assign a higher chance on smaller 25-basis-point rate cut in September. 
Gold prices slipped by 0.1%, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell by 2%, mimicking Monday&#8217;s drop. 
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major 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>19,576</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,621</td>
<td>0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,154</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,200</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082724&amp;t=be2bearmibe3na1">According to Benzinga Pro data:</a>
<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 flat at $560.92.</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;eased 0.1% to $412.16.</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 $476.11.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 1% to $218.35.</li>
<li>The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, by 0.4%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down by 1.1%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
<ul>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) fell over 6% after media veteran&nbsp;Edgar Bronfman, Jr., <a href="https://www.benzinga.com/markets/equities/24/08/40568461/paramount-concludes-go-shop-period-as-edgar-bronfman-pulls-out-paving-way-for-8-4b-merger-with-o">withdrew his offer for the company</a> paving the way for it to combine with Skydance Media, LLC.</li>
<li>CAVA Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAVA#NYSE">CAVA</a>) plunged over 5% after the company&#8217;s post-earnings spike on Monday, as the CEO and other insiders reduced their stakes. </li>
<li>PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) fell over 3% after Monday&#8217;s sharp 30% drop, as analysts slashed their price forecasts on <a href="https://www.benzinga.com/news/earnings/24/08/40575491/these-analysts-slash-their-forecasts-on-pdd-holdings-following-q2-results">the Chinese retail giant. </a></li>
<li>Ambarella, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMBA#NASDAQ">AMBA</a>), Box, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOX#NYSE">BOX</a>), nCino, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCNO#NASDAQ">NCNO</a>), Nordstrom, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JWN#NYSE">JWN</a>), PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>), Semtech Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>) and SentinelOne, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) are among the companies due to <a href="https://www.benzinga.com/calendars/earnings">release their quarterly results after the market close.</a></li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40581306/can-regional-banks-outperform-large-institutions-as-fed-rate-cuts-loom-small-banks-are-plenty-ch">Can Regional Banks Outperform Large Institutions As Fed Rate Cuts Loom? &#8216;Small Banks Are Plenty Cheap,&#8217; But&#8230;</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

AMBA

CAVA

NCLH

NCNO

PARA

Citigourp Global Markets 2% Protected Notes Linked To The Djia

SMTC

Wall Street Mixed Ahead Of Week's Key Events, Cruise Lines Rally, Oil Slips: What's Driving Markets Tuesday?

Wall Street faced a downturn on Thursday as traders exercised caution ahead of Federal Reserve Chair Jerome Powell&#8217;s speech at the<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40466528/jackson-hole-preview-5-important-questions-ahead-of-jerome-powells-fed-speech"> Jackson Hole Symposium on Friday.</a>
Powell is anticipated to signal a potential rate cut in September, but market sentiment currently favors a smaller 25-basis-point reduction rather than a more substantial 50-basis-point cut.
On Thursday, economic data indicated that U.S. private sector activity surpassed expectations in August, according to the S&amp;P Global flash Purchasing Managers&#8217; Index (PMI). The growth was primarily driven by the services sector, which more than compensated for <a href="https://www.benzinga.com/news/24/08/40509090/august-services-growth-exceeds-expectations-as-manufacturing-slumps-inflation-gradually-eases-to-nor">the faster contraction in manufacturing.</a>
Major U.S. equity indices traded lower throughout the session, while the dollar and Treasury yields rebounded after four consecutive days of losses. 
The U.S. dollar rose nearly 0.4% against a basket of major currencies, and the yield on the 10-year Treasury note climbed six basis points. As a result, bonds fell, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) dropping 1.2%.
The energy sector emerged as the day&#8217;s top performer, buoyed by a more than 2% surge in oil prices. In contrast, natural gas plunged over 6% due to higher-than-expected inventory builds.
Gold also took a hit, declining over 1% and falling below the $2,500 per ounce threshold, weighed down by the strength of the dollar and rising Treasury yields. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1% to $60,000, failing to keep up with the Wednesday&#8217;s bullish momentum, which saw the largest cryptocurrency rise 3.6%.
<h1 class="wp-block-heading">Thursday&#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>Dow Jones</td>
<td>40,830.40</td>
<td>-0.1 %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,172.03</td>
<td>-0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,608.27</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,735.54</td>
<td>-0.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated At 12:41 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 $559.92.</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;eased 0.1% to $408.78.</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 $480.73.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) inched 0.2% lower to $215.03.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, by 0.6%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down by 0.8%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) plummeted 12% as the<a href="https://www.benzinga.com/top-stories/24/08/40511947/investors-are-further-confused-on-snowflake-one-analyst-says-they-know-why"> guidance disappointed despite the company</a> reported stronger-than-expected results last quarter.</li>
<li>Other stocks reacting to corporate earnings were Zoom Video Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) up 13%; Synopsys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) down 1.77%; Agilent Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>) up 0.36%; Nordson Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDSN#NASDAQ">NDSN</a>) up 2.06%, Williams-Sonoma Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) down 7%; Viking Holdings Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIK#NYSE">VIK</a>), down 3.81% and BJs Wholesale Club Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>), down 6.29%.</li>
<li>Major companies slated to report quarterly results after the close include Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>), Workday Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>), Ross Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROSS#NASDAQ">ROSS</a>), CAVA Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAVA#NYSE">CAVA</a>) and BILL Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BILL#NYSE">BILL</a>). </li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/esg/24/08/40512436/rivian-hits-rough-patch-production-halts-leadership-shake-ups-dent-stock">Rivian Hits Rough Patch: Production Halts, Leadership Shake-Ups Dent Stock</a></li>
</ul>
Photo: Shutterstock

