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The fund employs a sampling strategy, which means that the fund is not required to purchase all of the securities represented in the index. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index is designed to represent the performance of some of the largest companies across components of the 19 EURO STOXX Supersector Indexes. The EURO STOXX Supersector Indexes are subsets of the EURO STOXX Index.

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독립기념일을 맞아 미국 시장이 휴장하면서 목요일 유럽 주식과 통화가 상승해 현재 진행 중인 영국 총선에도 불구하고 위험 회피 기미가 보이지 않았다.
노동당은 14년 연속 보수(토리당) 집권을 끝내고 압승을 거둘 것으로 예상된다. 선거를 앞두고 노동당은 보수당을 상대로 약 20%포인트 앞섰다.

영국 선거 결과에 앞서 영국 파운드와 유럽 주식 시장이 상승, 비트코인은 하락

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European markets sank on Tuesday and U.S. stock futures followed suit, weighed down by escalating geopolitical tensions after Russian President Vladimir Putin revised the country&#8217;s nuclear doctrine to broaden the conditions <a href="https://www.benzinga.com/topic/vladimir-putin">for deploying atomic weapons. </a>
Putin's move to ease the threshold for nuclear strikes came just a day after the White House authorized Ukraine to deploy American-made long-range ATACMS missiles deep into Russian territory. 
The Euro STOXX 50, as tracked by the SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), and STOXX 600 indices dropped 1.2% and 0.8%, respectively, both tracking toward their lowest closing levels since mid-August.
<h3 class="wp-block-heading">Putin Expands Nuclear Doctrine Amid US-Backed Ukrainian Strike</h3>
On Tuesday, Ukraine reportedly carried out its first ATACMS strike on a military facility near Karachev in Russia&#8217;s Bryansk region, about 70 miles from Ukraine, according to reports by <a href="https://newsukraine.rbc.ua/news/us-officially-allows-ukraine-to-to-strike-1732012491.html">RBC Ukraine</a>.
RBC Ukraine cited a Defense Forces source confirming a successful strike, marking the first time these long-range missiles were used in such a capacity. Russia acknowledged the attack.
&#8220;Indeed, for the first time, we used ATACMS to strike Russian territory. The strike was carried out against a facility in the Bryansk region, and it was successfully hit,&#8221; the source reported.
On Monday, the previous day, U.S. Under Secretary of State for Western Hemisphere Affairs Brian A. Nichols officially confirmed that the White House had given Ukraine approval to use long-range weapons to target Russian territory.
<h3 class="wp-block-heading">European Markets React: Euro, Bank Equities Drop</h3>
The geopolitical developments triggered a sharp selloff across European equities. In Poland, the WIG20 stock index plunged 2.5%, reflecting the country's proximity to the conflict and heightened exposure to regional risks. 
European banks also bore the brunt of the downturn, with the banking index slipping 2.2%. Among the hardest-hit financial institutions were CaixaBank SA (OTCPK: CAIXY), which sank 5.1%, FinecoBank Spa (OTCPK: FCBBF), down 4.2%, and Unicredito Spa (OTCPK: UNCFF), which dropped 3.3%.
The euro also came under pressure, falling 0.3% to hover at $1.0550 against the U.S. dollar, as traders sought safety in the greenback amid mounting geopolitical risks.
<h3 class="wp-block-heading">Flight To Safety: Bonds, Gold Shine</h3>
Heightened geopolitical risks spurred demand for safe-haven assets. Yields on long-dated U.S. Treasuries fell by 4-5 basis points, lifting bond prices. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) could see strong gains following this move.
Gold surged 1%, building on a 1.9% rally from the previous session, as investors sought shelter from rising uncertainties.
<h3 class="wp-block-heading">US Premarket Action</h3>
U.S. equity futures mirrored the cautious sentiment overseas, with Dow Jones Industrial Average futures down 0.4%, S&amp;P 500 futures declining 0.3%, and Nasdaq 100 futures slipping 0.1%. 
Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) surged over 3% in premarket trading after reporting stronger-than-expected quarterly earnings. 
Among defense stocks, Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) gained 0.9%, while Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) fell by the same margin.
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Putin Revises Nuclear Doctrine For Broader Strikes After US-Backed Ukrainian Attack: Markets Drop, Bonds Gain

Gold futures climbed 1.6% on Monday morning in New York, on track to snap a <a href="https://www.benzinga.com/markets/commodities/24/11/42036300/go-for-gold-says-goldman-sachs-precious-yellow-metal-price-would-rise-in-2025-amid-central-bank-buying-fed-rate-cuts">six-session losing streak</a>.
The yellow metal&#8217;s surge came on the heels of escalating rhetoric from Moscow after reports indicated that President Joe Biden had authorized Ukraine to launch strikes on Russian territory using American-made long-range missiles.
This marks a significant policy shift by the outgoing administration ahead of Donald Trump's January inauguration.
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Such strikes would represent "a qualitatively new round of tension" with the U.S., Dmitry Peskov, a spokesperson for Russian President Vladimir Putin, said per Reuters.
In September, Putin had already declared that the U.S.&#8217;s allowing Ukraine to fire Western missiles into Russian territory would mean NATO's direct participation in the war.
On Monday, Peskov reiterated this stance, accusing the Biden administration of &#8220;adding fuel to the fire&#8221; as its term winds down.
Reports confirmed that thousands of North Korean troops have been deployed to Russia's Kursk region to aid Moscow's forces following a Ukrainian incursion.
The rally in gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), mirrored gains across the broader commodity complex, with oil and natural gas prices also advancing.
Futures on West Texas Intermediate (WTI) crude oil rose 0.8%, while Henry Hub U.S. natural gas futures surge by nearly 4% amid concerns over energy disruptions in Europe.
On Saturday, Gazprom, the state-controlled Russian natural gas giant, halted supplies to Austria, heightening fears of energy shortages in Europe as the winter season approaches. The decision followed Friday's rare hour-long phone call between German Chancellor Olaf Scholz and Putin, their first direct communication in nearly two years.
<h3 class="wp-block-heading">Risk-Off Sentiment Hits European Markets</h3>
The heightened geopolitical risks weighed on European equities Monday. 
The Euro Stoxx 50, broadly tracked by the SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), fell 0.7%, while Italy's FTSE MIB, tracked by the iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>), was the hardest hit among major indices, sliding 1%. 
A hour ahead the Wall Street market open, futures on major U.S. indices hovered near flat, signaling caution among investors hesitant to buy the dip after last week&#8217;s declines.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 index, fell a combined 1.9% on Thursday and Friday as hawkish comments from Fed Chair Jerome Powell and uncertainty surrounding Donald Trump&#8217;s potential economic policies dampened investor sentiment.
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</ul>
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Gold, Natural Gas Prices Rally As US-Russia Tensions Escalate Over Ukraine's Long-Range Strikes

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Shares of Europe-related ETFs are trading lower after Donald Trump wins the 2024 presidential election.

