에 대한 최신 뉴스 iShares Russell 2000 ETF (ARCA:IWM)

iShares Russell 2000 ETF

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The Fund seeks to track the investment results of the Russell 2000 Index; the Underlying Index, which measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell; the Index Provider or Russell.

Super Micro Computer, Inc.

Microstrategy Inc

Comfort Systems USA Inc.

Onto Innovation Inc

Carvana Co. Cl A

E-l Financial Corp., Ltd.

Fabrinet

Light & Wonder Inc Common Stock USD

Abercrombie & Fitch Co. Class A

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연방준비은행(연준)이 면밀히 관찰하고 있는 인플레이션 보고서인 개인 소비 지출(PCE) 물가 지수의 4월 데이터는 5월 31일에 발표되었으며 6월에 새로운 시장 랠리를 촉발하여 주요 지수를 사상 최고치로 끌어올렸다.

지난 PCE 지수로 시장이 6월 최고치를 기록: 다시 가능할까? 주목해야 할 5가지 ETF

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AAPL

MSFT

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APPL

한 주요 시장 전략가는 여러 주요 시장 지수 이벤트와 하반기 시작을 앞두고 주식 지수가 사상 최고치로 거래되는 상황에서 시장이 잠시 멈출 수 있다고 생각한다.

시장은 사상 최고치 이후 정상적인 일시 정지를 경험할 것, 이익 실현의 시간: 전문가

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AMZN

AVGO

GOOG

GOOGL

LRCX

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미국 주식 시장의 수요일 인공 지능(AI) 주도 성장에 대한 투자자들의 높은 신뢰로 기술 부문에서 더 넓은 시장으로 낙관론이 확대되어 S&amp;P 500과 나스닥 100 지수가 모두 사상 최고치에 마감하면서 기록을 세웠다. SPDR S&amp;P 500 ETF 트러스트(NYSE:SPY)가 추적하는 S&amp;P 500 지수는 5,354포인트 마감하여 5월 21일에 기록한 사상 최고치인 5,321포인트를 넘어섰다.

S&amp;P 500, 나스닥 100 사상 최고치 기록, 엔비디아는 애플을 제치고 시총 2위 기업으로

NEOS ETF Trust NEOS Russell 2000 High Income ETF

ETRACS 2x Leveraged US Size Factor TR ETN

iShares Trust iShares Russell 2000 BuyWrite ETF

Tidal Trust II Defiance R2000 Enhanced Options Income ETF

Artificial intelligence has captivated the financial markets and sent the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) into an upward spiral. Even though the S&amp;P 500 is up over 15% through the first half of 2024, only a few firms have reaped <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39484650/microsofts-generative-ai-push-significantly-outpacing-azure-investments-goldman-sac">generative AI&#8217;s benefits</a>.
The Data: A <a href="https://x.com/MikeZaccardi/status/1808132089104961977">post</a> on X relayed data from Goldman Sachs.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Approximately 5% of US Firms Are Using Generative AI to Produce Goods and Services <a href="https://t.co/JSoLlmXTuo">pic.twitter.com/JSoLlmXTuo</a>
&mdash; Mike Zaccardi, CFA, CMT &#x1f356; (@MikeZaccardi) <a href="https://twitter.com/MikeZaccardi/status/1808132089104961977?ref_src=twsrc%5Etfw">July 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Despite the market&#8217;s hype, only 5% of U.S. firms are actually using generative AI. The figure is up slightly from October 2023 and is projected to increase to about 6% by the end of 2024. The note compiled data from a list of industries, some including: </figcaption></figure>
<ul>
<li>Information companies: 15% of firms use GenAI. Projected to grow to over 20% by year-end.</li>
<li>Professional, scientific and technical companies: Around 12% of firms use GenAI. Projected to grow to over 15% by year-end.</li>
<li>Education companies: Around 6% use GenAI. Projected to grow to 12% by year-end.</li>
<li>Finance and insurance companies: Around 5% use GenAI. Projected to grow to 10% by year-end.</li>
<li>Health care companies: Around 5% use GenAI. Projected to grow to over 6% by year-end.</li>
<li>Construction companies: Around 4% use GenAI. Projected to grow to 5% by year-end.</li>
</ul>
Why it Matters: The data is consistent with the narrative that large information technology companies use generative AI substantially more than any other industry.
While the S&amp;P 500 is up over 15% in 2024, the Invesco S&amp;P 500 Equal Weight ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSP#NYSE">RSP</a>) is up under 4%, indicating that just a few large tech companies have moved the needle in the broader S&amp;P 500. The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) is up just 1% year-to-date.
Also Read:
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<li><a href="https://www.benzinga.com/startups/24/07/39619831/elon-musk-predicts-jobs-will-become-obsolete-but-he-foresees-a-high-universal-income-that-acts-as-an">Elon Musk Predicts Jobs Will Become Obsolete — But He Foresees A &#8216;High Universal Income&#8217; That Acts As An Equalizer</a></li>
</ul>

Photo: Shutterstock

News

Rydex ETF Trust Rydex S&P Equal Weight ETF

Despite The Market Hype, Only 5% Of US Firms Use Generative AI In Production

WIIM

SPDR Dow Jones Industrial Average ETF Trust

Major indexes are higher as investors assess comments from Fed Chair Powell as well as strength in Tesla following deliveries. Additionally, RBC raised its S&P price target to 5,700.

AST SpaceMobile, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>) stock is trading higher Monday after Chairman and CEO Abel Avellan published a letter to partners, shareholders, and future space-based cellular broadband network users.&nbsp;
Avellan said <a target="_blank" href="https://www.benzinga.com/news/24/05/39062478/whats-going-on-with-ast-spacemobile-stock-on-wednesday" rel="noreferrer noopener">the strategic partnership</a> with Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), building on its existing agreement with AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>), aims to eliminate connectivity gaps across the United States by deploying a space-based cellular broadband network. AST SpaceMobile stock gained after the update.
The partnership with Verizon secures additional capital via prepayments and convertible notes, accelerating AST SpaceMobile&#8217;s mission to achieve 100% geographical coverage in the continental U.S., the letter&nbsp;highlighted.
AT&amp;T and Verizon will share portions of their 850 MHz low-band spectrum with AST SpaceMobile, as per Avellan. This spectrum offers superior signal penetration, ensuring coverage even in remote areas.
AST SpaceMobile plans to deploy the most significant commercial communications satellite in low Earth orbit, he said. The satellite array will act as a giant cell tower, providing strong signals directly reaching standard smartphones.
The Next Generation BlueBird satellites feature the AST5000 ASIC architecture, which offers a tenfold improvement in processing bandwidth.
In June, AST SpaceMobile tapped Andrew Johnson&nbsp;to <a target="_blank" href="https://www.benzinga.com/news/24/06/39506158/whats-going-on-with-satellite-company-ast-spacemobile-stock-wednesday" rel="noreferrer noopener">the additional role</a> of Chief Financial Officer while continuing as Chief Legal Officer. The company promoted Shanti Gupta, Chief Accounting Officer, to the position of Chief Operating Officer.
AST SpaceMobile stock gained over 155% in the last 12 months. Investors can gain exposure to the stock via iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) and iShares Russell 2000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWO#NYSE">IWO</a>).
ASTS Price Action: AST SpaceMobile&nbsp;shares were up 2.15% at $11.87 at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Management

ASTS

What's Going On With Satellite Stock AST SpaceMobile Monday?