BILL

INTU

NDSN

ROSS

SNOW

SNPS

WDAY

US Stocks Fall As Dollar, Treasury Yields Rise Ahead Of Fed's Jackson Hole; Oil Rebounds: What's Driving Markets Thursday?

Wall Street trimmed early session gains on Wednesday after official government data downwardly revised nonfarm payrolls by 818,000 from previous estimates between <a href="https://www.benzinga.com/markets/equities/24/08/40489714/traders-raise-bets-on-aggressive-rate-cuts-as-us-economy-sees-818-000-jobs-revised-away-7-etfs-r">April 2023 and March 2024. </a>This adjustment suggests that the labor market&#8217;s strength was not as robust as investors had initially believed.
By midday trading in New York, major U.S. indices hovered slightly above the flatline, with both the S&amp;P 500 and the Nasdaq 100 adding mild gains after snapping an eight-day winning streak on Tuesday. Blue-chip stocks were flat, while small-cap stocks managed to rise by 0.6%.
Traders are now eagerly awaiting further insights on monetary policy from the minutes of the Federal Reserve Open Market Committee&#8217;s July meeting, scheduled for release at 2:00 p.m. ET.
Meanwhile, speculators have increased their expectations of a 50-basis-point rate cut in September, assigning a 32.5% probability to this scenario in response to the downward revisions of the annual nonfarm payrolls. Market participants are fully pricing in 100 basis points, equivalent to a full percentage point, in cuts by the end of the year.
The U.S. dollar is experiencing its fourth consecutive session of losses, while Treasury yields are dropping on the shorter end of the curve, with the policy-sensitive 2-year note seeing yields tumble by 6 basis points to 3.92%.
Gold is down slightly, off by 0.3%, while oil prices are down 1.2%, with West Texas Intermediate crude projected to close at its lowest levels since early February 2024.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) gained 1% but remains below the $60,000 mark.
<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>Russell 2000</td>
<td>2,152.99</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,606.52</td>
<td>0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,747.92</td>
<td>0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,818.92</td>
<td>0.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:38 p.m. </figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082124&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 0.2% higher to $559.67.</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;stalled at $408.62.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged 0.2% higher to $481.13.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.6% to $214.01.</li>
<li>The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) and The Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, both up by 0.9%. The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) lagged, down by 0.4%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) rallied over 12% on stronger-than-expected quarterly results. The retail giant also witnessed several analysts raising their price target on the stock. </li>
<li>Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) plummeted 13% after reducing revenue guidance for the fiscal year. </li>
<li>Other major companies reacting to earnings were TJX Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>) up 6.2%, Analog Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>), Dycom Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DY#NYSE">DY</a>), down 8.5%, Keysight Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEYS#NYSE">KEYS</a>), up 12%, Toll Brothers Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>), up 5.9% and Coty Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COTY#NYSE">COTY</a>), up 6.1%. </li>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) rose 1.4% after announcing to halt production of an all-electric three-row SUV. </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/08/40472834/emerging-market-bonds-climb-to-over-2-year-high-driven-by-weaker-dollar-feds-interest-rate-shift">Emerging Market Bonds Climb To Over 2-Year High Driven By Weaker Dollar, Fed&#8217;s Interest Rate Shift</a></li>
</ul>
Photo: Shutterstock