The European Central Bank (ECB) kept its key interest rates unchanged at its July meeting, <a href="https://www.benzinga.com/markets/eurozone">aligning with market expectations.</a>
The Governing Council did not provide specific guidance on future policy, stating they were &#8220;not pre-committing to a particular rate path,&#8221; slightly chilling market expectations which are heavily betting on a September rate cut.
The deposit rate remains at 3.75%, the refinancing rate at 4.25%, and the marginal lending rate at 4.5%. These rates were previously reduced by 25 basis points during the June meeting, marking the first rate cut by the ECB since 2019.
Domestic Price Pressures, Services Inflation Remain Elevated
Although some measures of underlying inflation ticked up in May due to one-off factors, most metrics were either stable or edged down in June. The inflationary impact of high wage growth has been mitigated by profits, and monetary policy continues to keep financing conditions restrictive, according to Frankfurt. 
However, &#8220;domestic inflation remains high. Wages are still rising at an elevated rate, making up for the past period of high inflation,&#8221; ECB President Christine Lagarde stated.
Services inflation is considered elevated, and headline inflation is likely to stay above the ECB&#8217;s target well into next year.
Meeting By Meeting, Data-Dependent Approach
&#8220;The risks to economic growth are tilted to the downside. A weaker world economy or an escalation in trade tensions between major economies would weigh on euro area growth,&#8221; Lagarde said. 
The ECB remains determined to ensure that inflation returns to its 2% medium-term target in a timely manner. European policymakers stated they will keep policy rates sufficiently restrictive for as long as necessary to achieve this goal, following a data-dependent and meeting-by-meeting approach.
Market Reactions
The euro, as tracked by the Invesco CurrencyShares Euro Currency Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>), held broadly steady against the U.S. dollar at 1.0930. 
European equity markets rose Thursday, with the broader Euro STOXX 50 Index, as tracked by the SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), rose 0.7%. France was the top performer among major European countries, with the CAC 40 index, as monitored through the iShares MSCI France Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>), rising 0.9%. 
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European Central Bank Holds Interest Rates Unchanged, Keeps Markets Guessing On September Rate Cut

With U.S. markets closed for Independence Day, European stocks and currencies rose on Thursday, showing no signs of risk aversion despite the ongoing <a href="https://www.benzinga.com/markets/eurozone/24/05/39048040/uk-election-how-it-works-and-which-markets-could-be-affected">UK legislative elections</a>.
The Labour Party is expected to achieve a landslide victory, ending 14 consecutive years of Conservative (or Tories) leadership. Heading to the elections, the Labour Party led by about 20 percentage points against Tories. 
Polls closed at 5:00 p.m. Thursday, with results expected later tonight. As of 6:00 p.m. EST, the New York Times <a href="https://www.nytimes.com/live/2024/07/04/world/uk-election-results">reported</a> that a nationwide exit poll showed that the Labour Party&#8217;s leader, Keir Starmer, was likely to become prime minister.
<h3 class="wp-block-heading">UK Stocks And Sterling</h3>
Ipek Ozkardeskaya, an analyst at Swissquote Bank Ltd, outlined two likely scenarios: a strong Labour majority with 150 seats — nearly double Boris Johnson&#8216;s 80-seat majority in 2019 — or a super majority with 250 seats. 
Both outcomes would enable Labour to enact significant reforms in the UK.
&#8220;Even investors want to see Labour take over the reins this time,&#8221; she remarked.
Analysts perceive a Labour victory as positive for UK stocks and sterling. Ozkardeskaya highlighted that small and medium-sized British stocks will benefit more than the FTSE 100, which is heavily influenced by global market dynamics.
On Thursday, the FTSE 100 Index rose over 1%, marking its second consecutive day in the green. Smith &amp; Nephew led gains, up 7.6% following Cevian Capital&#8216;s acquisition of a 5% stake. Bunzl and Melrose each rose by 2.9%, while Barclays plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) led the banking sector with a 2.1% increase.
The British pound, tracked by the Invesco CurrencyShares British Pound Sterling ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXB#NYSE">FXB</a>), edged 0.2% higher, marking its sixth consecutive session of gains. The euro saw similar performance.
<h3 class="wp-block-heading">Other Movers On Thursday</h3>
The dollar weakened against all major currencies, with the Japanese yen gaining 0.3% against the greenback.
Confidence that Marine Le Pen&#8216;s far-right National Rally will not obtain an absolute majority at the second round of French elections this Sunday buoyed other European markets.
The French CAC 40 index rose 0.8%, as did the Italian FTSE Mib, while the German DAX inched 0.4% higher.
The broader Euro STOXX 50 Index, tracked by the SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), closed 0.4% higher, notably surging above the key 50-day moving average for the first time since June 13.
Chart: Euro STOXX 50 Index Closes Above 50-Day Average
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7-1024x500.png" alt="" class="wp-image-420262" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
In commodities markets, copper rallied 0.9%, marking its fifth straight positive session. Gold rose 0.2%, while silver fell 0.2%.
Oil prices showed robust gains, with West Texas Intermediate (WTI) light crude futures climbing to $84, up 0.8%.
Cryptocurrencies were the weakest market segment:
<ul>
<li>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) down 3.8%</li>
<li>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) down 4.1%</li>
<li>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) down 5%</li>
<li>Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) down 5.1%</li>
<li>Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) down 5.4%.</li>
</ul>
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Image: Pixabay

British Pound, European Stocks Surge Ahead Of UK Election Results; Bitcoin Plummets: What's Driving Markets Thursday?

Joseph M. Terranova of Virtus Investment Partners picked Datadog, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>) as his final trade on the Thursday edition of CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/06/12/final-trades-datadog-uber-the-fez-and-the-spgi.html">Halftime Report Final Trades</a>.&#8221; 
On May 7, Datadog clocked fiscal first-quarter revenue growth of 27% year-on-year to $611.3 million. The company beat the analyst consensus estimate of $591.3 million. Adjusted EPS of 44 cents beat the analyst consensus estimate of 35 cents.
Anastasia Amoroso of iCapital named SPDR EURO STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), saying she likes Europe where growth is rebounding nicely. &#8220;I feel like everyone is going Europe <a href="https://www.benzinga.com/quote/FEZ">this summer,&#8221; she added</a>.
Stephen Weiss of Short Hills Capital Partners picked Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>). He still think it can recover, adding that it's a safe stock in a volatile market.
On May 23, Uber announced a new partnership with Lightspeed Commerce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LSPD#NYSE">LSPD</a>). The company has announced a new North American partnership to integrate Uber Direct and Uber Eats marketplace into Lightspeed's platform. Lightspeed offers a one-stop commerce platform empowering merchants to provide the <a href="https://www.benzinga.com/news/24/05/38991195/whats-going-on-with-uber-technologies-stock">best omnichannel experiences</a>.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Karen Firestone of Aureus Asset Management named S&amp;P Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPGI#NYSE">SPGI</a>) as her final trade.
On April 25, S&amp;P Global reported quarterly earnings of $4.01 per share which beat the analyst consensus estimate of $3.66 by 9.56%. Quarterly sales came in at $3.49 billion, beating the analyst consensus estimate of $3.42 billion and representing a 10.47% increase year-over-year.
Price Action:
<ul>
<li>SPDR EURO STOXX 50 ETF gained 1.8% during Wednesday's session.</li>
<li>Uber shares rose 5.1% to close at $73.15 on Wednesday.</li>
<li>S&amp;P Global shares gained 2.7% to settle at $440.25 during Wednesday's session.</li>
<li>Datadog gained 3.7% to close at $119.11 on Wednesday.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/24/06/39291315/wall-streets-most-accurate-analysts-spotlight-on-3-health-care-stocks-delivering-high-dividend-yield">Wall Street&#8217;s Most Accurate Analysts Spotlight On 3 Health Care Stocks Delivering High-Dividend Yields</a>
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Datadog, Uber, S&P Global And More: CNBC's 'Final Trades'

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CNBC Halftime Report Final Trades: Uber Technologies, S&P Global, Datadog, SPDR DJ Euro STOXX 50 ETF

