SPDR S&P Oil & Gas Explor & Product (ARCA: XOP)

에 대한 최신 뉴스 SPDR S&P Oil & Gas Explor & Product (ARCA:XOP)

SPDR S&P Oil & Gas Explor & Product

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In seeking to track the performance of the S&P Oil & Gas Exploration & Production Select Industry Index, the fund employs a sampling strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the oil and gas exploration and production segment of the S&P Total Market Index (S&P TMI).

Apa Corp.

Matador Resources Co

Exxon Mobil Corp.

Diamondback Energy Inc.

Civitas Solutions Inc

Eog Resources Inc

Hess Corp.

Valero Energy Corp.

Phillips 66

Chord Energy Corp.

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목요일, 원유 가격이 5% 이상 급등했다. 이는 조 바이든 대통령이 미국이 이스라엘과 이란의 석유 시설에 대한 공격 가능성에 대해 논의했다고 언급한 후 발생한 일이다.

유가 상승: 바이든, 이스라엘과 이란 시설 타격에 대한 미국과의 &#39;협의&#39;를 확인

SPDR S&P OIL & GAS EXPL & PROD ETF

Oil is trading more than 5% higher Thursday on the heels of President Joe Biden&#8216;s statement that the U.S. spoke with Israel about a possible attack on Iran's oil facilities.
"We're in discussions about that,&#8221; Biden said during an interaction with reporters. 
Biden seemingly indicated he wasn&#8217;t partial to the idea of striking at Iran&#8217;s oil facilities, before cutting himself off: &#8220;I think that would be a little&#8230; anyway.&#8221; See video below.
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When one reporter asked whether Biden would &#8220;allow&#8221; Israel to retaliate against Iran, Biden swiftly corrected him: &#8220;First of all, we don&#8217;t &#8216;allow&#8217; Israel. We advise Israel.&#8221;
<a href="https://www.benzinga.com/news/23/10/35136071/israel-under-siege-unprecedented-hamas-attack-sparks-intense-clashes-netanyahu-says-we-are-at-war">Since Oct. 7, 2023</a>, Israel has been fighting Hamas in Gaza as well as Hezbollah in Lebanon. Both groups are considered terrorist organizations by the U.S. 
See Also: <a href="https://www.benzinga.com/news/24/10/41134015/jd-vance-tim-walz-debate-sets-a-different-tone-candidates-discuss-israel-iran-escalation-immigration">JD Vance, Tim Walz Debate Sets A Different Tone, Candidates Discuss Israel-Iran Escalation</a>
<h3 class="wp-block-heading">Oil And The Israel-Iran Conflict</h3>
Iran is the seventh-largest oil producer in the world. The country, which backs the Hezbollah militant group, exports around half its production abroad. 
China, where <a href="https://www.benzinga.com/markets/asia/24/08/40596334/asia-markets-mixed-europe-gains-crude-oil-falls-on-chinese-demand-concerns-global-markets-today-whil">oil demand is weak</a>, is its main customer.
Since Iran's <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil">missile attack on Israel</a> on Monday, the price of barrels has fluctuated. As of Oct. 3, the price of West Texas Intermediate (WTI) crude oil is $73.83 per barrel. This reflects a 5.32% increase from the previous day&#8217;s close of $70.10.
The price of Brent crude is approximately $77.76 per barrel. It has fluctuated within a range of $74.33 to $77.58 for the day.
The U.S., which is producing more oil under Biden than any other U.S. presidential administration, has been filling its reserves. The Biden administration acquired an additional <a href="https://www.benzinga.com/markets/eurozone/24/10/41146905/geopolitical-risks-may-be-biggest-threat-to-markets-boe-says">6 million barrels of crude</a> just this week.
It&#8217;s worth noting that ongoing violence in the Middle East puts the Straits of Hormuz at risk. A third of tanker traffic and a fifth of LNG frozen gas is transported through that passageway. 
The U.S. and its allies are likely determined to keep the Strait open due to its strategic importance. Any attempt to block the Strait could provoke military intervention.
Iran controls much of the northern coastline of the Strait and has previously threatened to block the passage in response to sanctions or conflicts with Western countries. 
<h3 class="wp-block-heading">Market Reaction</h3>
So far, market reaction to the Middle East conflict is relatively mute compared to February 2022 when Russia invaded Ukraine.
At the time, the oil market reacted with significant volatility and disruption, leading to a sharp rise in global prices. 
Brent crude, the global benchmark, surged above $100 per barrel for the first time since 2014, and by March 2022, it had briefly spiked to $139 per barrel, near the all-time high.
Oil-related exchange-traded funds, or ETFs, were trending up at last check Thursday afternoon. Here&#8217;s where they stand: 
<ul>
<li>United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) is up 4.05% to $75.71</li>
<li>Invesco DB Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBO#NYSE">DBO</a>) is up 4.08% at $15.06</li>
<li>SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) is up 3.1% at $139.56</li>
<li>Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) up 1.65% at $92.22</li>
<li>ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) is up 6.59% at $28.81</li>
<li>VanEck Vectors Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) is up 1.89% at $297.58</li>
</ul>
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/previews/24/10/41170128/jobs-report-preview-could-september-labor-data-shift-feds-interest-rate-path">Jobs Report Preview: Could September Labor Data Shift Fed&#8217;s Interest Rate Path?</a></li>
</ul>
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Oil Prices Rally: Biden Confirms US 'Discussions' With Israel About Striking Iran Facilities