COTY

KEYS

Stocks Trim Gains On Slower Jobs Growth, Dollar Falls Ahead Of Fed Minutes; Target Rallies, Macy's Tumbles: What's Driving Markets Wednesday?

The U.S. labor market&#8217;s seemingly gravity-defying growth has been tempered by revisions to employment gains from April <a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40487711/us-economy-adds-818-000-fewer-jobs-than-initially-reported-urgency-for-interest-r">2023 to March 2024.</a>
The American economy has seen 818,000 nonfarm payrolls, previously reported in official government statistics, vanish into thin air.
This downward revision reduces the average monthly job gains to around 175,000, down from the originally reported 242,000.
The most significant declines occurred in professional and business services (-358,000 for the year), leisure and hospitality (-150,000), retail trade (-129,000), and manufacturing (-115,000).
On the other hand, there were upward revisions in private education and health services (+87,000) and transportation and warehousing (+56,400).
The immediate takeaway from this data is that the U.S. labor market was not as hot as initially perceived, although job gains have still been solid, amounting to approximately 2.1 million annually through March 2024.
<h3 class="wp-block-heading">Market Reactions: Dollar Falls As Rate-Cut Bets Increase, While Utilities, Gold Miners Rally</h3>
The downward revision to annual payroll data has heightened expectations for aggressive Fed rate cuts, with speculators increasingly betting on a 50-basis-point cut in September. According to the CME Group Fed Watch tool, the probability of this outcome has risen to 34.5%, up from 29% the previous day.
Traders are now fully pricing in that the federal funds rate will approach 4.25%-4.5% by the end of the year, implying a full percentage point cut from current levels.
This shift in interest rate expectations triggered a negative reaction in the U.S. dollar, with the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) erasing earlier gains.
In contrast, gold prices reacted positively following the release, although the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) remained in negative territory at 11:20 a.m. ET, down 0.2%.
Growth-sensitive commodities like oil declined, with the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) falling more than 1% after the data release, and down 0.3% for the day.
While the S&amp;P 500 remained largely unchanged, notable sector movements emerged. The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) dropped sharply following the data release, while the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) and Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) saw gains.
Within industries, gold miners experienced a turnaround, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) flipping from session losses to gains.
<h3 class="wp-block-heading">Chart: 7 ETFs React To The Downward Revision In Employment Statistics</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="507" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185-1024x507.png" alt="" class="wp-image-506595" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185-1024x507.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185-300x148.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185-768x380.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185-1536x760.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/21113422/image-185.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=BZprocontent082124&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40469009/a-bar-of-pure-gold-is-now-worth-1-million-what-can-it-buy-you">A Bar Of Pure Gold Is Now Worth $1 Million: What Can It Buy You?</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

PowerShares DB US Dollar Index Bullish Fund

Traders Raise Bets On Aggressive Rate Cuts As US Economy Sees 818,000 Jobs Revised Away: 7 ETFs React To Employment Data