Ferrari NV&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAVA#NYSE">DAVA</a>) CEO Benedetto Vigna has enormous expectations from its electric supercar debut, similar to&nbsp;those of&nbsp;its existing blockbuster combustion-engine models.
The company looks to launch its electric vehicle in the fourth quarter of 2025, Bloomberg Television&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-23/ferrari-on-track-to-make-its-first-ev-a-success-ceo-says?srnd=homepage-americas&amp;sref=TBDibEcD" rel="noreferrer noopener">cites</a>&nbsp;Vigna in an interview on Thursday.
The premium automotive sector is exploring options to lower emissions following a decline in EV demand and government subsidies.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38273486/teslas-chinese-rival-byd-dives-into-luxury-suv-market-unveiling-super-3-and-bao-8-models-to-riva" rel="noreferrer noopener">Tesla&#8217;s Chinese Rival BYD Dives Into Luxury SUV Market, Unveiling Super 3 And Bao 8 Models To Rival Jaguar Land Rover</a>
Ferrari is building a new factory in Maranello, Italy, for hybrid and electric supercars, which it is looking to showcase in late June.&nbsp;
The company also launched a new laboratory to research lithium battery cells in April.
According to Vigna, Ferrari looks to reinterpret the sound an electric motor makes for its first EV.&nbsp;
Vigna expressed customer interest in its first EV from varied age groups, including those younger than 50 and some higher age groups.
Ferrari reported&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38669637/why-are-luxury-sports-car-maker-ferraris-shares-driving-lower-today" rel="noreferrer noopener">fiscal first-quarter 2024</a>&nbsp;sales growth of 11% year-on-year to $1.72 billion (1.585 billion euros) in May, beating the analyst consensus of $1.71 billion (1.572 billion euros). Total shipments remained firm at 3,560 units. EPS of 1.95 euros beat the&nbsp;consensus estimate of 1.85 euros.
Ferrari expects fiscal 2024 net revenues&nbsp;of over 6.4 billion euros, against an&nbsp;estimate of&nbsp;6.56 billion euros. The company expects fiscal 2024 adjusted EPS&nbsp;of&nbsp;a minimum of 7.50 euros, against an estimate of 7.77 euros.&nbsp;
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/23074230/newplot-20.png" alt="" class="wp-image-352274" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/23074230/newplot-20.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/23074230/newplot-20-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Ferrari&nbsp;stock gained over 43% in the last 12 months.&nbsp;Investors can gain exposure to the stock via&nbsp;SPDR DJ&nbsp;Euro STOXX 50 Etf&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) and&nbsp;SPDR Portfolio&nbsp;Developed World Ex-US ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPDW#NYSE">SPDW</a>).
Meanwhile, key EV maker&nbsp;Tesla Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reported&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38390883/tesla-q1-earnings-highlights-ev-giant-misses-wall-street-estimates-makes-cost-cuts-invests-in-ai-sp" rel="noreferrer noopener">first-quarter deliveries</a>&nbsp;and production were 386,810 units and 433,371 units, respectively, down year-over-year and sequentially. The figures were also below analyst estimates.
Price Action: RACE shares were trading higher by 0.76% at $418.20 premarket&nbsp;at the last check on Thursday.
Also Read: <a href="https://www.benzinga.com/news/24/05/38970599/teslas-ai-investments-and-upcoming-shareholder-vote-would-determine-future-growth-morgan-stanley-ana" target="_blank" rel="noreferrer noopener">Tesla&#8217;s AI Investments and Upcoming Shareholder Vote Would Determine Future Growth: Morgan Stanley Analyst</a>
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Ferrari Aims to Challenge Tesla with Launch of Electric Supercar in 2025

Europe ETFs are trading higher amid overall market strength after Fed Chair Powell said it is unlikely that the next policy rate move would be a rate hike.

Shares of Europe-related ETFs are trading lower amid weakness in US markets following hotter-than-expected March inflation data, which has weighed on global markets.

U.S. stocks are trading at more expensive valuations compared to European equities. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) carries a forward Price-to-Earnings (P/E) ratio of 21x, standing 50% higher than the SPDR EURO STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>).
Bank of America analysts Ohsung Kwon and Savita Subramanian suggested the initial sticker shock from the S&amp;P 500&#8217;s valuation may not <a href="https://www.benzinga.com/topic/expert-ideas">tell the whole story.</a>
&#8220;We hear &#8216;the S&amp;P 500 is egregiously expensive vs. Europe.&#8217; At first glance, it is true,&#8221; analysts wrote.
Yet, the valuation premium of U.S. stocks over European equities is not as straightforward as it appears. Once adjusted for sector composition and taking into account growth differentials, energy security and the potential from the AI investment cycle, the premium is largely justifiable.
<h1 class="wp-block-heading">US Stocks More Expensive Than European Ones? Here Is The Reason</h1>
According to their analysis, three-quarters of the S&amp;P 500&#8217;s valuation premium can be attributed to the index&#8217;s heavier weighting in asset-light sectors, such as Technology. Once adjusted for sector composition, the premium narrows to a mere 12%.
This adjusted premium is closely linked to the growth differentials between the U.S. and Europe. 
The current 12% premium implies that the U.S. economy is expected to outperform the European economy by 2.6 percentage points this year, aligning closely with forecasts (+2.7% for the U.S. vs. +0.4% for Europe). 
Factors like energy security and geopolitical risks further contribute to a more stable growth outlook for the U.S., supporting the valuation premium.
The current premium of 12% implies the U.S. economy is outgrowing the European economy by 2.6ppt this year, just slightly higher than our house forecasts of +2.7% vs. +0.4%, respectively. Energy security in the U.S. is also a major advantage over Europe, especially with brewing geopolitical risks. 
&#8220;We believe the better (and likely more stable) growth outlook in the U.S. justifies the premium,&#8221; analysts said.
Moreover, a burgeoning AI investment cycle in the U.S. is anticipated to drive a robust earnings cycle over the next few years, with projections of +12% in 2024 and +10% in 2025. This contrasts with a more tepid outlook for Europe, where a 9% decline in earnings per share (EPS) is expected in 2024, followed by a modest 3% growth in 2025.
Historically, the S&amp;P 500 has demonstrated stronger and more stable earnings growth as compared to European stocks, with a 7.3% annual EPS growth over the past decade — nearly double Europe&#8217;s +3.8%/yr. The S&amp;P 500 has also seen lower earnings volatility, with the standard deviation of earnings growth dropping to 8% over the last decade, compared to 18% for Europe.
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Photo: Shutterstock

Why Are US Stocks More Expensive Than European Equities? Here Is What 'Justifies The Premium,' Analysts Reveal

European stock ETFs are higher following the ECB's meeting and rate decision.