The Federal Reserve is set to sprinkle some interest rate fairy dust, and small-cap sectors are lining up to see who'll soar or stumble. While the Russell 2000 is stealing the spotlight with its 5% surge ahead of the rate cut, not all small caps will feel the same love from <a href="https://www.benzinga.com/trading-ideas/small-cap-analysis">lower borrowing costs</a>. 
So, what sectors should investors be eyeing, and where do the best ETFs come into play?
<h2 class="wp-block-heading">Financials: Money Talks, But Who's Listening?</h2>
Small-cap financials, often living and breathing on rate-sensitive margins, are gearing up for a potential win. 
As borrowing costs fall, these lenders, insurers, and regional banks get a shot in the arm. For those looking to ride the wave, the iShares Russell 2000 Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWFN#NYSE">IWFN</a>) offers concentrated exposure to this potentially booming sector.
<h2 class="wp-block-heading">Real Estate: Open House For Gains?</h2>
Real estate stocks also stand to benefit as mortgage rates and financing costs drop. With rate cuts loosening the borrowing purse strings, real estate could experience a boost in demand and valuation. 
Investors eyeing the space might find the Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) or iShares U.S. Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYR#NYSE">IYR</a>) perfect for capturing the sector's expected rise.
Don&#8217;t miss out on this unparalleled opportunity:
<ul>
<li><a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Register now to secure your spot at Benzinga&#8217;s Largest SmallCap Conference ever in Chicago!</a></li>
</ul>
<h2 class="wp-block-heading">Consumer Discretionary: Retail Therapy Ahead?</h2>
Lower interest rates also often mean more cash for consumers to splurge on non-essentials, giving a lift to small-cap retail, travel, and leisure names.
The SPDR S&amp;P 600 Small Cap Consumer Discretionary ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSCD#NYSE">PSCD</a>) is one way to jump on this sector's shopping spree.
<h2 class="wp-block-heading">Energy: A Wildcard In The Small-Cap Mix</h2>
Energy stocks are notorious for being tied to oil prices, but lower rates can still offer some breathing room for these debt-heavy companies. 
For those ready to hedge their bets, the SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) could be the small-cap energy ETF to watch.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40749609/this-small-cap-top-pick-is-positioned-for-strong-gains-jpmorgan-sees-over-50-upside">This Small Cap &#8216;Top Pick&#8217; Is Positioned For Strong Gains, JPMorgan Sees Over 50% Upside</a>
<h2 class="wp-block-heading">Technology, Healthcare: Resilient But&#8230; Rate-Resistant?</h2>
While technology and healthcare sectors aren't as rate-sensitive as financials or real estate, they remain staples in small-cap ETFs like the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) and Vanguard Small-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VB#NYSE">VB</a>). 
Both funds are solid all-around plays for investors who want diversified exposure to the small-cap space, especially as uncertainty lingers.
As the Fed moves its rate-cutting wand, small-cap sectors will each feel the ripples differently. 
Whether you're banking on financials, betting on real estate, or shopping for consumer discretionary, there's a sector—and ETF—for every investor's playbook.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/09/40777734/exclusive-small-caps-at-most-attractive-relative-valuations-since-1990s-says-russell-inv" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Small Caps At &#8216;Most Attractive Relative Valuations&#8217; Since 1990s, Says Russell Investments&#8217; Paul Eitelman</a></li>
</ul>
Don&#8217;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 on Oct. 9-10, 2024</a>,&nbsp;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&#8217;re a trader, entrepreneur, or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders.
<a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Secure your spot and get your tickets today!</a>
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Small-Cap Sectors Brace For Fed Rate Cut: Financials, Real Estate ETFs Offer Compelling Plays For Investors

After falling to the lowest level since December 2021, on Tuesday, oil recorded its first weekly gain in a month, buoyed by Hurricane Francine, which disrupted production in the Gulf of Mexico. Brent crude rose above $72 per barrel, pushing its weekly climb to about 2%, while West Texas Intermediate traded below $70 per barrel.
However, higher oil prices failed to fuel the rally in the energy space with many ETFs still in red. The popular ETFs &mdash; Energy Select Sector SPDR (ARCA:XLE), Vanguard Energy ETF (ARCA:VDE), SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (ARCA:XOP), Fidelity MSCI Energy Index ETF (ARCA:FENY) and VanEck Vectors Oil Services ETF (ARCA:OIH) &mdash; were down more than 2% each. All these ETFs have a Zacks Rank #1 (Strong Buy) or #2 (Buy).
The storm had prompted a production shutdown of around 730,000 barrels a day (bpd) in the Gulf of Mexico (about 42% of Gulf production), according to the US Bureau of Safety and Environmental Enforcement. The US Bureau of Safety and Environmental Enforcement stated that about 24% of crude production and 26% of natural gas output in the US Gulf of Mexico were offline due to the storm.
<h3>Energy ETFs in Focus</h3>
Energy Select Sector SPDR: It is the largest and the most popular ETF in the energy space, with an AUM of $34.1 billion. It offers exposure to the broad energy space and follows the Energy Select Sector Index. Energy Select Sector SPDR holds 22 securities in its basket and charges 9 bps in annual fees.
Vanguard Energy ETF: It provides exposure to a basket of 113 energy stocks by tracking the MSCI US Investable Market Energy 25/50 Index. Vanguard Energy ETF has amassed $7.6 billion in its asset base and charges 10 bps in annual fees.
SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF: It provides exposure to 53 oil and gas exploration and production companies by tracking the S&amp;P Oil &amp; Gas Exploration &amp; Production Select Industry Index. It has an AUM of $2.6 billion and charges 35 bps in fees per year.
Fidelity MSCI Energy Index ETF: It follows the MSCI USA IMI Energy Index, holding 112 stocks in its basket. FENY charges 8 bps in annual fees and has accumulated $1.5 billion in its asset base.
VanEck Vectors Oil Services ETF: It tracks the MVIS U.S. Listed Oil Services 25 Index, which offers exposure to companies involved in oil services to the upstream oil sector, including oil equipment, oil services or oil drilling. VanEck Vectors Oil Services ETF holds 26 stocks in its basket. With an AUM of $1.5 billion, it charges 35 bps in annual fees.
<h2>Concerns</h2>
<h2>Weak Demand/Supply Trends</h2>
Despite the positive momentum, oil prices are still trading close to three-year lows amid persistent concerns over slowing demand.
International Energy Agency (IEA) lowered the oil demand outlook by 70,000 bpd to 900,000 bpd for this year, citing weak China demand and feeble growth in other regions. The Organisation of Petroleum Exporting Countries (OPEC) also slashed the 2024 oil demand growth forecast for the second time. It expects world oil demand to rise by 2.03 million bpd in 2024, down from last month&#39;s forecast of growth of 2.11 million bpd.
Last week, OPEC and its allies extended the oil production cuts of 2.2 million bpd through November and planned to phase out those beginning in December until November 2025. However, it will increase production in 2025 for the first time since 2022. The first addition to supply, of 180,000 bpd, is now expected in December. Additionally, growing output from the United States, Guyana, Brazil and Canada will continue to take a toll on oil prices.
<h2>Geopolitical Tensions</h2>
Geopolitical risks in the Middle East will continue to provide some support to oil prices. The ongoing conflict in Gaza and the potential for a broader regional escalation, involving Iran, Hamas and Hezbollah are contributing to market uncertainty.
<h2>Analysts Go Bearish</h2>
Analysts in a Reuters poll reduced their oil price forecasts for 2024 for the fourth consecutive month. The poll shows Brent prices to average $82.86 per barrel this year, down from $83.66 a barrel expected in the July forecast. West Texas Intermediate is projected to average $78.82 per barrel in 2024, down from $79.22 a barrel expected in last month&#39;s poll.
Analysts believe the bullish drivers of the ongoing OPEC+ cuts and geopolitical flare-ups in the Middle East will be offset by the bearish demand trends and oil imports in China and Europe.
<h2>Will the Fed Provide Some Respite?</h2>
The Fed is expected to cut interest rates at its meeting scheduled to take place on Sept 17 and 18. Lower interest rates tend to lower the expenses of purchasing goods and services, potentially stimulating economic expansion and driving oil demand.
<a href="https://www.zacks.com/stock/news/2335964/rise-in-oil-price-fails-to-lift-energy-etfs-what-s-ahead?cid=CS-BENZ-FT-etf_news_and_commentary-2335964">To read this article on Zacks.com click here.</a>