General

Major indexes are higher after May PCE figures were in line with estimates but fell from prior readings.

Futures on U.S. equity indices inched slightly higher in Friday premarket trading after the Fed&#8217;s favorite inflation gauge, the Personal Consumption Expenditure (PCE), fell to 2.6% year-on-year <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39547288/feds-preferred-inflation-gauge-falls-to-lowest-level-since-november-2021-relieves">in May, as expected.</a>
It marked the lowest inflation rate since March 2021, bolstering market expectations for upcoming Fed interest rate cuts.
After the PCE price index report, traders increased their wagers on a September rate cut, assigning a 68% chance according to CME Group&#8217;s FedWatch tool.
Restricting the screener to stocks with a market cap above $50 billion, here are the top performers following the PCE price index report, according to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent062824&amp;t=be2bearmibe3na1">Benzinga Pro</a>.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Southern Copper (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>)</td>
<td>1.64%</td>
</tr>
<tr>
<td>Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>)</td>
<td>1.29%</td>
</tr>
<tr>
<td>Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>)</td>
<td>0.82%</td>
</tr>
<tr>
<td>Deere &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>)</td>
<td>0.76%</td>
</tr>
<tr>
<td>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>)</td>
<td>0.71%</td>
</tr>
<tr>
<td>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)</td>
<td>0.61%</td>
</tr>
<tr>
<td>ServiceNow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>)</td>
<td>0.58%</td>
</tr>
</tbody>
</table>
</figure>
Exchange traded funds (ETFs) rallying following the inflation data were: 
<ul>
<li>Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) up 1.6%</li>
<li>iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) up 1%</li>
<li>SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) up 0.9%</li>
<li>The Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) up 0.9%</li>
<li>VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) up 0.7%</li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39531404/bank-of-america-analyst-highlights-fed-stress-test-opacity-varying-bank-impacts-gol">Bank of America Analyst Highlights Fed Stress Test Opacity, Varying Bank Impacts: &#8216;Goldman Sachs Worst Hit, Huntington Best&#8217;</a></li>
</ul>
Photo: Shutterstock

COPX

Market Vectors ETF Trust Market Vectors Gold Miners

INTU

SCCO

7 Stocks, 5 ETFs Move On Friday As Fed's Preferred Inflation Rate Hits 3-Year Low

The U.S. markets have been on a<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39399565/sizzling-moment-for-stocks-s-p-500s-path-to-5-600-achievable-during-summer-rally-sa"> tear this year,</a> carrying over the momentum from 2023, when the S&amp;P 500 gained more than 24%. However, the peculiarity of the gains seen in the current bull cycle is the top-heaviness of the market. Ark Invest founder Cathie Wood weighed in on the pattern in the firm&#8217;s monthly market update webinar that aired on Wednesday.
Extreme Concentration: The market concentration has reached an extreme, she<a href="https://www.ark-funds.com/webinars/june-funds-market-update-webinar-2024"> said,</a> pointing to a chart comparing the market cap of the largest stock relative to the 75th percentile stock.
The chart on the same compiled by Goldman Sachs and shared by the X handle of Kobeissi Letter<a href="https://x.com/KobeissiLetter/status/1770159086447087894"> showed</a> the market cap of the largest stock was 750 times the market cap of a 75th percentile stock, which refers to a stock generating better returns than 75% of the stocks. The current stock concentration was higher than what was seen during the previous peak that occurred during the 1932 Great Depression.
Wood said in the webinar that the market concentration has reached an extreme and this extreme is worse or more extreme than it was during the Great Depression in 1932. Back then the unemployment rate was 25%+ and global activity saw an absolute crash around the Smoot-Hawley tariff Act, she said, adding that the question then was which companies were going to survive, resulting in the crowding into just a few companies.
This &#8220;took that ratio to a very high level. We broke that level,&#8221; the stock picker said.
See Also: <a href="https://www.benzinga.com/money/best-small-cap-stocks">Best Small Cap Stocks Right Now</a>
Light At Tunnel&#8217;s End? The current scenario, according to Wood, is somewhat similar to the Great Depression days when there was a lot of disruptive innovation around the telephone, electricity and the internal combustion engine. &#8220;Today the AI theme Is front and center and the way the markets behaving is as though only a few names were really benefitting from this move,&#8221; she said.
&#8220;If we're right, the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39484763/economist-dismisses-ai-bubble-fears-says-disruptive-technologies-might-be-antidote-">productivity gains throughout the economy</a> are going to be astounding and they will not accrue to just a few companies; They will be very broad-based and we're still trying to figure out how much AI will be commoditized how much will we be looking at AI as a feature or sustained innovation and how much of it is truly disruptive innovation.&#8221;
The fund manager also underlined a positive offshoot of the Great Depression. After the peak of concentration during the Great Depression, the market rose 62% over the next three to four years. The gains were disproportionately favoring the smaller and mid-cap stocks as opposed to the &#8220;mega-cap cash fortresses,&#8221; she said.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund, that tracks the performance of the S&amp;P 500 Index ended Thursday&#8217;s session up 0.16% at $546.37, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> The ETF has gained about 16% this year compared to a more modest 1.2% gain for the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>).
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39440559/growth-stocks-leave-value-stocks-in-the-dust-4-reasons-for-biggest-monthly-lead-in-">Growth Stocks Leave Value Stocks In The Dust: 4 Reasons For Biggest Monthly Lead In Over A Year</a>
Photo Courtesy Benzinga

Analyst Color

Time To Buy Small And Mid-Cap Stocks? Cathie Wood Sees Broadening Rally After Market Concentration Exceeds 1932 Great Depression Levels