Investors hoping for European Central Bank (ECB) President Christine Lagarde to signal a path towards interest rate cuts in 2024, in line with Federal Reserve Chair Jerome Powell&#8216;s previous day remarks, found themselves recalibrating these expectations following her hawkish <a href="https://www.benzinga.com/topic/europe">press conference on Thursday. </a>
At its final meeting of the year, the ECB opted to keep its key interest rates unchanged, marking the second straight hold and likely signaling that the end of the tightening cycle began in July 2022. However, the similarities with the Fed&#8217;s meeting ended there. 
While Powell subtly opened the door to future rate reductions, Lagarde&#8217;s narrative was decidedly different.
Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36227799/feds-unexpected-dovish-signals-spark-market-euphoria-economists-weigh-in">Fed&#8217;s Unexpected Dovish Signals Spark Market Euphoria: Economists Weigh In</a>
<h2 class="wp-block-heading">Lagarde Doesn&#8217;t Lower The Guard</h2>
&#8220;We should absolutely not lower our guard,&#8221; Lagarde asserted, countering the anticipations of market participants who were speculating on potential ECB rate cuts mirroring the Fed&#8217;s direction. 
She clarified that the ECB&#8217;s policy-making process did not entertain discussions on rate cuts and is not uninfluenced by market speculations or temporal pressures.
Lagarde stressed that the ECB will continue to be guided by a data-dependent approach in determining the appropriate level and duration of restrictions.
She stated that if the key ECB interest rates remain at their current levels for an extended period, they would &#8220;make a substantial contribution to the return of 2% inflation.&#8221;
&#8220;There&#8217;s a whole beach in between a hike and a cut&#8221; and that is a hold, Lagarde said. 
In conjunction with the decision to hold rates steady and provide a firm stance against future rate cuts, the ECB has also declared its intention to initiate active sales of securities acquired under the Pandemic Emergency Purchase Programme, proceeding at a pace of €7.5 billion monthly.
The ECB also unveiled its macroeconomic projections for the upcoming years. Headline inflation has been downwardly revised from prior estimates, with Frankfurt now expecting it to average 5.4% in 2023, 2.7% in 2024, 2.1% in 2025 and 1.9% in 2026.
Economic growth is expected to show a modest uptick from 0.6% in 2023 to 0.8% in 2024, leading up to 1.5% for 2025 and beyond.
<h2 class="wp-block-heading">Euro Strengthens, European Stocks Pause</h2>
After Lagarde&#8217;s remarks, the euro-dollar exchange rate, as tracked by the Invesco CurrencyShares Euro Currency Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>), rose to 101.52, up 1%. 
On the contrary, European equities flipped to the downside, likely impacted by the disappointing remarks regarding potential rate cuts. 
Currency-unhedged exchange-traded funds (ETFs) tracking European stocks such as the SPDR DJ Euro Stoxx 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), the Global X DAX Germany ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DAX#NASDAQ">DAX</a>), the iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>), and the MSCI France Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>), still managed to hold on minor gains for the sessions, aided by the strength of the euro. 
Now read: <a href="https://www.benzinga.com/markets/equities/23/12/36235965/with-fed-rate-cuts-on-the-horizon-equity-markets-soar-dollar-weakens-10-year-treasury-yield-fall">With Fed Rate Cuts On The Horizon, Equity Markets Soar, Dollar Weakens, 10-Year Treasury Yield Falls Below 4%</a>
Photo: Shutterstock

ECB President Lagarde Defies Powell's Dovish Stance: 'We Should Absolutely Not Lower Our Guard'

Kicking off the new month, Wall Street continued its strong November momentum, with major U.S. stocks rallying on Friday. 
The S&amp;P 500, Dow Jones, and Nasdaq indices are all set for their fifth consecutive week of positive movement. Investor optimism further improved, driven by growing speculation of Fed rate cuts in 2024, despite Fed Chair <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36047939/fed-chair-powell-remains-cautious-premature-to-declare-victory-on-inflation-prepa">Powell&#8217;s cautious remarks.</a>
The <a href="https://www.benzinga.com/markets/equities/23/12/36046529/us-manufacturing-suffers-13-month-contraction-streak-in-november-falling-short-of-forecasts">ISM manufacturing</a> activity slowed more than predicted in November, contributing to a marked drop in Treasury yields. 
According to CME Group Fed Watch tool, fed futures are currently anticipating the first interest rate cut in March 2024, with a probability of 60%. Furthermore, speculators are factoring in a total of five rate cuts by December 2024, with a probability of 72%.
The U.S. dollar index (DXY) fell 0.4%, partially erasing Thursday&#8217;s gain. Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), continued to shine, with the precious metal surging by 1.5% to reach $2,070 per ounce, coming tantalizingly close to its all-time highs.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.22%</td>
<td>15,984.29</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.61%</td>
<td>4,597.30</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.79%</td>
<td>36,202.42</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.24%</td>
<td>1,853.38</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust&nbsp;(ARCA: <a style="font-size: revert" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) rose 0.5% to $458.84. </li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) gained 0.7% to&nbsp;$362.69.&nbsp; </li>
<li>The Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) edged 0.29% higher to $390.00. </li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 2.5% to $184.17, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> </li>
</ul>
Chart Of The Day: S&amp;P 500 Index Notches 5th Week Of Gains, Tests July 2023&#8217;s Highs
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/01142757/SPX_2023-12-01_18-26-53_d1ef2-1024x723.png" alt="" class="wp-image-154039" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/01142757/SPX_2023-12-01_18-26-53_d1ef2-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/01142757/SPX_2023-12-01_18-26-53_d1ef2-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/01142757/SPX_2023-12-01_18-26-53_d1ef2-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/01142757/SPX_2023-12-01_18-26-53_d1ef2.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETF Performance</h2>
Each S&amp;P 500&#8217;s equity sector traded in the green on Friday. Real estate and materials, as tracked by the Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) and the Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>), were the notable gainers, up 1.7% and 1.5%, respectively. 
Technology underperformed, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) inching only 0.1% higher. Also the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) was a laggard, flat for the day. 
Industry-wise, regional banks, as tracked by the SPDR Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) rallied 4.7%. Semiconductors, as monitored through the VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>), were unchanged for the day.
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) fell about 5% following its quarterly results announcement. </li>
<li>Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) fell about 6% in reaction to its earnings. </li>
<li>Other stocks moving on earnings news are PagerDuty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PD#NYSE">PD</a>) (down 2%, Ulta Beauty, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ulta#NASDAQ">ULTA</a>) (up about 11%), and UiPath Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PATH#NYSE">PATH</a>) (up over 26%).</li>
<li>Pfizer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NASDAQ">PFE</a>) fell over 4%, hitting lows last seen in late March 2020, as the healthcare giant announced to halt trials of its weight loss drug, danuglipron, due to reported side effects among participants. </li>
<li>SoFi Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) rallied 7% after Cathie Wood&#8217;s decision to purchase $1.5 million worth of SOFI shares. </li>
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell 1% following lukewarm reception to its Cybertruck following Thursday&#8217;s delivery event.</li>
</ul>
<h2 class="wp-block-heading">Commodities, Other Global Equity Markets And Crypto</h2>
The United States Oil Fund, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks the performance of the light sweet crude, was 0.6% lower. 
European equity indices ended Friday positively. The SPDR DJ Euro STOXX 50 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) rose 0.7%. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 2.8% higher to $38,781, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) rose 1.9% to $2,093. 
Shanthi Rexaline contributed to this report.
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36049175/cybertruck-a-moonshot-for-tesla-divisive-new-ev-represents-5-of-revenue-zero-profit">Cybertruck A &#8216;Moonshot&#8217; For Tesla? Divisive New EV Represents 5% Of Revenue, Zero Profit In 2025 For Automaker: Analysts</a>

Bonds

Treasuries

Federal Reserve

AMBA

DELL

SPDR Dow Jones Industrial Average ETF Trust

MRVL

NVDA

OKTA

PATH

SNOW

SOFI

ULTA

VSCO

XLRE

Select Sector SPDR-Consumer Discretionary

ZUMZ

Stocks, Gold, Bonds Rally Further, Dollars Tumbles As Traders Anticipate Fed Cuts: What's Driving Markets Friday?