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Rise in Oil Price Fails to Lift Energy ETFs: What's Ahead?

Oil futures surged significantly on Monday morning, with West Texas Intermediate (WTI) light crude rising 3% to over $77 per barrel as of 9:00 a.m. ET, amid escalating geopolitical tensions in the Middle East and<a href="https://www.benzinga.com/markets/commodities"> fresh supply disruptions in Libya.</a>
This marks the third consecutive day of oil price gains after hitting their lowest levels since January on Wednesday, Aug. 21. With Monday&#8217;s increase, WTI has climbed more than 7% over the past three sessions, setting the stage for the strongest three-day rally since late March 2023.
What Happened: On Saturday, Aug. 24, the Iran-backed Lebanese militant group Hezbollah launched a large-scale assault against Israel, using rockets and drones in retaliation for the killing of senior Hezbollah commander Fuad Shukr by Israeli forces. The attack involved hundreds of rockets and at least 20 drones targeting various locations in northern Israel.
In response, Israel carried out airstrikes on multiple Hezbollah positions in southern Lebanon, hitting at least 17 sites in an effort to thwart further large-scale attacks. Israeli officials described these strikes as preemptive measures aimed at neutralizing Hezbollah&#8217;s capabilities.
The situation remained volatile on Sunday, with ongoing exchanges of fire, fueling concerns about a broader regional conflict. Israeli Prime Minister Benjamin Netanyahu warned that the strikes against Hezbollah are not &#8220;the end of the story.&#8221;
In Libya, the political and security environment has deteriorated sharply. The eastern government, a rival to the Tripoli-based administration, announced a halt to oil production and exports following a dispute over the leadership of the Central Bank, exacerbating the global supply concerns.
According to Reuters, Waha Oil Company, a subsidiary of the National Oil Corp and operator of a joint venture with ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), announced plans to cut crude production and warned that output could come to a complete stop due to protests and pressures.
Also Read: <a href="https://www.benzinga.com/news/earnings/24/08/40548945/temu-parent-pdd-posts-86-q2-topline-growth-stock-drops-after-ceo-flags-upcoming-challenges">Temu Parent PDD Posts 86% Q2 Topline Growth, Stock Drops After CEO Flags Upcoming Challenges</a>
Why It Matters: The recent rebound in equity markets after the early August selloff was largely driven by fading fears of a U.S. recession. 
Investors also responded positively to central bankers&#8217; signals of potential interest rate cuts, as confidence grew that inflation is moving closer to the 2% target. 
However, the sudden spike in crude oil prices, driven by supply concerns, could dampen the positive investor sentiment toward risk asset and curb further disinflationary gains in the economy. 
Market Reactions: Energy-related companies saw gains in Monday&#8217;s premarket trading. 
The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) rose over 1%. Companies in the oil services sector also benefited, with the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) up 1.8%. Firms in the upstream market, tracked by the SPDR S&amp;P Oil &amp; Gas Exploration and Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>), were 1.3% higher.
Top premarket movers included: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Chg %</td>
</tr>
<tr>
<td>Sitio Royalties Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STR#NYSE">STR</a>)</td>
<td>3.8%</td>
</tr>
<tr>
<td>Talos Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TALO#NYSE">TALO</a>)</td>
<td>2.9%</td>
</tr>
<tr>
<td>Transocean Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>)</td>
<td>2.7%</td>
</tr>
<tr>
<td>Petroleo Brasileiro SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBR#NYSE">PBR</a>)</td>
<td>2.2%</td>
</tr>
<tr>
<td>Helix Energy Solutions Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLX#NYSE">HLX</a>)</td>
<td>2.1%</td>
</tr>
<tr>
<td>Murphy Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUR#NYSE">MUR</a>)</td>
<td>1.8%</td>
</tr>
<tr>
<td>Noble Corporation plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NE#NYSE">NE</a>)</td>
<td>1.7%</td>
</tr>
<tr>
<td>EOG Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OEG#NYSE">OEG</a>)</td>
<td>1.7%</td>
</tr>
<tr>
<td>Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>)</td>
<td>1.5%</td>
</tr>
<tr>
<td>Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>)</td>
<td>1.5%</td>
</tr>
<tr>
<td>ConocoPhillips </td>
<td>1.4%</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40535770/feds-powell-hints-at-policy-shifts-dollar-plunges-gold-rallies-as-investors-flock-to-rate-cut-wi">Fed&#8217;s Powell Hints At Policy Shifts, Dollar Plunges, Gold Rallies As Investors Flock To Rate-Cut Winners: This Week In The Markets</a></li>
</ul>
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Oil Prices Rally As Middle East Tensions Rise, Libya Warns Of Potential Production Halt: 10 Energy Stocks On The Move Monday