The inflation report that&#8217;s closely watched by the Federal Reserve — the Personal Consumption Expenditure price index — was published on May 31 for April data and sparked a fresh market rally in June, pushing major indexes to <a href="https://www.benzinga.com/topic/inflation">their all-time highs</a>.
As traders brace for Friday&#8217;s PCE price index report for May, scheduled for release at 8:30 a.m. ET, many are wondering whether new favorable inflation data could bring the bulls back to Wall Street after some mixed <a href="https://www.benzinga.com/markets/equities/24/06/39532797/stocks-show-modest-gains-ahead-of-feds-inflation-report-chipmakers-struggle-while-gold-and-bitco">performance in recent sessions.</a>
<h3 class="wp-block-heading">May&#8217;s PCE Report: What Do Economists Expect?</h3>
The PCE price index is expected to decrease from 2.7% year-on-year in April to 2.6% in May, according to economist consensus data gathered by Econoday. 
On a monthly basis, the index is forecasted to rise at a 0.1% rate, down from the previous 0.3%. 
The core PCE price index is projected to drop from 2.8% to 2.6% year-on-year in May, potentially reaching its lowest level since March 2021. 
Monthly, it is expected to slow from 0.2% to 0.1%.
If PCE inflation falls as expected or even more, it could bolster investor expectations of rate cuts, potentially reigniting hopes for a move as early as September, and would be welcomed by markets.
Traders are assigning a 65% chance on a Fed rate cut in September. Overall, there are 50 basis points — equivalent to two rate cuts — priced into year-end.
<h3 class="wp-block-heading">Fed&#8217;s Favorite PCE Report Arrives Friday: What Happened Last Time?</h3>
In April, the headline PCE inflation rate remained steady at 2.7% year-on-year. The core PCE price index also matched expectations with a 2.8% year-on-year increase, though it came in slightly lower than monthly estimates (0.2% vs. 0.3%).
Data on personal spending and personal income came in slightly softer than predicted, fueling expectations that the economy was cooling down and that inflation pressures would continue to ease.
This sustained expectations of an increasing likelihood of the Fed delivering two rate cuts by the end of the year.
Stocks reacted positively to April&#8217;s PCE report. The S&amp;P 500, as tracked by the SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), rallied 0.9% on that day. 
Notably, the data was a key turning point for a bullish trend reversal in June, as the chart below retrieved from Benzinga Pro shows.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="458" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27120704/image-61-1024x458.png" alt="" class="wp-image-409213" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27120704/image-61-1024x458.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27120704/image-61-300x134.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27120704/image-61-768x344.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27120704/image-61-1536x687.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27120704/image-61.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Other Key ETFs To Watch Friday</h3>
Other than the broader stock market, traders will also be closely monitoring other key asset classes to gauge the overall market&#8217;s reaction to the PCE inflation report, including:
<ol>
<li>The U.S. Dollar Index: Tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>). The dollar may weaken if inflation comes in below consensus estimates, and strengthen if it exceeds expectations, in reactions to market interest rate expectations. </li>
<li>Long-dated U.S. Treasury Bonds: Measured by the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>). A lower-than-expected PCE report is likely to push bond yields down, driving up the value of Treasury-related ETFs, and vice versa.</li>
<li>Gold Prices: Monitored through the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>). Gold typically moves inversely to the dollar and yields. A cooler-than-expected PCE report could increase expectations for Fed rate cuts, enhancing gold&#8217;s appeal.</li>
<li>The Russell 2000 Index: Replicated by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>). Small caps, which have significantly underperformed the S&amp;P 500 and Nasdaq 100 this year, may benefit from lower inflation rates as the pressure from high interest rates, which affect them more than large-cap stocks, would diminish.</li>
</ol>
Read Now: 
<ul>
<li><a href="https://www.benzinga.com/general/macro-notification/24/06/39527471/gdp-growth-upwardly-revised-in-q1-but-consumer-spending-weakens-continuing-jobless-cla">GDP Growth Upwardly Revised In Q1 But Consumer Spending Weakens, Continuing Jobless Claims Hit Nearly 3-Year Highs: Thursday&#8217;s Economic Digest</a></li>
</ul>

Last Inflation Report Pushed Markets To Record Highs In June: Could It Happen Again Friday? 5 ETFs To Watch

AST SpaceMobile, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>), the company developing the first space-based cellular broadband network accessible directly by smartphones, has announced the appointment of Chris Sambar to its Board of Directors, <a href="https://www.benzinga.com/pressreleases/24/06/b39454662/ast-spacemobile-welcomes-chris-sambar-head-of-network-at-t-to-board-of-directors" target="_blank" rel="noreferrer noopener">effective June 20</a>. 
Sambar, who is the Head of Network at AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>), succeeds Alex Coleman, Chairman at New Providence Acquisition Corp. The stock saw some redemption Monday after a selloff Friday.
The addition of Sambar to the Board comes at a crucial time for AST SpaceMobile as the company prepares to launch its first commercial satellites into low Earth orbit from Cape Canaveral this summer. 
Sambar has over two decades of experience at AT&amp;T (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>).
In his new role, Sambar will also serve on AST SpaceMobile's Network Planning and Spectrum Committee, overseeing network planning, features, and capacity for the AST constellation.
<a target="_blank" href="https://www.benzinga.com/news/24/06/39277372/why-is-satellite-company-ast-spacemobile-stock-soaring-on-tuesday" rel="noreferrer noopener">Earlier in June</a> the company&#8217;s selling shareholders offloaded 10.45 million shares.
AST SpaceMobile holds over 3,300 patent and patent-pending claims for its technology and operates advanced manufacturing and testing facilities in Midland, Texas, covering 185,000 square feet. 
The company has secured strategic investments from major players such as AT&amp;T, Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, and Vodafone Group Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VOD#NASDAQ">VOD</a>), and has a contract award with the U.S. Government through a prime contractor.
AST SpaceMobile stock gained 56% in the last 12 months. Investors can gain exposure to the stock via iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) and iShares Russell 2000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWO#NYSE">IWO</a>).
Price Action: AST SpaceMobile shares were down 0.10% at $10.07 at the last check on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Media