Thursday&#8217;s trading session on Wall Street presents a mixed picture, characterized by notable fluctuations in major indices. While tech-heavy benchmarks like the S&amp;P 500 and the Nasdaq 100 are experiencing declines, blue-chip stocks and small caps are treading the <a href="https://www.benzinga.com/markets">path of marginal gains.</a>
The market mood remains somewhat subdued in the wake of the Federal Reserve&#8217;s favored measure of inflation delivering a relatively uneventful report. 
The annual Personal Consumption Expenditures (PCE) inflation rate in the United States has eased to 3% in October 2023, aligning with analysts&#8217; expectations and reaching levels not observed since March 2021. This marks a decline from the previous September&#8217;s figure of 3.4%. Monthly, the PCE remained stagnant, coming in below the expected 0.1%. 
WTI crude oil prices experienced a highly volatile session, dropping to as low as $75 per barrel before recovering to $76.9 at the time of this writing. While the OPEC+ cartel collectively agreed to implement an additional 1 million barrel-a-day reduction in oil output, the details of individual member cuts are yet to be disclosed. Meanwhile, Brazil is set to become a member of the OPEC+ group starting from January 2024. 
Treasury yields saw an increase, and bond prices moved lower. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) fell 0.8%. The dollar surged 0.6%, aided by weaker-than-expected inflation in the euro area, rekindling speculations of ECB rate cuts next year. 
<h2 class="wp-block-heading">Performance Of US Stock Indices Thursday</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.77%</td>
<td>15,865.82</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.22%</td>
<td>4,550.21</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.79%</td>
<td>35,708.08</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.24%</td>
<td>1,808.05</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust&nbsp;(ARCA: <a style="font-size: revert" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) edged 0.1% down to $454.28. </li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.8% to&nbsp;$357.37.&nbsp; </li>
<li>The Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) fell 0.68% to $387.12. </li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.3% to $179.95, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> </li>
</ul>
Chart Of The Day: OPEC+ Fails To Boost Oil Prices
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30135844/USOILSPOT_2023-11-30_17-58-15_8a164-1024x723.png" alt="" class="wp-image-153323" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30135844/USOILSPOT_2023-11-30_17-58-15_8a164-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30135844/USOILSPOT_2023-11-30_17-58-15_8a164-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30135844/USOILSPOT_2023-11-30_17-58-15_8a164-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30135844/USOILSPOT_2023-11-30_17-58-15_8a164.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETF Performance</h2>
Sector-wise, financials and healthcare rose the most, with the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) and the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>), up 0.6% and 0.7%, respectively. 
Growth-linked sectors such as the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>), the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and the Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) were the underperformers, down 1.2%, 0.4% and 0.5%, respectively. 
Industry-wise, gains were concentrated in biotech companies, with the SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) up 2.5%
Semiconductors were the main laggard, with the VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) down 1.7%.
<h2 class="wp-block-heading">4,200 Points For S&amp;P 500 Index</h2>
Among the major investment firms that have released their outlooks for the U.S. stock market in 2024, JPMorgan Chase &amp; Co. stands out with a bearish stance. The firm&#8217;s analysts forecast a price target of 4,200 points for the S&amp;P 500 index, implying an 8% decline from current prices. 
JPMorgan&#8217;s view is rooted in valuations deemed excessively high relative to fundamentals and a pessimistic outlook on the earnings trend of American companies.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36029153/chilling-2024-s-p-500-outlook-why-jpmorgan-analysts-project-nightmare-scenario-for-">Chilling 2024 S&amp;P 500 Outlook: Why JPMorgan Analysts Project Nightmare Scenario For Stocks</a>
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>Stocks reacting to earnings include Okta, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>) (down over 4%), PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) (up over 7%), Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) (up over 6%), Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) (up over 5%), Zuora, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZUO#NYSE">ZUO</a>) (up nearly 9%), The Kroger Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>) (up over 2%) and Victoria&#8217;s Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>) (up over 16%). </li>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) fell over 3%, as company announced a weaker profit guidance due to UAW strikes. </li>
<li>Hewlett Packard Enterprise (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) rose nearly 2% after announcing on Thursday that it has broadened its partnership with chipmaker Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) to develop an enterprise computing solution tailored for generative artificial intelligence. The semiconductor giant fell 3.2%. </li>
<li>Those reporting after the market close include Ambarella, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMBA#NASDAQ">AMBA</a>), Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>), PagerDuty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PD#NYSE">PD</a>), Ulta Beauty, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>), UiPath Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PATH#NYSE">PATH</a>) and Zumiez Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>).</li>
</ul>
<h2 class="wp-block-heading">Commodities, Other Global Equity Markets And Crypto</h2>
The United States Oil Fund, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks the performance of light sweet crude, was 1.5% lower. 
Gold, as monitored through the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), inched 0.3% lower to $2,037/oz. Silver edged 0.9% higher to $25.23. 
European equity indices inched higher, aided by larger speculative bets on ECB rate cuts in 2024. However, the currency-unhedged SPDR DJ Euro STOXX 50 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) fell 0.4% as the dollar strengthened 0.6% against the euro. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 0.3% lower to $37,737, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) rose 0.5% to $2,039. 
Shanthi Rexaline contributed to this report.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/11/36027540/bitcoin-bull-run-ahead-novogratz-sees-return-to-all-time-highs">Bitcoin Bull Run Ahead: Novogratz Sees Return To All-Time Highs</a>

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S&P 500, Nasdaq Slip As Tech Underperforms, Oil Reacts to OPEC+: What's Driving Markets Thursday?