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk, who is running a company that aims to move humanity toward a sustainable energy future and away from internal combustion engine (ICE) vehicles, batted for the oil and gas industry in an <a href="https://www.benzinga.com/news/24/08/40328821/trump-and-musk-interview-covers-everything-from-failed-assassination-attempt-to-kamala-harriss-no-ta">X interview with Republican presidential candidate</a> Donald Trump late Monday.
What Happened: Toward the end of a long-winding interview with Trump on X, a social-media platform Musk owns, the billionaire said, &#8220;I don't think we should vilify the oil and gas industry and the people that have worked very hard in those industries to provide the necessary energy to support the economy.&#8221; 
He described his views toward the industry as &#8220;pretty moderate.&#8221;
The billionaire suggested there is leeway for the oil and gas industry to co-exist with new-energy ventures as the planet Earth slowly and steadily transitions to sustainable energy. He said the planet can transition to a sustainable energy economy in 50 or 100 years despite the scientific community&#8217;s warning that humanity has reached a tipping point as far as climate is concerned. Trump, meanwhile, said he sees a 500-1000-year timeframe to move toward that.
&#8220;So it's not like the house is on fire immediately,&#8221; the Tesla CEO said, adding &#8220;It's probably better to move there faster than slower. But like without vilifying the oil and gas industry and without causing hardship in the short term."
Musk soon did a turncoat by stating that continued use of fossil fuel will make air harder to breathe, potentially causing headaches and nausea. That said, he said, &#8220;We still have quite a bit of time&#8230;We don't need to rush.&#8221;
Trump, for his part, pointed out that it was fossil fuel-powered energy generation that is powering Tesla vehicles. &#8220;Can't get away from it at this moment,&#8221; he said.
The presidential candidate flagged another threat that is more menacing than climate change. &#8220;People talk about global warming, or they talk about climate change, but they never talk about nuclear warming,&#8221; he said, flagging it as &#8220;an immediate problem.&#8221;
See Also: <a href="https://www.benzinga.com/money/best-commodities-to-buy">Best Commodities To Buy</a>
Why It&#8217;s Important: <a href="https://www.benzinga.com/news/24/08/40145805/elon-musk-says-his-endorsement-of-trump-doesnt-mean-he-agrees-with-everything-ex-president-is-saying">Musk endorsed Trump</a> immediately after an unsuccessful assassination attempt at the former president at a Pennsylvania rally. In early May, <a href="https://www.benzinga.com/news/24/05/38751446/trump-reportedly-seeks-1b-in-campaign-funds-from-exxon-mobil-chevron-other-big-oil-execs-expert-call">Trump reportedly sought $1 billion</a> from oil executives, promising a quid-pro-quo of reversing dozens of President Joe Biden's environmental rules and policies and stopping new ones from being enacted.
After hinting at removing federal tax subsidy for electric vehicles on his first day in office, Trump has softened his stance toward them, especially after Musk threw his weight behind him. In a Michigan rally in late July, <a href="https://www.benzinga.com/news/24/08/40154264/trump-says-electric-cars-are-fantastic-after-tesla-ceo-elon-musks-endorsement-i-have-to-be-you-know">he praised EVs</a>, stating that he finds them impressive. However, he noted that EVs might not be suitable for everyone, particularly those who need to drive long distances, likely referencing concerns about range and charging infrastructure.
In the past, Musk has echoed a similar sentiment as the one he expressed in the Trump interview. In an ONS conference held in Stavanger, Norway in late 2022, the billionaire clarified that <a href="https://www.benzinga.com/news/22/09/28748663/elon-musk-speaks-unexplored-areas-of-disruption-risk-taking-energy-sources-what-keeps-him-up-at-nigh">he is not someone who would &#8220;demonize&#8221; oil and gas </a>because, in his opinion, they are now required for civilization to function.
&#8220;I think we actually need more oil and gas, and not less, but simultaneously [should] move as fast as we can to a sustainable energy economy,&#8221; he said then.
Backers of the oil and gas industry often point to the risk of the U.S. losing its energy independence if we pivot away from fossil fuels abruptly. The argument could be credible given China&#8217;s dominance in alternative energy vehicles. The Energy Information Administration data said in an April report that the U.S. had produced more crude oil than any nation at any time, citing International Energy Statistics.
Stock Reaction: Energy stocks haven&#8217;t reacted much to the views expressed by Musk or Trump. Among the exchange-traded funds, in <a href="https://benzinga.grsm.io/register174">premarket trading:</a>
<ul>
<li>United States Oil Fund, LP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USO#NASDAQ">USO</a>) rose 0.37% to $78.92&nbsp;even as the index futures traded solidly higher.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was little changed at $89.85.</li>
<li>SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) edged down 0.10% to $138.15.</li>
<li>Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) edged down 0.06% to $118.93.</li>
<li>Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) gained 0.32% to $145.49.</li>
<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) edged up 0.23% to $110.28.</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40329662/donald-trump-calls-tesla-ceo-elon-musk-greatest-cutter-for-terminating-workers-who-want-to-unionize">Donald Trump Calls Tesla CEO Elon Musk &#8216;Greatest Cutter&#8217; For Terminating Workers Who Want To Unionize</a></li>
</ul>
Photos courtesy: Shutterstock