AST SpaceMobile Adds Chris Sambar to Board as It Prepares for Satellite Launch

A leading market strategist thinks the markets could pause ahead of several key market index events and start of the second half of the year, with stock indexes trading <a href="https://www.benzinga.com/markets/equities/24/06/39418966/s-p-500-nasdaq-100-dip-from-record-highs-as-investors-take-chipmaker-profits-energy-sector-rebou">at all-time highs.</a>
What Happened: Technology giant NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) recently passed Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) to briefly become the <a href="https://www.benzinga.com/news/24/06/39386946/microsoft-apple-step-aside-nvidia-is-now-the-most-valuable-public-company-in-the-world">most valuable company in the world.</a>
The 200% gain for Nvidia shares in the last year has helped major stock indexes, but could also lead to changes from investors in the second half of 2024.
"I think we're a little out over our skis," Freedom Capital Markets Chief Global Strategist Jay Woods <a href="https://www.cnbc.com/video/2024/06/20/the-market-is-due-for-a-pause-says-freedom-capitals-jay-woods.html?__source=sharebar%7Ctwitter&amp;par=sharebar">said </a>in a CNBC interview.
Woods cited <a href="https://www.benzinga.com/news/24/06/39368302/state-street-technology-etf-to-put-nvidia-before-apple-in-revamp">the major rebalancing</a> of the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) that will see Nvidia as a larger holding. Woods also mentioned it was changing at the top for market capitalization dominance among the three companies.
"That's changing how people are restricting their portfolios."
<a href="https://x.com/JayWoods3">Woods </a>said technical show stocks and indexes above major moving averages led to "a lot of euphoria in the market."
"After awhile, you're gonna pause."
Woods said the rebalancing of XLK and reconstitution of the Russell 2000 are key events coming around the second half of the year. Investors could be looking to cut back on their exposure to Nvidia after the sharp run-up in the first half of 2024, Woods said.
"A pause given the great run we've had is just a normal, routine thing."
Woods said, "now's the time if you have profits to book them."
Related Link: <a href="EXCLUSIVE: Nvidia Dow Jones Inclusion 'A Matter Of When' — Will It Replace Int">EXCLU</a><a href="https://www.benzinga.com/top-stories/24/05/39011237/exclusive-nvidia-dow-jones-inclusion-a-matter-of-when-will-it-replace-intel">SIVE: Nvidia Dow Jones Inclusion &#8216;A Matter Of When&#8217; — Will It Replace Intel?</a>
 What's Next: While Woods sees a pause happening in the short term, he remains bullish on the market going forward.
"I still think this is early, AI leading the way," Woods said.
With a potential pullback in technology stocks and leaders like Nvidia, Woods is highlighting some other areas that could spell opportunity.
"I like the financials here."
Woods said July 12 is a key date to watch with JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) reporting quarterly financials and kicking off the sector.
Investors looking for exposure to the financials sector have many ETFs to choose from including the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Woods also likes homebuilder stocks with mortgage rates going under 7%. The SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>) is a leading homebuilder ETF option for investors.
While the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), has hit record highs, the Russell 2000 hasn't had the same returns, up less than 1% on the year.
Woods said the Russell 2000 could play catch up to the other indexes in the second half of 2024.
"When it runs, it runs quickly."
The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tracks the Russell 2000 Index.
Woods said he's not predicting more than one cut the rest of 2024 and investors will likely try to position their portfolios based on the items above.
"People are going to look for value as we start the second half of the year."
Read Next: <a href="https://www.benzinga.com/markets/penny-stocks/24/06/39437829/nvidia-shorts-are-down-big-ai-chipmaker-is-most-shorted-stock-hedge-to-the-overall-market-an">Nvidia Shorts &#8216;Are Down Big&#8217;: AI Chipmaker Is Most Shorted Stock, &#8216;Hedge To The Overall Market And The Tech Sector&#8217;</a>
Photo: Shutterstock

Market Could Take Normal, Routine Pause After Record Highs, Strategist Says: 'Now's The Time If You Have Profits To Book Them'

Rocket Lab USA, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) launched its 50th Electron mission, deploying satellites for <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/b39422855/rocket-lab-successfully-launches-50th-electron-mission-deploys-satellites-for-kin-is" rel="noreferrer noopener">French Internet-of-Things (IoT) company Kinéis</a>. The stock is trading higher on Friday.
The mission was the first of five dedicated Electron launches for Kinéis, a company backed by private and public investors, including the French government&#8217;s space agency CNES (Centre National d&#8217;Études Spatiales) and CLS (Collecte Localisation Satellites), an international space-based solutions provider, to improve global IoT connectivity.
The Kinéis constellation aims to enhance global IoT connectivity by enabling internet connection to the Earth&#8217;s most remote locations.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39271353/rocket-lab-eyeing-semiconductors-expansion-inks-initial-pact-worth-23-9m-for-chips-act-funding" rel="noreferrer noopener">Rocket Lab Eyeing Semiconductors Expansion &#8211; Inks Initial Pact Worth $23.9M For CHIPS Act Funding</a>
The constellation&#8217;s design allows for near-real-time data transmission with low bit rates and energy consumption.
Across 50 launches, Rocket Lab has deployed 190 satellites for a diverse range of customers and missions, including NASA missions to the Moon, National Reconnaissance Office and Space Force missions supporting national security and defense, scientific research to combat climate change, and commercial constellations providing vital data and services to millions of people on Earth.
Rocket Lab USA announced a <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39373502/why-rocket-lab-shares-are-gaining-today" rel="noreferrer noopener">ten-launch deal</a> with&nbsp;Japanese Earth observation company Synspective earlier this week.&nbsp;
Rocket Lab USA stock lost 19% in the last 12 months. Investors can gain exposure to the stock via SPDR S&amp;P Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XAR#NYSE">XAR</a>) and iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>).
Price Action:&nbsp;RKLB shares are trading higher by 1.67% to $4.88 premarket at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

RKLB

What's Going On With Satellite Company Rocket Lab USA Stock Friday?

High-flier Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rally has got the Street excited, with a bullish analyst <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39388629/nvidia-stock-jumps-as-analyst-predicts-200-share-price-the-real-narrative-lies-in-t">issuing a Street-high forecast for the stock</a> earlier this week. But at least one analyst has chosen to take the cautious route amid the stock&#8217;s gravity-defying climb.
Cautious on Nvidia: The prospects for Nvidia are phenomenal but they are predicated on the company maintaining 70% gross margins and on its ability to grow at a long-term compounded annual growth rate of 45% per year, <a href="https://x.com/HedgeFundTips/status/1803627940833292357">said</a> Thomas Hayes, Chairman and Managing Member at Great Hill Capital, in an interview with Channel News Asia.
The investment advisor said that the 45 to 50 times earnings multiple at which the stock currently trades might be a little overdone in the short term.
The recent spike could be attributable to retail investors, who apparently got carried away by the lower price following the stock split although the value is the same, he said. He expects the short-term strength to fade away.
Hayes is positive about the company&#8217;s long-term potential but cautioned regarding up-and-coming competition for AI accelerators and government inquiries on its market dominance. &#8220;So, I wouldn't count on them maintaining those type of margins forever,&#8221; he said.
See Also: <a href="https://www.benzinga.com/money/how-to-buy-nvidia-stock">How To Buy Nvidia (NVDA) Stock</a>
Top-Heaviness Set To Reverse? Small-caps, whether cyclical or companies with any type of leverage on their balance sheet, have been &#8220;trading like death,&#8221; Hayes. For those stocks to catch up and have some outperformance, the Federal Reserve needs to implement one or two rate cuts, he said.
Once that happens the outperformers like Nvidia and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) will slow down, Hayes said. He, though, doesn&#8217;t expect these stocks to come crashing down but sees them underperforming in the second half of the year. &#8220;Those laggards from the first half because of the hawkish talk and the hawkish actions, will start to dramatically outperform and the credit markets will open for companies to refinance and we're going to see a rally under the surface for those companies,&#8221; he added.
Hayes expects rate cuts to materialize this year, citing the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39385205/economist-react-to-may-retail-sales-data-consumer-spending-is-cooling-in-a-fairly-o">recent weak retail sales data, </a>tamer-than-expected producer and consumer price inflation reports and the slowdown in job additions. The Fed rate cut, according to the investment advisor, will likely broaden out the rally.
What&#8217;s Next: Against the backdrop, Hayes said he would be inclined to slow down on exposure to the concentrated tech that has led the first half of the year. &#8220;I do think they're going to be more underperforming and I do think once we get that signal from the Fed and the data that continues to confirm that they have to move before the end of the year, the opportunity is going to be in those cyclicals, in those industrials, in some of the interest rate sensitive groups like small caps like selected REITs that have really been left for dead,&#8221; he said.
Hot runners of the first half such as Nvidia and Microsoft will likely have more flat performance, while those that have lagged will likely have a more outsized performance, he added.
Nvidia ended Tuesday&#8217;s session up 3.51% at $135.58, according to<a href="https://benzinga.grsm.io/register174"> Benzinga Pro data.</a> The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an exchange-traded fund that tracks the performance of the Nasdaq 100 Index, trades at a record high, having gained 18.6% this year. On the other hand, the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), which tracks the Russell 2,000 Index comprising small stocks, is up merely 0.6%.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39396465/heres-how-much-you-should-have-invested-in-nvidia-in-2022-to-become-a-millionaire-today">Here&#8217;s How Much You Should Have Invested In Nvidia In 2022 To Become A Millionaire Today</a>
Image Via Shutterstock