Stocks are experiencing their 16th green session out of the 20 so far in November, with the S&amp;P 500 index reaching its highest level since early August, and the Nasdaq 100 just 4.4% below its all-time highs <a href="https://www.benzinga.com/markets">set in November 2021.</a>
The second estimate of the U.S. GDP for the third quarter revealed an expansion of 5.2% in Q3, surpassing earlier projections of 4.9%, marking the most rapid growth rate in almost two years.
Even the hawkish comments from Richmond Fed President Thomas Barkin failed to shake the stock market, and investors are now pricing in the start of rate cuts in May 2024 with an 80% probability, anticipating five cumulative cuts by December 2024 with a 58% probability.
Barkin mentioned that he is not ruling out the possibility of another rate hike, and believes that inflation will prove to be more stubborn than the Fed would prefer.
The yield on the U.S. 10-year Treasury remained below the 4.3% mark on Wednesday, staying at a level not seen in over two months.
On a different note, the Wall Street<a href="https://www.wsj.com/world/middle-east/opec-mulls-new-oil-production-cuts-amid-middle-east-conflict-f37cef80"> Journal </a>reported that OPEC+ is contemplating new oil production cuts of up to 1 million barrels per day. This move, likely to drive oil prices higher, may be announced on Thursday during a virtual meeting of the cartel.
WTI crude oil traded 1.5% higher to $77.7 a barrel as of 1:00 p.m. in New York.
<h2 class="wp-block-heading">Performance Of US Stock Indices Wednesday</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.22%</td>
<td>16,041.52</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.24%</td>
<td>4,565.34</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.31%</td>
<td>35,530.44</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.09%</td>
<td>1,812.38</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust&nbsp;(ARCA: <a style="font-size: revert" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) rose 0.26% to $456.17. </li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) edged 0.5% higher to&nbsp;$355.72.&nbsp; </li>
<li>The Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) rose 0.25% to $391.18. </li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soared 1.07% to $179.95, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> </li>
</ul>
<h2 class="wp-block-heading">Chart Of The Day: The US Economy Just Had Its Best Quarter In 2 Years</h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/29141157/USGDPQQ_2023-11-29_18-11-14_3ab6a-1024x723.png" alt="" class="wp-image-152454" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/29141157/USGDPQQ_2023-11-29_18-11-14_3ab6a-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/29141157/USGDPQQ_2023-11-29_18-11-14_3ab6a-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/29141157/USGDPQQ_2023-11-29_18-11-14_3ab6a-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/29141157/USGDPQQ_2023-11-29_18-11-14_3ab6a.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETF Performance</h2>
Real estate and financials were the sector outperformers on Wednesday, with the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) and the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), up 1.5% and 1.4%, respectively. 
Consumer staples as tracked by the Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) were the laggard, down 0.8%. 
Regional banks were the spotlight among equity industries, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) up 3.4%. 
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) rallied 10% as the carmaker announced a $10 billion buyback program and raised its dividend.</li>
<li>Workday, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>) rallied nearly 12% following the release of its quarterly results. </li>
<li>Crowdstrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) rose 10% as momentum improved following its quarterly results. </li>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) surged more than 25%, extending gains of over 40% over the past two sessions, ahead of next week&#8217;s earnings report. </li>
<li>NetApp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) soared over 15%, in reaction to its earnings report.</li>
<li>Other companies moving after their earnings reports are, Bilibili Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BILI#NASDAQ">BILI</a>) (down about 10%), Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) (up about 3.5%), Foot Locker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) (up about 17%), Donaldson Company, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DCI#NYSE">DCI</a>) (up about 17%) </li>
<li>Those reporting after the close include Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>), Nutanix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>), Okta, PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>), Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>), Synopsys, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>), Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>), Zuora, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZUO#NYSE">ZUO</a>) and Victoria&#8217;s Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>).</li>
</ul>
<h2 class="wp-block-heading">Commodities, Bonds, Other Global Equity Markets And Crypto</h2>
The United States Oil Fund, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks the performance of light sweet crude, was 1.5% higher. 
Gold, as monitored through the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), inched 0.3% higher to $2,046/oz. Silver edged 0.2% higher to $25.05. 
Treasury yields fell, with yields on the 2-year and 10-year note declining by 9 and 5 basis points, respectively. Long-dated Treasury yields also eased, with the 30-year yield down 4 basis points to 4.46%. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rallied 1%. 
European equity indices had a robust session of gains. The SPDR DJ Euro STOXX 50 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) rose 0.8% higher. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 2.7% higher to $38,241, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) rose 2.3% to $2,072. 
Shanthi Rexaline contributed to this report.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/23/11/35962067/cyber-monday-sales-could-hit-12-billion-5-stocks-that-could-win-big-from-e-commerce-holiday-shopping">S&amp;P 500 At 5,000 In 2024? Bank of America&#8217;s Optimistic Forecast Diversifies Beyond Magnificent 7</a>
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Stocks Drift Higher On Stronger GDP Data, Oil Rebounds As OPEC+ Mulls Cuts: What's Driving Markets Wednesday?

U.S. stocks experienced a welcome resurgence on Tuesday, buoyed by the latest comments <a href="https://www.benzinga.com/markets">from Federal Reserve officials.</a>
Federal Reserve Governor Christopher Waller indicated that if inflation continues its downward trajectory over the next few months, there could be strong economic justification for reducing the policy rate. 
&#8220;If inflation consistently declines, there is no reason to insist that rates remain really high,&#8221; Waller said.
In a similar vein, Chicago Fed President Austan Goolsbee has noted that the current deceleration in inflation is the most significant in 71 years, while New York Fed President John Williams, has characterized the drop as a positive development. On the contrary, Fed Governor Michelle Bowman acknowledged the need for further policy tightening to bring inflation in line with the Fed&#8217;s target.
These dovish signals from the Fed officials led to a noticeable decline in Treasury yields. The policy-sensitive two-year yields dropped by 12 basis points, descending to 4.76% — a level last observed in early August. This decrease reflects the market&#8217;s reassessment of the interest rate trajectory following the Fed officials&#8217; comments.
The U.S. dollar index, as measured by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), fell 0.5%, slipping below the 103 mark. 
This downward movement in the dollar index was mirrored by a notable uptick in gold prices. The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) saw a 1.4% increase, reaching $2,040, its highest level since May. Now, it stands just 2% below its all-time highs. 
<h2 class="wp-block-heading">Performance Of US Stock Indices Tuesday</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.23%</td>
<td>16,009.85</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.29%</td>
<td>4,563.61</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.45%</td>
<td>35,492.11</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.01%</td>
<td>1,801.28</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust&nbsp;(ARCA: <a style="font-size: revert" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) rose 0.28% to $455.77. </li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) edged 0.5% higher to&nbsp;$354.90.&nbsp; </li>
<li>The Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) rose 0.27% to $390.17. </li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) held steady at $178.73, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> </li>
</ul>
<h2 class="wp-block-heading">Chart Of The Day: Gold Prices Eye All-Time Highs</h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28131414/GOLD_2023-11-28_17-13-58_9c1ce-1024x723.png" alt="" class="wp-image-151537" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28131414/GOLD_2023-11-28_17-13-58_9c1ce-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28131414/GOLD_2023-11-28_17-13-58_9c1ce-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28131414/GOLD_2023-11-28_17-13-58_9c1ce-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/28131414/GOLD_2023-11-28_17-13-58_9c1ce.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETF Performance</h2>
The utilities and energy sectors showed the strongest performance in equities, with both the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) and the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) posting gains of 0.6%.
On the other hand, health care lagged behind, as the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) declined by 0.2%.
Among equity industries, gold miners demonstrated significant strength, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) surging by 4.4%.
Conversely, biotech, as represented by the SPDR Series Trust SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>), underperformed, recording a 0.6% decrease in value.
<h2 class="wp-block-heading">Latest Economic Data</h2>
The Conference Board&#8217;s latest report reveals a resurgence in <a href="https://www.benzinga.com/economics/macro-economic-events/23/11/35982168/consumer-confidence-rises-more-than-predicted-in-november-but-an-early-recession-">U.S. consumer confidence</a> for November, defying earlier expectations. 
The consumer confidence index surged from a downwardly revised 99.1 in October to a reading of 102 in November, according to the latest data released Tuesday. This surpassed market expectations of a 101.6 reading.
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) rallied over 5%, marking the best performance among S&amp;P 500 stocks, reflecting rising gold prices. </li>
<li>PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) rallied over 18.4% after reporteding third-quarter earnings of 11.61 Chinese yuan.</li>
<li>PayPal Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) rose 3.1%. </li>
<li>Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) rose less than 1%, in a volatile session, following a double earnings beat.</li>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) rose 11% on heavy trading volume Tuesday despite a lack <a href="https://www.benzinga.com/news/23/11/35982438/whats-going-on-with-gamestop-corporation-stock">of company-specific news.</a>&nbsp;</li>
<li>Micron Technology Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MU#NYSE">MU</a>) fell 2.7% despite the company raising&nbsp;its first-quarter outlook, which surpassed estimates.</li>
</ul>
<h2 class="wp-block-heading">Commodities, Bonds, Other Global Equity Markets And Crypto</h2>
The United States Oil Fund, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks the performance of light sweet crude, was 2.6% higher. 
Gold, as monitored through the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose 1.4% to $2,041/oz. Silver rose 1.3% to $24.94. 
European equity indices fell. The SPDR DJ Euro STOXX 50 ETF&nbsp;&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) edged 0.1% higher. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 2.7% higher to $38,241, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) rose 2.3% to $2,072. 
Shanthi Rexaline contributed to this report.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/23/11/35962067/cyber-monday-sales-could-hit-12-billion-5-stocks-that-could-win-big-from-e-commerce-holiday-shopping">S&amp;P 500 At 5,000 In 2024? Bank of America&#8217;s Optimistic Forecast Diversifies Beyond Magnificent 7</a>
Photo: Shutterstock.