Media

TSLA

Tesla's Elon Musk Warns Against Vilifying Oil And Gas Industry In Trump Interview, Cautions Against Rushing With Sustainable Energy Transition: 'It's Not Like The House Is On Fire Immediately'

Oil is on course to secure its fourth <a href="https://www.benzinga.com/markets/commodities">consecutive session of gains.</a>
What Happened: Oil prices climbed by more than 1% at the start of the week. West Texas Intermediate (WTI) light crude futures, tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), surpassed $77 per barrel by 8:00 a.m. EST.
This rise comes despite the Organization of the Petroleum Exporting Countries (OPEC) cutting its global oil demand growth forecast. OPEC has revised its global oil demand growth estimate for 2024 to 1.78 million barrels per day (mb/d). That&#8217;s down from the previous projection of 1.85 mb/d. The oil cartel expects global oil demand in 2024 to average 104.32 mb/d.
For 2025, oil demand growth globally has also been lowered to 2.11 mb/d. That&#8217;s a reduction from the prior estimate of 2.25 mb/d.
&#8220;This slight revision reflects actual data received for the first quarter of 2024 and, in some cases, the second quarter, as well as reduced expectations for China&#8217;s oil demand growth in 2024,&#8221; OPEC stated in its latest monthly report.
See Also: <a href="https://www.benzinga.com/markets/asia/24/08/40309103/asia-and-europe-markets-mixed-crude-advances-and-gold-near-all-time-high-global-markets-today-while">Asia And Europe Markets Mixed; Crude Advances And Gold Near All-Time High &#8211; Global Markets Today While US Slept</a>
Why It Matters: The recent surge in oil prices is largely attributed to escalating supply risks, fueled by increasing geopolitical tensions in the Middle East, including a surprise <a href="https://www.aljazeera.com/news/2024/8/12/has-ukraines-incursion-into-russias-kursk-changed-dynamics-of-the-war">incursion</a> by Ukrainian forces into Russia.
On Monday, Russia began evacuating civilians from parts of a second region near Ukraine following a spike in military activity by Kyiv, as reported by Reuters. This comes just days after Ukraine&#8217;s most significant incursion into Russian territory since the war began in 2022. Last Tuesday, Ukrainian forces breached the Russian border and advanced through parts of the Kursk region, a move that could be aimed at gaining leverage in potential ceasefire talks post-U.S. elections in November.
Meanwhile, Ukraine and Russia exchanged accusations over an incident at the Zaporizhzhia nuclear power plant on Sunday. The International Atomic Energy Agency (IAEA) reported witnessing thick smoke from the northwestern area of the plant after hearing multiple explosions throughout the evening. 
The IAEA confirmed that an alleged drone attack targeted one of the plant&#8217;s cooling towers but assured there was no impact on nuclear safety. &#8220;These reckless attacks endanger nuclear safety at the plant and increase the risk of a nuclear accident. They must stop now,&#8221; said IAEA director general Rafael Mariano Grossi.
Additionally, tensions in the Middle East continue to rise. 
On Saturday, an Israeli airstrike on a Gaza City school compound, which had been converted into a shelter. The Gaza Civil Emergency Service reported that approximately 100 people were killed in the strike, while Israel claimed that around 20 militants were operating within the compound.
The White House expressed deep concern over the incident, joining several Arab states, Turkey, Britain, and the European Union&#8217;s foreign policy chief in condemning the attack. 
In response to changing demand dynamics, Saudi Arabia is expected to reduce its crude oil exports to China next month. The Kingdom, the world&#8217;s largest crude oil exporter, is set to ship 43 million barrels to China in September. That&#8217;s down from an estimated 46 million barrels in August, according to trade sources quoted by Reuters.
<h3 class="wp-block-heading">Stock Market Reactions</h3>
<ul>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was up 0.5% by 8:00 a.m. in New York. </li>
<li>Top premarket performers: Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) and Baker Hughes Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NYSE">BKR</a>), both rising 1.4%.</li>
<li>The SPDR S&amp;P Oil &amp; Gas Exploration and Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>), which tracks companies in the upstream segment, also saw a 0.6% increase.</li>
<li>Vitesse Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTS#NYSE">VTS</a>) is up more than 3%.</li>
</ul>
Now Read:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/08/40310004/nasdaq-s-p-500-futures-climb-after-volatile-week-as-traders-eye-inflation-data-and-retail-earnings-">Nasdaq, S&amp;P 500 Futures Climb After Volatile Week As Traders Eye Inflation Data and Retail Earnings: Strategist Says Not CPI But This Data Can Give People Lot Of Conviction</a></li>
</ul>

Mid Cap

Specialty ETFs

FANG

Oil Prices Eye Fourth Straight Day Of Gains As Geopolitical Risks Overshadow OPEC's Cooler Demand Forecast