'Hot Runner' Nvidia To Hit Speed Bump In Second Half This Year? Here's What A Market Strategist Says

RBC Capital analysts are urging caution with U.S. small-cap stocks, saying it&#8217;s best to &#8220;stay on the sidelines for now.&#8221; In a note, the investment bank highlighted a less promising near-term outlook for small caps, <a href="https://www.benzinga.com/trading-ideas/small-cap-analysis">citing several factors</a>.
<figure class="wp-block-image size-full"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="633" height="458" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18105114/Screenshot-2024-06-18-at-8.20.47-PM.png" alt="" class="wp-image-393716" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18105114/Screenshot-2024-06-18-at-8.20.47-PM.png 633w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18105114/Screenshot-2024-06-18-at-8.20.47-PM-300x217.png 300w" sizes="(max-width: 633px) 100vw, 633px" /></a></figure>
<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Chart: Benzinga Pro</a>
Related: <a href="https://www.benzinga.com/news/24/06/39357591/as-small-caps-lag-20-behind-s-p-500-reddit-user-says-market-cap-definitions-should-really-be-readjus">As Small Caps Lag 20% Behind S&amp;P 500, Reddit User Says Market Cap Definitions &#8216;Should Really Be Readjusted For Inflation&#8217;</a>
<h1 class="wp-block-heading">RBC: Decoupling Is Underway, Neutral For Now</h1>
The continued outperformance of mega-cap growth stocks has been logical but somewhat jarring to RBC, especially as Treasury yields have declined, historically benefiting small caps. However, RBC suggests a decoupling is underway, as <a href="https://in.investing.com/news/stock-market-news/rbc-too-early-to-turn-bullish-on-us-small-caps-4257423">reported</a> by the website Investing.
Factors contributing to the outsized performance of large-cap growth stocks (making it more attractive) include:
<ul>
<li>Slowing GDP forecasts,</li>
<li>More positive recent earnings revisions</li>
<li>Reduced crowding in the large-cap growth sector</li>
</ul>
Despite acknowledging the recent weakness in small caps, RBC remains neutral on the sector relative to large caps. 
The company recognizes the historically favorable positioning of small caps based on investor sentiment and valuation metrics. However, RBC cautions these factors are outweighed by the lack of fundamental tailwinds and negative earnings revision trends for small caps.
RBC suggests a wait-and-see approach, stating, &#8220;We see enough that looks interesting to stay neutral for now and think that when it&#8217;s finally time to put on Fed rate cut trades this space will do well.&#8221;
<h1 class="wp-block-heading">UBS: Strong Potential For Small Caps, Expect Outperformance In Near Term</h1>
On the other hand, UBS analysts are more optimistic about the potential for small-cap stocks in the coming months. They predict strong potential for small caps, citing a historical correlation between small-cap performance and Treasury yields, as <a href="https://in.investing.com/news/stock-market-news/ubs-small-caps-to-outperform-over-the-near-term-432SI-4260840">reported</a> by Investing.
Over the past year, small-cap stocks have outperformed when Treasury yields have declined, notes UBS. Conversely, small caps have underperformed during periods of rising yields. Historically, when this relationship deviates, a correction quickly follows.
UBS points to a significant outperformance of small caps in early February following a disconnect, similar to the current situation where large caps are outperforming despite falling interest rates since May.
&#8220;This represents the potential for mid- to high-single-digit small-cap outperformance over the near term,&#8221; concludes UBS, suggesting a significant upswing for small-cap stocks in the near future.
For investors seeking diversified exposure to small cap equity, the iShares Core S&amp;P Small-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IJR#NYSE">IJR</a>), the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) and the Vanguard Small Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VB#NYSE">VB</a>) are popular ways.
<hr class="wp-block-separator has-alpha-channel-opacity" />
Don't miss the opportunity to dominate in a volatile market at the&nbsp;<a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Benzinga SmallCAP Conference</a>&nbsp;on Oct. 9-10, 2024, at the Chicago Marriott Downtown Magnificent Mile. 
Get exclusive access to CEO presentations, 1:1 meetings with investors and valuable insights from top financial experts. Whether you're a trader, entrepreneur or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders. Secure your spot and get your tickets today!
Read Next: <a href="https://www.benzinga.com/trading-ideas/small-cap-analysis/24/06/39381483/worried-about-market-volatility-benzingas-smallcap-event-has-answers">Worried About Market Volatility? Benzinga&#8217;s SmallCAP Event Has Answers</a>
Photo: Shutterstock

Small Cap Analysis

Small Cap

'Stay On The Sidelines With Small Caps For Now,' Says RBC — But UBS Sees Brighter Days Ahead