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US Stocks Rebound As Treasury Yields, Dollar Fall On Dovish Fed Remarks, Gold Hits $2,040: What's Driving Markets Tuesday?

U.S. stocks are kicking off the week with a slight dip, as all major indices trade in the red in New York, except for the tech stocks of the Nasdaq 100, which are showing positive momentum following the release of encouraging data after <a href="https://www.benzinga.com/topic/cyber-monday">Black Friday</a>.
Initial data from Adobe and Salesforce indicates robust Black Friday online sales, slightly surpassing expectations, according to Bank of America. Overall, online sales have outperformed offline ones, a sentiment also echoed by Goldman Sachs, which noted subdued in-store traffic, with no lines forming during opening hours.
Treasury yields are once again declining as investors increasingly anticipate a soft landing for the economy. The dollar remains stable while the price of gold edges higher to reach $2,010 per ounce. Oil prices dipped with the oil producers&#8217; meeting scheduled for Thursday.
<h2 class="wp-block-heading">Performance Of US Stock Indices Monday</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.23%</td>
<td>16,018.60</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.09%</td>
<td>4,555.39</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.30%</td>
<td>35,293.15</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.45%</td>
<td>1,799.42</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust (ARCA: <a style="font-size: revert" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) eased 0.07% to $455.03. </li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) edged 0.2% lower to&nbsp;$352.96.&nbsp; </li>
<li>The Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) rose 0.25% to $390.45. </li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.45% to $178.53, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> </li>
</ul>
<h2 class="wp-block-heading">Chart Of The Day: S&amp;P 500 Eyes Best Month Since July 2022</h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/27133436/SPY_2023-11-27_17-34-22_60ec8-1024x723.png" alt="" class="wp-image-150602" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/27133436/SPY_2023-11-27_17-34-22_60ec8-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/27133436/SPY_2023-11-27_17-34-22_60ec8-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/27133436/SPY_2023-11-27_17-34-22_60ec8-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/27133436/SPY_2023-11-27_17-34-22_60ec8.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETF Performance</h2>
Real estate stocks led gains among equity sectors, with the Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) up 0.6%, followed by consumer discretionary, with the Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) up 0.5%. 
Energy was the laggard, with the the Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) down 1%. 
Gold miners outperformed among equity industries, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) up 0.9%. 
Solar stocks, as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), continue to underperform, down by 1.52%, after tumbling 1.9% on Friday. 
<h2 class="wp-block-heading">Latest Economic Data</h2>
October 2023 saw the U.S. housing market display mixed signals with a downturn in new home sales but an <a href="https://www.benzinga.com/economics/macro-economic-events/23/11/35963718/us-housing-market-sends-mixed-signals-october-new-home-sales-fall-yet-building-pe">uptick in building permits</a>.  Sales of new single-family houses reached a seasonally adjusted annual rate of 679,000 in October, implying a 5.6% decrease from September's revised rate of 719,000.
Building permits rose by 1.8% to a seasonally adjusted annual rate of 1.498 million, slightly above the preliminary estimate of 1.487 million.
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>The Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>), MercadoLibre, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>) and Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>), led gains among Nasdaq 100 stocks, up 3.9%, 3.8% and 1.7%, respectively. </li>
<li>Domino&#8217;s Pizza Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>) was the S&amp;P 500&#8217;s best performer for the day, up 4.5% as TD Cowen raised its price target from $410 to $430. </li>
<li>Crown Castle Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) experienced a 4% rally, reaching its highest level since late July, as activist investor Elliott Management acquired over $2 billion worth of stock in the wireless tower company.</li>
<li>Some of the worst-performing stocks include Albemarle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>), WK Kellog Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLC#NYSE">KLC</a>) and Petco Health And Wellness Co Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WOOF#NASDAQ">WOOF</a>), with each of them experiencing a decline of approximately 5%.</li>
</ul>
<h2 class="wp-block-heading">Commodities, Bonds, Other Global Equity Markets And Crypto</h2>
The United States Oil Fund, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks the performance of light sweet crude, was 1.8% lower. 
Gold, as monitored through the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose 0.4% to $2,010/oz. Silver rose 1.3% to $24.62. 
As yields declined, bond soared, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) up 0.9%. 
European equity indices fell. The SPDR DJ Euro STOXX 50 ETF&nbsp;&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) edged down 0.5%. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 1.5% down to $36,918.50, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) fell 2.5% to $2,012.81. 
Shanthi Rexaline contributed to this report.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/23/11/35962067/cyber-monday-sales-could-hit-12-billion-5-stocks-that-could-win-big-from-e-commerce-holiday-shopping">Cyber Monday Sales Could Hit $12 Billion: 5 Stocks Plays On E-Commerce Holiday Shopping Growth</a>
Photo: Shutterstock.

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MELI

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US Stocks Slip, Tech Rises On Solid Holiday Sales, Treasury Yields Soften: What's Driving Markets Monday?

U.S. stocks marked their fourth consecutive week of gains, the longest winning streak since June, in a week marked by thinner trading volumes due to the Thanksgiving and Black Friday holidays.
Small-cap stocks outperformed, while tech stocks lagged behind as U.S. Treasury yields surged following better-than-expected services <a href="https://www.benzinga.com/economics/macro-economic-events/23/11/35940719/us-manufacturing-momentum-slows-in-november-services-beat-expectations-price-pres">PMI data in November.</a>
Both the 10-year and 30-year Treasury bond yields increased by 7 basis points, resulting in a 1.1% decline in the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>).
The remaining sectors of the S&amp;P 500 saw little movement, with energy and materials slightly outperforming by the end of the session.
Elsewhere, gold held above the psychological $2,000/oz threshold, signaling renewed optimism among investors. 
<h2 class="wp-block-heading">Friday&#8217;s US Index Performance</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.12%</td>
<td>15,982.00</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.06%</td>
<td>4,559.33</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.33%</td>
<td>35,390.16</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.67%</td>
<td>1,807.50</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>
<ul>The SPDR S&amp;P 500 ETF Trust&nbsp;(ARCA: <a style="font-size: revert" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) closed flat at $455.21. </ul>
</li>
<li>
<ul>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) ended 0.4% to&nbsp;$353.91.&nbsp; </ul>
</li>
<li>
<ul>The Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) eased 0.15% to $289.48. </ul>
</li>
<li>
<ul>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.66% to $179.31, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> </ul>
</li>
</ul>
Chart Of The Day: Nasdaq 100 At Less Than 5% Distance From All-Time Highs
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="521" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/24140352/NDQ_2023-11-24_18-03-26_057e7-1024x521.png" alt="" class="wp-image-149597" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/24140352/NDQ_2023-11-24_18-03-26_057e7-1024x521.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/24140352/NDQ_2023-11-24_18-03-26_057e7-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/24140352/NDQ_2023-11-24_18-03-26_057e7-768x391.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/24140352/NDQ_2023-11-24_18-03-26_057e7-1536x782.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/24140352/NDQ_2023-11-24_18-03-26_057e7.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETFs Performance</h2>
Healthcare stocks led gains among equity sectors, with the Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) up 0.55%. 
The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) and the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) were the laggards, down 0.4% and 0.2% respectively. 
Among industries, oil services, as monitored through the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) edged higher by 0.5%. 
Solar stocks, as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), underperformed, down by 1.4%. 
<h2 class="wp-block-heading">Latest Economic Data</h2>
The S&amp;P Global Manufacturing PMI for the U.S. recorded a slight decrease, falling from 50 to 49.4 points in November, signaling a reentry into contraction territory. In contrast, the S&amp;P Global Services PMI rose from 50.6 to 50.8 points, <a href="https://www.benzinga.com/economics/macro-economic-events/23/11/35940719/us-manufacturing-momentum-slows-in-november-services-beat-expectations-price-pres">surpassing expectations of 50.4.</a>
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>Nordstrom Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JWM#NYSE">JWM</a>) and Best Buy Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) rose 6% and 2.9%, respectively, thanks to deeper discounts that drew in shoppers seeking clothing and electronics.</li>
<li>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) rose 5.8%, as cryptocurrencies surged across the board. </li>
<li>NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell 1.9%, marking the second straight decline following its earnings release. </li>
<li>First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) fell 3.5% as buyers take a respite after the 15% gain seen in the prior week. </li>
</ul>
<h2 class="wp-block-heading">Commodities, Other Global Equity Markets And Crypto</h2>
The United States Oil Fund, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), closed 1.2%. 
Gold, as monitored through the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose 0.4% to $2,000/oz. Silver rallied 2% to $24.30. 
European equity indices inched higher. The SPDR DJ Euro STOXX 50 ETF&nbsp;&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) edged up 1.1%. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 1.4% up to $37,815, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) rose 1.8% to $2,099. 
Shanthi Rexaline contributed to this report.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/emerging-markets/23/11/35940145/israel-hamas-war-day-49-ceasefire-begins-first-round-of-hostages-released-as-fuel-heads-">Israel-Hamas War, Day 49: Ceasefire Begins; First Round Of Hostages Released As Fuel Heads To Gaza</a>
Photo: Shutterstock