A 2024 election victory for ex-President Donald Trump could unleash a new wave of deregulation, <a href="https://www.benzinga.com/real-estate/reit/24/02/36933312/the-2024-showdown-trumps-deregulation-vs-bidens-healthcare-expansion-what-it-means-for-investors">according to Goldman Sachs</a>.
This would help companies in industries subject to strict rules and regulatory oversight, the firm&#8217;s analysts, Ronnie Walker and Alec Phillips, explained in a research note. Those sectors include energy (oil and gas), utilities, financials, healthcare, industrials, materials, and telecom. Conversely, consumer discretionary, consumer staples, technology, and real estate have less exposure.
Recall Trump&#8217;s recently proposed deal with leading oil and gas companies, where he offered to roll back environmental regulations in return for <a href="https://www.benzinga.com/news/24/05/38997165/trumps-policies-for-money-transaction-with-big-oil-under-investigation-by-senate-democrats-cronyism">$1 billion in campaign contributions</a>.
It&#8217;s worth noting, however, that the Biden administration presided over a record boom in oil and gas. Politico <a href="https://www.eenews.net/articles/what-bidens-oil-record-means-for-the-industrys-future/">reports</a> that Biden&#8217;s Interior Department, which oversees the federal oil program, outpaced Trump in approving new drilling permits.
But according to the Wall Street investment bank, &#8220;equity market sectors that might benefit from an easier regulatory environment generally saw relative strength alongside the changing presidential probabilities.&#8221;
<h3 class="wp-block-heading">ETFs To Watch </h3>
<ul>
<li>SPDR Oil &amp; Gas Exploration And Production (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>)</li>
<li>iShares U.S. Aerospace And Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITA#NYSE">ITA</a>)</li>
<li>SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>)</li>
<li>Invesco S&amp;P Smallcap Industrials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSCI#NYSE">PSCI</a>)</li>
<li>SPDR S&amp;P Telecom ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XTL#NYSE">XTL</a>)</li>
<li>Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</li>
<li>Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) </li>
</ul>
<h3 class="wp-block-heading">Focus Areas For Deregulation</h3>
During Trump&#8217;s previous administration, significant deregulatory actions targeted environmental and energy regulations, including lowering fuel efficiency standards and reducing environmental permitting requirements.
Energy companies even <a href="https://www.npr.org/2020/08/13/901863874/trumps-methane-rollback-that-big-oil-doesn-t-want">criticized</a> Trump who, in 2020, rolled back rules meant to reduce climate-warming methane emissions — far more potent than carbon dioxide. Shell, BP and the Exxon Mobil Corp disapproved of his decision.
Biden <a href="https://degette.house.gov/media-center/press-releases/biden-signs-legislation-invalidate-trump-administrations-methane-rule">reinstated</a> the methane emissions standards the following year. 
Should Trump win in November, he will likely roll back the Biden-era methane emission rules, Goldman&#8217;s analysts said.
Another apparent change, the firm notes, would likely be the resumption of LNG export permit approvals, which were paused under Biden.
Goldman Sachs expects a Trump administration to expand LNG exports, and reverse restrictions on greenhouse gas emissions. Additionally, there would likely be an expansion of oil leases on federal land and offshore energy development, and eased regulations on refineries.
In the utilities sector, a Trump administration would likely seek to modify recently finalized rules restricting CO2, mercury, and other pollutants from fossil-fuel-fired power generation. 
Regarding auto emissions, the administration would probably aim to relax limits set by the Biden administration, which automakers might meet by increasing the proportion of electric vehicles sold. Goldman Sachs also anticipates a tightening of domestic content requirements for electric vehicle subsidies and loosened criteria for energy credits to make it easier for less climate-friendly energy sources to qualify.
While antitrust enforcement officials in a potential Trump administration might continue pursuing some cases in the internet/tech sector, merger enforcement could ease compared to the current regime.
<h3 class="wp-block-heading">Financial Regulations</h3>
Financial regulation might also shift, with more rapid changes in consumer finance and more gradual adjustments in capital and liquidity requirements. 
A key area for potential changes is the "Basel III Endgame," which would raise capital requirements for large banks. However, the Federal Reserve and the Federal Deposit Insurance Corporation are independent of the White House, and their leadership terms do not automatically turn over with a new administration. 
For instance, Fed Vice Chair for Supervision Michael Barr's term runs through July 2026, and Chair Powell's term runs through May 2026, complicating the outlook and timing.
In contrast, leadership of the Consumer Financial Protection Bureau (CFPB) would likely change quickly under a Trump administration, benefiting consumer finance stocks.
Now Read:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39677621/ed-yardeni-downplays-recession-fears-but-warns-we-need-more-bears-to-keep-the-bull-">Ed Yardeni Downplays Recession Fears But Warns, &#8216;We Need More Bears To Keep The Bull Market Going&#8217;</a></li>
</ul>

New ETFs

Topics

Federal Reserve

iShares Dow Jones US Aerospace & Defense Index Fund

PSCI

Trump's Deregulation Agenda: Oil & Gas, Defense, And Finance Stocks May Benefit From Loose Rules, Goldman Sachs Says

If you&#39;re interested in broad exposure to the Energy - Exploration segment of the equity market, look no further than the iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS: <a class="ticker" href="https://www.benzinga.com/stock/ieo#BATS">IEO</a>), a passively managed exchange traded fund launched on 05/01/2006.
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Energy - Exploration is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 15, placing it in bottom 6%.
Index Details
The fund is sponsored by Blackrock. It has amassed assets over $731.59 million, making it one of the larger ETFs attempting to match the performance of the Energy - Exploration segment of the equity market. IEO seeks to match the performance of the Dow Jones U.S. Select Oil Exploration &amp; Production Index before fees and expenses.
The Dow Jones U.S. Select Oil Exploration &amp; Production Index is a free-float adjusted market capitalization-weighted index. The Index includes companies that are engaged in the exploration for and extraction, production, refining, and supply of oil and gas products.
Costs
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.
Annual operating expenses for this ETF are 0.40%, making it one of the cheaper products in the space.
It has a 12-month trailing dividend yield of 2.61%.
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.
This ETF has heaviest allocation in the Energy sector--about 100% of the portfolio.
Looking at individual holdings, Conocophillips&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cop#NYSE">COP</a>) accounts for about 18.30% of total assets, followed by EOG Resources Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eog#NYSE">EOG</a>) and Marathon Petroleum Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mpc#NYSE">MPC</a>).
The top 10 holdings account for about 70.58% of total assets under management.
Performance and Risk
So far this year, IEO has gained about 6.79%, and was up about 19.10% in the last one year (as of 07/08/2024). During this past 52-week period, the fund has traded between $85.58 and $111.94.
The ETF has a beta of 1.44 and standard deviation of 31.75% for the trailing three-year period, making it a high risk choice in the space. With about 49 holdings, it has more concentrated exposure than peers.
Alternatives
IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, IEO is an excellent option for investors seeking exposure to the Energy ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
Invesco Energy Exploration &amp; Production ETF (ARCA:PXE) tracks Dynamic Energy Exploration &amp; Production Intellidex Index and the SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (ARCA:XOP) tracks S&amp;P Oil &amp; Gas Exploration &amp; Production Select Industry Index. Invesco Energy Exploration &amp; Production ETF has $133.33 million in assets, SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF has $3.43 billion. PXE has an expense ratio of 0.60% and XOP charges 0.35%.
<a href="https://www.zacks.com/stock/news/2297706/should-you-invest-in-the-ishares-u-s-oil-gas-exploration-production-etf-ieo?cid=CS-BENZ-FT-sector_etf-2297706">To read this article on Zacks.com click here.</a>