The First Trust Small Cap Core AlphaDEX ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fyx#NASDAQ">FYX</a>) was launched on 05/08/2007, and is a smart beta exchange traded fund designed to offer broad exposure to the Style Box - Small Cap Blend category of the market.
What Are Smart Beta ETFs?
The ETF industry has long been dominated by products based on market cap weighted indexes, a strategy created to reflect the market or a particular market segment.
Because market cap weighted indexes provide a low-cost, convenient, and transparent way of replicating market returns, they work well for investors who believe in market efficiency.
On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.
By attempting to pick stocks that have a better chance of risk-return performance, non-cap weighted indexes are based on certain fundamental characteristics, or a combination of such.
This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.
Fund Sponsor &amp; Index
FYX is managed by First Trust Advisors, and this fund has amassed over $836.92 million, which makes it one of the average sized ETFs in the Style Box - Small Cap Blend. This particular fund seeks to match the performance of the Nasdaq AlphaDEX Small Cap Core Index before fees and expenses.
The NASDAQ AlphaDEX Small Cap Core Index is an enhanced index which employs the AlphaDEX stock selection methodology to select stocks from the NASDAQ US 700 Small Cap Index.
Cost &amp; Other Expenses
Since cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF&#39;s expense ratio.
Operating expenses on an annual basis are 0.60% for this ETF, which makes it one of the more expensive products in the space.
It has a 12-month trailing dividend yield of 1.14%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
FYX&#39;s heaviest allocation is in the Financials sector, which is about 22.30% of the portfolio. Its Industrials and Consumer Discretionary round out the top three.
Looking at individual holdings, Oscar Health, Inc. (class A) (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/oscr#NYSE">OSCR</a>) accounts for about 0.49% of total assets, followed by Modine Manufacturing Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mod#NYSE">MOD</a>) and Sphere Entertainment Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sphr#NYSE">SPHR</a>).
The top 10 holdings account for about 4.32% of total assets under management.
Performance and Risk
The ETF has lost about -2.04% so far this year and is up about 10.73% in the last one year (as of 06/18/2024). In the past 52-week period, it has traded between $74.82 and $94.11.
The ETF has a beta of 1.25 and standard deviation of 22.19% for the trailing three-year period, making it a medium risk choice in the space. With about 526 holdings, it effectively diversifies company-specific risk.
Alternatives
First Trust Small Cap Core AlphaDEX ETF is a reasonable option for investors seeking to outperform the Style Box - Small Cap Blend segment of the market. However, there are other ETFs in the space which investors could consider.
IShares Russell 2000 ETF (ARCA:IWM) tracks Russell 2000 Index and the iShares Core S&amp;P Small-Cap ETF (ARCA:IJR) tracks S&amp;P SmallCap 600 Index. IShares Russell 2000 ETF has $59.91 billion in assets, iShares Core S&amp;P Small-Cap ETF has $76.54 billion. IWM has an expense ratio of 0.19% and IJR charges 0.06%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - Small Cap Blend.
<a href="https://www.zacks.com/stock/news/2289565/is-first-trust-small-cap-core-alphadex-etf-fyx-a-strong-etf-right-now?cid=CS-BENZ-FT-smart_beta_etf-2289565">To read this article on Zacks.com click here.</a>

OSCR

SPHR

Is First Trust Small Cap Core AlphaDEX ETF a Strong ETF Right Now?

Tech rally has predominantly <a href="https://www.benzinga.com/markets/equities/24/06/39340719/inflation-cools-in-may-fed-hints-at-slower-pace-of-rate-cuts-stocks-hit-new-record-highs-this-we">fueled the market upside</a> in the current bull run, and a wealth manager said on Saturday that Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) in particular has drawn investments not just out of other technology stocks, but other sectors as well.
Nvidia&#8217;s Far-reaching Impact: &#8220;Nvidia is sucking the oxygen out of the room,&#8221; said Lumida Wealth co-founder Ram Ahluwalia in a post on X, formerly Twitter.
Sharing a chart of the S&amp;P 500 sector indices, he said every sector is hurting except tech. The financial advisor also traced back the declines in other stocks to Nvidia&#8217;s strength. &#8220;Your [Lululemon Athletica Inc.] stock is down because the owner decided to buy $NVDA. Your $SNOW stock is down because the owner decided to buy [NVIDIA].&#8221;
Much against his earlier expectations that the phenomenon would be limited to technology stocks, every sector seems to be impacted, Ahluwalia said. He went a step further and noted that stocks across the Atlantic were also flat-lining due to the Nvidia pull. &#8220;I believe the &#8216;AI story,&#8217; with [NVIDIA] as the leader, is causing the weak breadth stats,&#8221; he said.
Ahluwalia&#8217;s deduction comes amid analysts&#8217; concern over a lack of breadth in the current market rally. Granted, the Nasdaq Composite is at a fresh record and the S&amp;P 500 Index is trading just off its record high. But much of the upside is fueled by the strength in Nvidia, Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon.com, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) &#8211; all of which have AI exposure.
The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), an exchange-traded fund that tracks an index comprising small-cap stocks, is down about 0.5% this year compared to the nearly 14% and 18% gains, respectively, for the broader S&amp;P 500 Index and the Nasdaq Composite Index.
See Also: <a href="https://www.benzinga.com/money/best-artificial-intelligence-stocks">Best Artificial Intelligence Stocks</a>
&#8220;I am surprised by how powerful this effect is,&#8221; Ahluwalia said. &#8220;If you told me every sector would be down red and Nvidia and AI friends are sucking the oxygen out of the room at this level, I wouldn&#8217;t have believed it.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">NVIDIA CORRECTION HYPOTHESIS Nvidia is sucking the oxygen out of the room. Notice how nearly every sector in the S&amp;P is hurting&#8230; except Tech. That&#39;s the Nvidia correction hypothesis in action. Your <a href="https://twitter.com/search?q=%24LULU&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LULU</a> stock is down because the owner decided to buy <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a>. Your <a href="https://twitter.com/search?q=%24SNOW&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SNOW</a>… <a href="https://t.co/1ueTZgCnN7">https://t.co/1ueTZgCnN7</a> <a href="https://t.co/KASxTGxCjV">pic.twitter.com/KASxTGxCjV</a>
&mdash; Ram Ahluwalia CFA, Lumida (@ramahluwalia) <a href="https://twitter.com/ramahluwalia/status/1802018798536364298?ref_src=twsrc%5Etfw">June 15, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">The Pushback: Ahluwalia said the Nvidia onslaught can hurt even fundamentally sound stocks. &#8220;Stock[s] that have good fundamental execution can still decline due to ‘growth to value' transitions,&#8221; he said, adding that Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) is one such stock.</figcaption></figure>
Market strategists have premised their optimism on the AI-frenzy spearheaded by Nvidia. On Sunday, Evercore ISI chief equity and quantitative strategist Julian Emanuel <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39350137/s-p-500-poised-to-extend-bull-run-market-strategist-sees-ai-fervor-and-ebbing-infla">raised his S&amp;P 500 year-end target to 6,000</a>, which suggests a 26% gain for the index this year. He attributed his positive expectations to ebbing inflation and AI fervor that will likely propel stocks even higher.
The AI bubble may not burst any time soon, analysts say. Deepwater Asset Management&#8217;s Gene Munster expects that the bubble will <a href="https://www.benzinga.com/markets/equities/24/05/38910879/stock-market-to-rally-for-3-5-years-before-ai-bubble-bursts-predicts-veteran-analyst-gene-munste">last at least three to five years</a>.
Price Action: Nvidia shares were up 0.67% to $132.77 in premarket trading on Monday, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39344508/as-apple-nvidia-trade-at-all-time-high-jim-cramer-tells-investors-to-cash-in-on-ai-">As Apple, Nvidia Trade Near All-Time Highs, Jim Cramer Tells Investors To Cash In On AI Stocks: &#8216;Let&#8217;s Not Be Too Greedy&#8217;</a>
Photo via Shutterstock

LULU

'Nvidia Is Sucking The Oxygen Out Of The Room:' Wealth Manager Says Stocks With 'Good Fundamental Execution' Can Still Decline Because Of AI Stalwart