COIN

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Stocks Notch 4th Week Of Gains - Tech Falters As Yields Rise; Gold Steady At $2,000: Friday's Market Recap

Wall Street is cloaked in green in the session leading up to Thanksgiving, with the S&amp;P 500 index reaching 4,560 points, a level closely watched by analysts, at midday <a href="https://www.benzinga.com/markets">trading in New York. </a>
The S&amp;P 500 is currently testing the downward trendline that connects the highs of January 2022 to the highs of July 2023. All-time highs are less than 6% away from the current levels.
The CBOE Volatility Index, known as VIX, has dropped below the 13 mark, presently assessing the lower bounds of the 2020-2023 range, suggesting an exceptionally low degree of anxiety in the market. 
Among tech giants, NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) lost ground, down 2.3% and 3.7%, respectively. The former is introducing a new price discount for its Model Y, while the latter issued a warning about declining sales in China despite reporting strong financial results. 
Peer Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) saw an almost 4% increase, marking the best performance among S&amp;P 500 stocks. Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) reached an all-time high of 378.9.
The latest economic data released today paints an improving picture in the mortgage market, lower-than-expected jobless claims, and an upward revision in the University of Michigan Consumer Confidence index for this month. The U.S. dollar index rose by 0.3%, while Treasury yields held steady. 
Crude oil prices dropped over 2% as the OPEC+ cartel postponed the meeting scheduled for this Sunday due to disputes over members&#8217; output, leading to the energy sector&#8217;s underperformance. 
<h2 class="wp-block-heading">Wednesday&#8217;s US Index Performance</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.55%</td>
<td>16,021.94</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.34%</td>
<td>4,555.28</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.36%</td>
<td>35,212.38</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.62%</td>
<td>1,794.34</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.3% higher to&nbsp;$454.77.</li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.4% to&nbsp;$352.16.&nbsp;</li>
<li>The Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was 0.5% higher to $390.38.</li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.5% to $177.86, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a></li>
</ul>
Chart Of The Day: S&amp;P 500 Bulls Face A Key Resistance Test
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="760" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/22135137/SPX_2023-11-22_17-51-23_e4c08-1024x760.png" alt="" class="wp-image-148236" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/22135137/SPX_2023-11-22_17-51-23_e4c08-1024x760.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/22135137/SPX_2023-11-22_17-51-23_e4c08-300x223.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/22135137/SPX_2023-11-22_17-51-23_e4c08-768x570.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/22135137/SPX_2023-11-22_17-51-23_e4c08.png 1455w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETFs Performance</h2>
Tech and communications services led gains among equity sectors, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) up 0.6% and 0.5%, respectively. 
Energy was the laggard, with the Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) falling 0.7%. 
Among industries, airlines, as tracked by the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), outperformed, up by 1.8%. 
Oil services declined the most, with the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) easing 1%. 
<h2 class="wp-block-heading">Latest Economic Data</h2>
<ul>
<li>The Mortgage Bankers Association of America (MBA) reported a 20 basis point decrease in the average contract interest rate for 30-year fixed-rate mortgages to 7.41% during the week ending Nov. 17. </li>
<li>Mortgage applications saw a 3% increase during the same week, marking the third consecutive weekly rise and the most significant jump in two months.</li>
<li>In October 2023, new orders for durable goods declined sharply by 5.4% month-over-month, reversing a 4.0% surge seen in September and falling well below the expected 3.1% drop.</li>
<li>For the week ending Nov. 18 the number of unemployment benefits dropped by 24,000 to 209,000, a significant decrease from the previous week&#8217;s three-month high and below market expectations of 225,000.</li>
<li>The University of Michigan&#8217;s consumer sentiment index was revised higher to 61.3 in November 2023 from the preliminary reading of 60.4. Inflation expectations for the year ahead exceeded expectations, reaching 4.5%, while expectations for the five-year outlook remained at 3.2%, the highest level since March 2011.</li>
<li>Crude oil inventories in the US surged by 8.701 million barrels in the week ending November 17, 2023, following a 3.592 million barrel build in the previous period, surpassing market forecasts of a 1.160 million barrel increase, according to the EIA Petroleum Status Report.</li>
</ul>
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) rose 3.8% after Citigroup reinstated coverage on the stock with a &#8216;Buy&#8217; rating, highlighting that pricing and demand continue to show resilience in the face of geopolitical concerns.</li>
<li>Farm equipment manufacturer Deere &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) slumped nearly 4% after the company issued a soft 2023 outlook expecting a decline in demand. </li>
<li>Autodesk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>) fell nearly 6%, despite beating Street&#8217;s estimates last quarter, as several analysts lowered price targets. </li>
</ul>
<h2 class="wp-block-heading">Commodities, Bonds, Other Global Equity Markets And Crypto</h2>
The United States Oil Fund, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks the price performance of light sweet crude oil, fell 2.2%. 
Gold, as monitored through the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), eased 0.3% to $1,990/oz. Silver fell 0.4% to $23.63, fueled by the rise in gold prices. Treasury yields were steady, with the 10-year benchmark hovering at a 4.42% yield. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) edged 0.2% higher. 
European equity indices inched higher. The SPDR DJ Euro STOXX 50 ETF&nbsp;&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) edged 0.1% up. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 2.5% up to $36,644, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) rose 5.3% to $2,037. 
Shanthi Rexaline contributed to this report.
Read Next:&nbsp;<a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/23/11/35906245/half-of-s-p-500-stocks-still-below-200-day-average-10-bargain-plays-for-latecomer-bull" target="_blank" rel="noreferrer noopener">Half Of S&amp;P 500 Stocks Still Below 200-Day Average, Ignoring Covid-Like Rally: 10 Bargain Plays For Latecomer Bulls</a>

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