After a blistering Thursday that saw the S&amp;P 500 close with its best session in nearly two years — up 2.3% — Wall Street&#8217;s price action turned sluggish on a Friday lacking <a href="https://www.benzinga.com/topic/interest-rates">market-moving economic events.</a>
By midday in New York, major indices were slightly positive or hovering around the flat line, signaling a slowdown in the bullish sentiment compared to the previous session.
Since the beginning of the week, the S&amp;P 500 is down 0.5%, with a few hours of trading left to determine whether the U.S. stock market can avoid closing in the red for the fourth consecutive week.
Meanwhile, there's a renewed demand for long-dated U.S. Treasury bonds, with yields declining by about 6 basis points on both the 10-year and 30-year notes. As a result, the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rallied 1%, snapping a three-session losing streak.
The dollar slightly weakened, slipping 0.5% against the Japanese yen after three consecutive days of gains.
Traders now see nearly equal odds of a 50-basis-point or a 25-basis-point rate cut by the Federal Reserve in September, according to the CME Group&#8217;s FedWatch tool.
In commodities, oil is up 0.7%, with West Texas Intermediate (WTI) light crude poised for its third consecutive session of gains.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) plunged 2% after rallying nearly 12%, marking its best-performing day since February 2022.
<h1 class="wp-block-heading">Friday&#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>S&amp;P 500</td>
<td>5,329.24</td>
<td>0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,426.22</td>
<td>0.1 %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,435.12</td>
<td>0.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,075.91</td>
<td>-0.5%</td>
</tr>
</tbody>
</table>
</figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent080924&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 0.2% to $531.66.</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;was flat at $394.74.</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 $448.94.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.5% to $205.88.</li>
<li>The Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, up by 0.4%. The Industrial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down by 0.2%.</li>
</ul>
<h1 class="wp-block-heading">Friday&#8217;s Stock Movers</h1>
<ul>
<li>Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) climbed 1.5%, building on the previous day&#8217;s 11% surge following the announcement of a partnership with Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) to deliver advanced cloud, artificial intelligence, and analytics capabilities to U.S. defense and intelligence agencies. Shares of Palantir are on track to close at the highest level since February 2021.</li>
<li>Eli Lilly &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) surged over 6% after several investment banks raised their price targets, following a strong earnings report last quarter. </li>
<li>Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) declined over 1% after revealing plans for thousands of job cuts, marking its second round of layoffs this year, as the company redirects its focus toward fast-growing sectors such as cybersecurity and artificial intelligence, Reuters reported.</li>
</ul>
Stocks reacting to company earnings are:
<ul>
<li>Akamai Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) up 10%,</li>
<li>CarGurus, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARG#NASDAQ">CARG</a>) up 18%, </li>
<li>Dropbox, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBX#NASDAQ">DBX</a>) up 2.3%,</li>
<li>elf Beauty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) down 15%,</li>
<li>Evergy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVRG#NASDAQ">EVRG</a>) down 0.7%,</li>
<li>Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>) up 9%,</li>
<li>Five9, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVN#NASDAQ">FIVN</a>) down 26%,</li>
<li>Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>) down 3%,</li>
<li>Insulet Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PODD#NASDAQ">PODD</a>) down over 7%,</li>
<li>New Fortress Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFE#NASDAQ">NFE</a>) down 26%,</li>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) up 0.5%,</li>
<li>Take-Two Interactive Software, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>) up 2.5%,</li>
<li>Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) up 9.7%,</li>
<li>Unity Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>) up 11%,</li>
<li>Yelp Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YELP#NYSE">YELP</a>) up 2.6%. </li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40284699/wall-street-shifts-to-bossing-the-fed-into-big-rate-cuts-after-bank-of-japans-polic">Wall Street Shifts To &#8216;Bossing The Fed Into Big Rate Cuts&#8217; After Bank Of Japan&#8217;s Policy U-Turn, Analyst Says</a></li>
</ul>
Photo: Shutterstock

AKAM

CARG

CSCO

EVRG

EXPE

FIVN

GILD

PLTR

PODD

SATS

TTWO

YELP

Wall Street Momentum Stalls After Thursday's Rally, Palantir Jumps To 3-Year Highs, Bonds Rally: What's Driving Markets Friday?