Wall Street is set for a subdued session on Friday as risk sentiment wanes due to low U.S. consumer confidence and rising <a href="https://www.benzinga.com/news/large-cap/24/06/39332520/french-stocks-set-for-worst-week-since-russias-war-in-ukraine-yields-versus-bund-hit-12-year-highs">political uncertainties in Europe</a>. 
The University of Michigan reported the lowest U.S. consumer confidence reading since November 2023, <a href="https://www.benzinga.com/markets/equities/24/06/39334146/consumer-sentiment-tumbles-in-june-reaches-7-month-low-high-prices-as-well-as-weakening-incomes-">significantly missing economists&#8217; forecasts</a>.
European assets experienced wild sell-offs, particularly in French equities, as investors worry about potential political and fiscal turmoil with snap elections looming in nearly two weeks.
At midday trading in New York:
<ul>
<li>The S&amp;P 500 dipped 0.2%, pulling back slightly from a record-high close on Thursday.</li>
<li>The Nasdaq 100 edged up 0.1% to over 19,600 points, aiming for its fifth consecutive record close this week.</li>
<li>Both the S&amp;P 500 and Nasdaq 100 are on track for a positive weekly finish.</li>
<li>The Dow Jones Industrial Average declined by 0.2% on Friday and 0.6% for the week.</li>
<li>Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), underperformed large-cap counterparts, dropping 1.7% in their worst session since late April.</li>
</ul>
<h3 class="wp-block-heading">Bonds</h3>
Bond yields saw their largest weekly drop since late December 2023, with the 10-year benchmark yield falling over 20 basis points this week. This led to a rally in fixed-income assets, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) gaining 0.6% on Friday and over 3% for the week. 
The latter could mark the strongest week for long-dated Treasury bonds year to date.
Commodities performed well, with gold and crude oil prices rising by 1.2% and 1.1%, respectively. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2.2% for the day and 6% for the week, marking its second consecutive session decline and worst week since August 2023.
Chart of The Week: Bonds Set For Best Week In Six Months
<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/2024/06/14131515/image-37-1024x500.png" alt="" class="wp-image-389488" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/14131515/image-37-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/14131515/image-37-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/14131515/image-37-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/14131515/image-37-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/14131515/image-37.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<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>Nasdaq 100</td>
<td>19,626.32</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,424.43</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,554.32</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,018.50</td>
<td>-1.7%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard">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 0.1% lower to $541.88.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.1% lower to $386.39.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.3% higher to $477.88.</li>
<li>Sector-wise, the&nbsp;Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)&nbsp;outperformed, up by 0.2%, while the&nbsp;Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down 1.3%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Cruise stocks fell substantially after Bank of America warned about softer pricing heading into the summer. Shares of Royal Caribbean Cruise Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>), Carnival Cruise Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) and Norwegian Cruise Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) fell 5.4%, 7.8% and 7.8%, respectively. </li>
<li>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) rose over 14%, amid stronger-than-expected results last quarter, eyeing the strongest session since March 2020. </li>
<li>RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>) fell over 17% following a sharp earnings miss. </li>
<li>Hasbro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) rose 4.9% after Bank of America upgraded the company to &#8216;Buy&#8217; and raised its price target from $70 to $80. </li>
</ul>
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39336082/elon-musks-56b-payday-wins-in-landslide-next-chapter-in-the-tesla-growth-story">Elon Musk&#8217;s $56B Payday Wins In Landslide: &#8216;Next Chapter In The Tesla Growth Story&#8217;</a>
Image: Shutterstock

Eurozone

Treasuries

$BTC

ADBE

NCLH

XLRE

Stocks Ease, Tech Rises, Bonds Eye Strongest Week Of The Year As Consumer Sentiment Sinks In June: What's Driving Markets Friday?

Preliminary estimates from the University of Michigan indicate a sharper-than-expected decline in U.S. consumer confidence in June, reaching its lowest <a href="https://www.benzinga.com/calendars/economic">point in seven months.</a>
The survey also showed that inflation expectations remain largely unchanged, suggesting that the decreased consumer sentiment has not led to a perception of reduced price pressures in the coming years.
<h3 class="wp-block-heading">University of Michigan Consumer Sentiment Report For June: Key Highlights</h3>
<ul>
<li>The University of Michigan consumer sentiment index fell from 69.1 in May to 65.6, sharply missing Econoday&#8217;s market consensus predictions of 73. It marks the lowest consumer morale since November 2023. </li>
<li>The sub-index for consumer expectations eased from 68.8 to 67.6, below the expected 70.</li>
<li>The sub-index for current conditions tumbled from 69.6 to 62.5, below the predicted 71.</li>
<li>The year-ahead inflation expectations were unchanged at 3.1%. Long-term inflation expectations edged slightly higher from 3% to 3.1%.</li>
</ul>
<h3 class="wp-block-heading">Economist Takeaways</h3>
&#8220;Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes. Overall, consumers perceive few changes in the economy from May,&#8221; University of Michigan&#8217;s Surveys of Consumers Director&nbsp;Joanne Hsu, said.
Year-ahead inflation expectations remained steady at 3.3% this month, which is higher than the 2.3-3.0% range observed in the two years preceding the pandemic. 
Long-term inflation expectations slightly increased from 3.0% last month to 3.1% this month. 
Although long-term expectations have been notably stable over the past three years, they &#8220;remain elevated relative to the 2.2-2.6% range seen in the two years pre-pandemic,&#8221; Hsu added.
<h3 class="wp-block-heading">Market Reactions</h3>
Wall Street hovered in the red Friday, after major indices, such as the S&amp;P 500 and the Nasdaq 100, hit record high closes on Thursday. 
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell following the report, extending the session decline to 0.4%. Small caps also witnessed a drop, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) down 1.7% for the day. 
Investors flocked to safe havens again, with the bond yields down across all maturities. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 0.9%, and by 3.5% for the week, eyeing the strongest weekly performance since December 2023. 
Read now: <a href="https://www.benzinga.com/news/large-cap/24/06/39332520/french-stocks-set-for-worst-week-since-russias-war-in-ukraine-yields-versus-bund-hit-12-year-highs">French Stocks Set For Worst Week Since Russia&#8217;s War In Ukraine, Yields Versus Bund Hit 12-Year Highs On Snap Election Jitters</a>
Photo: Shutterstock

Consumer Sentiment Tumbles In June, Reaches 7-Month Low: 'High Prices As Well As Weakening Incomes' Raise Concerns