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

PowerShares ETF Trust Dynamic Energy Exploration & Production Port

Should You Invest in the iShares U.S. Oil & Gas Exploration & Production ETF?

The SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (ARCA:XOP) made its debut on 06/19/2006, and is a smart beta exchange traded fund that provides broad exposure to the Energy ETFs category of the market.
What Are Smart Beta ETFs?
The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.
A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.
However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.
Non-cap weighted indexes try to choose stocks that have a better chance of risk-return performance, which is based on specific fundamental characteristics, or a mix of other such characteristics.
Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.
Fund Sponsor &amp; Index
The fund is managed by State Street Global Advisors, and has been able to amass over $3.66 billion, which makes it one of the largest ETFs in the Energy ETFs. This particular fund, before fees and expenses, seeks to match the performance of the S&amp;P Oil &amp; Gas Exploration &amp; Production Select Industry Index.
The S&amp;P Oil &amp; Gas Exploration &amp; Production Select Industry Index represents the oil and gas exploration and production sub-industry portion of the S&amp;P Total Markets Index. The S&amp;P TMI tracks all the US common stocks listed on the NYSE, AMEX, NASDAQ National Market and NASDAQ Small Cap exchanges. The Oil &amp; Gas Exploration Index is a modified equal weight index.
Cost &amp; Other Expenses
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.
Operating expenses on an annual basis are 0.35% for this ETF, which makes it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 2.31%.
Sector Exposure and Top Holdings
Most ETFs are very transparent products, and disclose their holdings on a daily basis. ETFs also offer diversified exposure, which minimizes single stock risk, though it&#39;s still important for investors to research a fund&#39;s holdings.
XOP&#39;s heaviest allocation is in the Energy sector, which is about 100% of the portfolio.
Taking into account individual holdings, Valero Energy Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vlo#NYSE">VLO</a>) accounts for about 2.70% of the fund&#39;s total assets, followed by Pbf Energy Inc Class A (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pbf#NYSE">PBF</a>) and Apa Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/apa#NYSE">APA</a>).
The top 10 holdings account for about 26.52% of total assets under management.
Performance and Risk
The ETF has gained about 8.27% and is up roughly 20.54% so far this year and in the past one year (as of 06/13/2024), respectively. XOP has traded between $121.68 and $160.59 during this last 52-week period.
The fund has a beta of 1.70 and standard deviation of 35.95% for the trailing three-year period, which makes XOP a high risk choice in this particular space. With about 56 holdings, it effectively diversifies company-specific risk.
Alternatives
SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF is an excellent option for investors seeking to outperform the Energy ETFs segment of the market. There are other ETFs in the space which investors could consider as well.
Invesco Energy Exploration &amp; Production ETF (ARCA:PXE) tracks Dynamic Energy Exploration &amp; Production Intellidex Index and the iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS: <a class="ticker" href="https://www.benzinga.com/stock/ieo#BATS">IEO</a>) tracks Dow Jones U.S. Select Oil Exploration &amp; Production Index. Invesco Energy Exploration &amp; Production ETF has $140.05 million in assets, iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF has $754.21 million. PXE has an expense ratio of 0.60% and IEO charges 0.40%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Energy ETFs.
<a href="https://www.zacks.com/stock/news/2287626/is-spdr-s-p-oil-gas-exploration-production-etf-xop-a-strong-etf-right-now?cid=CS-BENZ-FT-smart_beta_etf-2287626">To read this article on Zacks.com click here.</a>

Is SPDR S&P Oil & Gas Exploration & Production ETF a Strong ETF Right Now?

Wall Street traded slightly in the red on Tuesday morning as markets took a cautious stance ahead of the inflation report and the Federal Open Market Committee <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39274908/may-inflation-report-clashes-with-fed-meeting-traders-brace-for-volatile-wednesday">(FOMC) meeting on Wednesday.</a>
The S&amp;P 500 dipped 0.2% by 12:55 p.m. in New York, marking its worst daily performance month-to-date. 
Despite the overall market decline, the tech-heavy Nasdaq 100 avoided losses, buoyed by a strong rally in Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). The Cupertino-based iPhone maker surged 5.9%, mirroring last month&#8217;s post-earnings reaction, driven by bullish analyst notes <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39274000/7-apple-analysts-mixed-on-wwdc-2024-iphone-upgrade-cycle-coming-but-when">following Tuesday&#8217;s WWDC event.</a>
Blue-chip stocks in the Dow Jones fell 0.7%, while small-cap stocks lagged, down 1%. Treasury yields saw little movement, with the benchmark 10-year note holding steady at a 4.46% yield.
Commodities were broadly softer, with gold and silver declining by 0.2% and 1.9%, respectively, while West Texas Intermediate (WTI) crude oil remained stable at $77 a barrel. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was the day&#8217;s biggest underperformer, falling over 4% to $66,500 and eyeing its worst daily performance since late April.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,076.80</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,348.59</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,578.53</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,018.79</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 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 0.3% lower to $534.10.</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 0.7% lower to $386.43.</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 flat at $464.60.</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 1%, while the&nbsp;Financials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) lagged, down 1.5%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
<ul>
<li>FMC Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMC#NYSE">FMC</a>) rose 3.5% after Pierre Brondeau returned as president and chief executive officer.</li>
<li>NextEra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>) tanked 6.7%, eyeing the worst daily performance since October 2023, after the company issued weaker guidance.</li>
<li>State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) and BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) fell 4.5% and 1.7%, respectively, after Reuters revealed that a U.S. congressional committee is set to accuse the biggest Wall Street firms over climate-related collusions. </li>
<li>Affirm Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) rose over 8% after Apple announced the inclusion of the company&#8217;s products in Apple Pay later this year. </li>
<li>DXC Technology Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXC#NYSE">DXC</a>) surged 11.5% amid acquisition interest from Apollo Global Management and Kyndryl Holdings </li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/24/06/39272106/affirm-soars-after-apple-partnership-announcement-what-it-means-for-users">Affirm Soars After Apple Partnership Announcement: What It Means For Users</a>
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Stocks Ease Ahead Of Wednesday's Key Events, Apple Jumps To Record Highs, Bitcoin Tumbles To $66,500: What's Driving Markets Tuesday?