Investor risk sentiment is showing greater conviction on Thursday, with all indices and major stock sectors in the green, after Wall Street failed to hold onto opening gains and closed in the <a href="https://www.benzinga.com/markets/equities/24/08/40237781/wall-street-ends-wednesday-in-the-red-as-risk-sentiment-remains-fragile-s-p-500-movers-at-the-cl">red the previous day.</a>
Weekly jobless claims numbers, which came in at 233,000 last week — a significant drop from the previous 250,000 and below the expected 240,000 — <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/08/40251833/weekly-unemployment-claims-decline-more-than-expected-cool-recession-concerns-stocks-r">helped ease recession fears. </a>
Additionally, the notable decline in weekly claims in Texas suggests that a one-off event like Hurricane Beryl might have contributed to the increase in claims and the July unemployment rate, thus alleviating fears of a more structural trend.
Technology stocks are leading the charge, with the Nasdaq 100 showcasing a 2.2% rally. Among tech stocks, semiconductors are shining, with AI-linked trade back on track after significant <a href="https://www.benzinga.com/markets/equities/24/08/40259139/tech-stocks-rally-after-5-day-slump-as-recession-panic-eases-nasdaq-100-movers-to-watch-thursday">sell-offs in recent days.</a>
The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) rallied 5.7%, returning above its 200-day moving average after falling below it last Friday. Industrial, consumer discretionary and energy stocks are also posting significant gains.
The dollar continues its recovery against the Japanese yen after being hit by the unwinding of the carry trade until Monday. The dollar-yen exchange rate is looking at its third consecutive day of gains, continuing to reflect the dovish remarks made by the <a href="https://www.benzinga.com/markets/asia/24/08/40223986/traders-resume-yen-dollar-carry-trade-as-bank-of-japan-pledges-no-rate-hikes-during-market-volatilit">Bank of Japan on Wednesday.</a>
Bonds, which alongside the yen were favored during past sessions marked by recession fears, are now retracing as yields rise across the Treasury curve. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) tumbled by 0.8% on Thursday, eyeing its third straight session of declines. The yield on the 10-year Treasury note surged by 5 basis points to 4%.
Commodities are showing solid gains, with gold and silver up by 1.5% and 3.5%, respectively. Oil is up 0.8%, with West Texas Intermediate (WTI) light crude returning above the $75 per barrel level.
Cryptocurrencies are soaring, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) posting a 7.9% daily gain, on track for its best session in about three months.
<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>18,267.70</td>
<td>2.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,285.21</td>
<td>1.6%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,063.97</td>
<td>1.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,231.86</td>
<td>1.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:44 p.m. ET</figcaption></figure>
<h1 class="wp-block-heading">According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent080824&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:</h1>
<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 1.7% to $527.46.</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;increased by 1.2% to $392.63.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) soared 2.4% to $445.17.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) gained 1.7% to $205.38.</li>
<li>All the sectors of the S&amp;P 500 saw gains, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) leading the way, up by 2.8%. The more defensive Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) witnessed the lowest surge, up by 0.4%.</li>
</ul>
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
Technology stocks rallying on improved risk sentiment are: 
<ul>
<li>Arm Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) up 7.8%,</li>
<li>ON Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) up 7.1%,</li>
<li>Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) up 6.2%,</li>
<li>Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) up 6.1%,</li>
<li>KLA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>) up 6%, </li>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) up 5.9%</li>
</ul>
Stocks moving on earnings reports are: 
<ul>
<li>AppLovin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) up 9.9%</li>
<li>Blink Charging Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLNK#NASDAQ">BLNK</a>) down 17%</li>
<li>Bumble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMBL#NASDAQ">BMBL</a>) down 31%</li>
<li>Cars.com Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARS#NYSE">CARS</a>) down 6%</li>
<li>CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>) up 7.2%</li>
<li>Fastly, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSLY#NYSE">FSLY</a>) down over 17%</li>
<li>Forward Air Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FWRD#NASDAQ">FWRD</a>) up nearly 22%</li>
<li>Hanesbrands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBI#NYSE">HBI</a>), up 15%</li>
<li>HubSpot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUBS#NYSE">HUBS</a>) up 2.8%</li>
<li>Krispy Kreme, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DNUT#NASDAQ">DNUT</a>) up 14,</li>
<li>Marathon Oil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) up 1.2%</li>
<li>Monster Beverage Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>) down 11%</li>
<li>Papa John&#8217;s International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PZZA#NASDAQ">PZZA</a>) up 2.5%</li>
<li>PENN Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) up 7%</li>
<li>Plug Power Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) down 0.5%</li>
<li>Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) up 2.3%</li>
<li>Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) up 2.22%</li>
<li>Under Armor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UA#NYSE">UA</a>) up 18%</li>
<li>Viasat, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSAT#NASDAQ">VSAT</a>) up nearly 37%</li>
<li>Warner Bros. Discovery, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) down nearly 9%</li>
<li>Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>) up nearly 19%. </li>
</ul>
Those reporting after the close are Akamai Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>), CarGurus, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARG#NASDAQ">CARG</a>), Dropbox, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBX#NASDAQ">DBX</a>), elf Beauty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>), Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>), Five9, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVN#NASDAQ">FIVN</a>), Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Insulet Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PODD#NASDAQ">PODD</a>), Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>), Take-Two Interactive Software, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>), Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>), Unity Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>), and Yelp Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YELP#NYSE">YELP</a>).
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40257259/robinhood-is-doing-everything-right-analysts-focus-on-new-products-traders-taking-m">Robinhood Is Doing &#8216;Everything Right&#8217;: Analysts Focus On New Products, Traders Taking Market Share From Competitors</a></li>
</ul>
Photo: Shutterstock