Wall Street experienced a rude awakening the day after the Federal Reserve&#8217;s June policy meeting, as investors sold off risky assets and shifted to safer bonds and cash in response to the <a href="https://www.benzinga.com/markets/equities/24/06/39310762/producer-inflation-rise-less-than-expected-jobless-claims-soar-thursdays-economic-digest">latest batch economic data.</a>
Although May&#8217;s producer inflation was lower than expected, reinforcing the disinflation narrative and likely boosting the Fed&#8217;s confidence on the return to the 2% target, an unexpected increase in unemployment claims dampened risk sentiment, as investors fear symptoms of labor market weakness.
The S&amp;P 500 Index was 0.2% lower, potentially snapping a three-day winning streak. The tech-heavy Nasdaq 100 marginally rose by 0.2%, aided by the positive performance of Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), as more than 80 tech members within the index traded in the red. 
Blue chips fell 0.8%, while small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), tumbled 1.5% erasing all Wednesday&#8217;s gains. 
Treasury yields continued to fall, with the 10-year yield reaching 4.25%, eyeing the lowest close since late March. 
Long-duration bonds, followed by the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) are up 1.1% for the day, pushing the weekly performance to 2.2%, the highest since late January.
Despite traders increasing their bets on Fed rate cuts, the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), surprisingly rallied by 0.6%.
Fed futures currently indicate a 70% chance on a September rate cut, with traders eyeing 54 basis points of cumulative cuts by the end of the year.
Gold, impacted by the rising dollar, dropped 1% to $2,300 per ounce, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell over 2% to $66,500, nearing its lowest close since May 19.
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day change (%)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,504.77</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,411.85</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,455.94</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,020.99</td>
<td>-1.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:43 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard">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% lower to $540.60.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.6% higher to $385.43.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.2% higher to $475.49.</li>
<li>Sector-wise, the&nbsp;Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)&nbsp;outperformed, up by 0.5%, while the&nbsp;Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down 1.1%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Broadcom Inc. rallied over 12%, eyeing its best 1-day performance since March 2020 after reporting stronger-than-expected profits and revenue last quarter. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose over 3% after shareholders approved proposals regarding Elon Musk&#8216;s $56 billion compensation package and the company&#8217;s <a href="https://www.benzinga.com/news/legal/24/06/39300679/elon-musk-under-fire-former-spacex-employees-file-sexual-harassment-lawsuit">relocation to Texas</a>.</li>
<li>Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) fell 6%, heading for its lowest close since early 2009, after Liberty Global Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBTY#NASDAQ">LBTY</a>) acquired the majority stake in the Formula E series by purchasing WBD&#8217;s rights.</li>
<li>Meme stocks rose, with GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) and AMC Entertainment Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) up 7.7% and 4.3%, respectively. </li>
<li>Companies set to report their quarterly results after the close are Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) and RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>)</li>
</ul>
Now Read: <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39314556/ice-cold-producer-inflation-data-sparks-economist-reactions-more-data-in-the-corr">Ice Cold Producer Inflation Data Sparks Economist Reactions &#8211; &#8216;More Data In The Correct Direction&#8217;</a>
Image: Midjourney

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Stocks Turn To Losses, Bonds Rally On Falling Producer Prices, Rising Jobless Claims: What's Driving Markets Thursday?

Major indexes are higher, remaining positive for the decision after the Fed held rates unchanged. Markets gained earlier on softer-than-expected May CPI readings.

Indexes And Gold Pull Back After Fed Leaves Rates Unchanged

A lower-than-expected inflation report for May ignited a bullish frenzy on Wall Street, with investors increasing their bets on rate cuts, bolstered by growing confidence that the Federal Reserve will ease its policy stance later this year as price pressures trend <a href="https://www.benzinga.com/markets/equities/24/06/39289912/us-inflation-eases-more-than-expected-in-may-boosts-2024-rate-cut-prospects-ahead-of-wednesdays-">towards the 2% target.</a>
The Consumer Price Index (CPI) data revealed cooler-than-anticipated monthly and annual inflation rates for both headline and core items. 
This report arrives just ahead of the highly anticipated Federal Open Market Committee (FOMC) meeting, which will commence <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39294739/how-mays-inflation-slowdown-could-influence-feds-next-move-insights-from-6-economis">at 2:00 p.m. ET today.</a>
The implied probability of a rate cut by September has surged to 72%, up from 54% before the inflation report. Fed futures now indicate a 55 basis points reduction (equivalent to two rate cuts) by year-end.
In response to rising expectations for rate cuts, traders quickly pivoted to riskier assets.
The tech-heavy Nasdaq 100 climbed 1.4% to over 19,400 points, setting new record highs. The S&amp;P 500 Index increased by 1.1% to surpass 5,400 points, also achieving fresh all-time highs.
Blue-chip stocks saw a modest rise of 0.2%, but the standout performance came from small caps. The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) surged 2.7%, marking its best session since mid-December 2023.
Treasury yields plummeted across the board, with the 2-year yield dropping 15 basis points to 4.68%. Long-dated yields also declined by approximately 10 basis points, propelling the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) up by 1.6%, its strongest one-day performance since early February 2024.
Industries sensitive to interest rates saw significant gains. The SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>) and the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) soared 4.6% and 3.5%, respectively.
Precious metals also rallied on the back of lower yields and a weakening dollar, with gold rising 0.8% and silver surging 2.8%.
Cryptocurrencies experienced sharp rallies driven by the risk-on sentiment. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) jumped 3.6% to $69,800, while the more speculative Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) surged over 8% on the day.
<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>2,072.95</td>
<td>2.6%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,471.20</td>
<td>1.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,435.07</td>
<td>1.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,819.58</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:15 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard">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 1.1% higher to $542.76.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.2% higher to $388.81.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 1.4 higher to $474.65.</li>
<li>Sector-wise, the&nbsp;Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)&nbsp;outperformed, up by 2.6%, while the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.8%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) rose 4.7%, surpassing Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) as the world&#8217;s biggest company. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rallied over 4%, following <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39294523/cathie-wood-ark-invest-set-new-2-600-price-target-for-tesla-every-car-becomes-an-ai-powered-c">Cathie Wood&#8217;s bullish projection</a> on the EV maker. </li>
<li>The top performers among real estate stocks were Zillow Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>), eXp World Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPI#NASDAQ">EXPI</a>) and Redfin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NASDAQ">RDFN</a>), with gains of 13.7%, 11% and 9.4%, respectively. </li>
<li>Among the subset of stocks exposed to the office and commercial real estate sector, SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) and Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) rose 8.3% and 8%, respectively.</li>
<li>Within the regional bank industry, First Foundation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFWM#NYSE">FFWM</a>) and Western Alliance Bancorp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>) rose the most, up 7.5% and 7%, respectively. </li>
<li>Caseys General Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>) skyrocketed over 17% in reaction to stronger-than-expected quarterly earnings and revenue. </li>
<li>Other stocks reacting to company earnings are Oracle Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NASDAQ">ORCL</a>) up 12.7%, Autodesk Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>) up 5.3%, Rubrik Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBRK#NYSE">RBRK</a>) down 4.9%. </li>
<li>Companies set to report their earnings after Wednesday&#8217;s close are Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Dave &amp; Busters Entertainment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLAY#NASDAQ">PLAY</a>), and Oxford Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXM#NYSE">OXM</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/news/24/06/39292008/short-seller-citron-closes-short-position-in-gamestop-says-it-respects-markets-irrationality">Short Seller Citron Closes Short Position In GameStop, Says &#8216;It Respects Market&#8217;s Irrationality&#8217;</a>
Image generated using artificial intelligence via Midjourney.

Mid Cap

$DOGE

ADSK

CASY

EXPI

FFWM

ORCL

PLAY

RBRK

RDFN

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