BLNK

BMBL

CARS

CYBR

DNUT

FSLY

FWRD

HOOD

HUBS

KLAC

MCHP

MNST

MRVL

PENN

PLUG

PZZA

SMCI

VSAT

Wall Street Rallies As Economic Concerns Recede, Tech Flexes Its Muscles, Semiconductors Soar: What's Driving Markets Thursday?

Duke Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>) shares are trading higher after the company reported&nbsp;second-quarter&nbsp;FY24 adjusted EPS&nbsp;of&nbsp;$1.18, up from&nbsp;$0.91 a year ago,<a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40183172/duke-energy-reports-second-quarter-2024-financial-results" rel="noreferrer noopener"> beating&nbsp;the consensus of&nbsp;$1.02</a>.&nbsp;
Revenues of&nbsp;$7.17 billion exceeded the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of&nbsp;$6.61 billion</a>.&nbsp;
Electric Utilities and Infrastructure&#8217;s adjusted segment income rose to&nbsp;$1.12 billion from&nbsp;$850 million a year ago.&nbsp;Quarterly results improved mainly due to rate increases, higher sales volumes, and better weather.
On the other hand, the adjusted segment income of Gas Utilities and Infrastructure fell to&nbsp;$6 million from&nbsp;$25 million a year ago due to higher expenses.
At the end of the quarter, operating cash flow stood at&nbsp;$5.43 billion, and cash and equivalents stood at&nbsp;$390 million.&nbsp;
Lynn Good, Duke Energy chair and chief executive officer, said, &#8220;We&#8217;ve had an excellent first half of the year, delivering on grid and generation investments and collaborating with stakeholders to advance the energy transition across our jurisdictions.&#8221;
&#8220;We have clear growth visibility driven by our $73 billion capital plan. Our fully regulated portfolio combined with our track record of constructive regulatory outcomes has us well positioned to deliver value for our customers, communities and shareholders.&#8221;
FY24&nbsp;Outlook Reaffirmed: Duke Energy expects adjusted EPS of&nbsp;$5.85-$6.10&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">vs consensus of&nbsp;$5.97</a>.
The company also reaffirmed its long-term adjusted EPS growth of&nbsp;5%-7% through 2028 vs.&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38672884" rel="noreferrer noopener">the 2024 midpoint of&nbsp;$5.98</a>.&nbsp;
Investors can gain exposure to the stock via&nbsp;SPDR Select Sector Fund – Utilities&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) and&nbsp;Fidelity MSCI Utilities Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUTY#NYSE">FUTY</a>).
Price Action: DUK shares are up 1.81% at $113.02 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Guidance

Utility Giant Duke Energy Gains On Q2 Success: CEO Hails 'Clear Growth Visibility'

The More It Underperforms, The More I Buy

XLU tops S&P 500 sector performers in Q3 fueled by AI; GEV, VST, CEG among gainers, CNP lags

Weekly ETF flows: investors pump $19.8B in SPY at the end of Q3

Top movers as S&P 500 clocks another quarter of growth

Comments

SPDR Select Sector Fund - Utilities

Actualités

Dernières nouvelles pour SPDR Select Sector Fund - Utilities (ARCA:XLU)

Notizie

PARTENAIRE / CONTRIBUTEUR

BENZINGA MONDIAL