Wall Street is experiencing a quiet trading session on Monday, with major indices showing little movement by midday in New York, as traders maintain a cautious stance ahead of the highly anticipated inflation report and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39252500/fed-meeting-preview-economists-predict-steady-rates-in-june-fewer-cuts-ahead">Fed meeting this Wednesday.</a>
U.S. stocks have erased early session losses sparked by rising volatility in Europe after the latest Parliamentary elections revealed increased support for far-right parties and Emmanuel Macron&#8217;s surprising call for <a href="https://www.benzinga.com/markets/equities/24/06/39249718/macrons-snap-election-gamble-shocks-european-markets-euro-eyes-worst-2-day-performance-in-15-mon">snap elections in France.</a>
The S&amp;P 500 is 0.2% higher, while the tech-heavy Nasdaq 100 slightly outperforms the broader market, rising 0.3%.
Blue-chip stocks soften by 0.1%, while small caps trade mostly flat for the day.
Treasury yields inch higher by about 3 basis points across long-dated maturities, with the benchmark 10-year Note trading at a 4.47% yield. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) falls 0.7%, eyeing its third straight session of declines.
A trade-weighted measure of the U.S. dollar, as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), has risen by 0.2%, buoyed by the greenback&#8217;s gains against the euro, with the EUR-USD exchange rate down 0.4%.
Commodities trade stronger across the spectrum, with oil and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39254869/us-natural-gas-prices-rise-to-5-month-highs-on-hot-weather-forecasts-energy-stocks-">natural gas prices</a> rallying by 2.5% and 3.7%, respectively, driving the outperformance of energy-related stocks. Metals are also in the green, with copper, silver, and gold up 2.2%, 1.7%, and 0.7%, respectively. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is 0.4% higher, reaching $69,950.
<h3 class="wp-block-heading">Monday&#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>19,053.31</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,355.63</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,023.34</td>
<td>0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,746.91</td>
<td>-0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">As of 12:42 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;is 0.2% higher to $534.86.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;is flat at $388.21.</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) rises 0.4% to $465.35.</li>
<li>Sector-wise, the&nbsp;Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;outperforms, up by 1.1%, while the&nbsp;Financials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) eases 0.5%.</li>
<li>Industry-wise, the SPDR S&amp;P Oil &amp; Gas Exploration and Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) is the session top performer, up 2.2%, while the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) lags behind, down 1.7%. </li>
</ul>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) has risen by nearly 8%, after Elliot Investment unveiled a $1.9 billion stake in the airline company. </li>
<li>Huntington Bancshares Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NYSE">HBAN</a>) is down over 5%, after the company slashed its annual net interest income forecasts. </li>
<li>Texas Pacific Land Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>) and RB Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBA#NYSE">RBA</a>) are up over 23% and 9%, respectively, on the news that they will be included in the S&amp;P MidCap 400 Index. </li>
<li>CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>), KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) and GoDaddy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDDY#NYSE">GDDY</a>) have risen 9.6%, 11.3% and 2.1%, respectively, as Dow Jones Indices announces the companies&#8217; inclusions in the S&amp;P 500 index.</li>
<li>Tellurian Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TELL#NYSE">TELL</a>) rockets 13.5%, extending a 5-day rally that began last week following rumors of Saudi giant Aramco being in discussions with the company for a liquefied natural gas (LNG) project.</li>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) has extended Friday&#8217;s losses following the Roaring Kitty&#8217;s livestream, down by an additional 15% on Monday, further cooling the meme-stock sentiment. AMC Entertainment Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) is 6% lower. </li>
<li>Shares of&nbsp;ICC Holdings, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICCH#NASDAQ">ICCH</a>) have gained over 35% after Mutual Capital Group announced plans to acquire&nbsp;the company. </li>
</ul>
Read now: <a href="https://www.benzinga.com/news/24/06/39245542/dont-miss-apples-wwdc-2024-keynote-how-and-where-to-watch-on-june-10">Don&#8217;t Miss Apple&#8217;s WWDC 2024 Keynote: How And Where To Watch On June 10</a>
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Market Stays Flat As Investors Anticipate Key Economic Events; Energy Stocks Lead Gains, Regional Banks Decline: What's Driving Markets Monday?

All major U.S. equity indices opened the week with losses, as traders shifted to safe-haven bonds and gold amid concerns affecting the health of the U.S. manufacturing activity. In May, the ISM Manufacturing PMI dropped to 48.7, marking a <a href="https://www.benzinga.com/markets/equities/24/06/39140837/treasury-yields-fall-dollar-weakens-as-manufacturing-activity-gauge-contracts-more-than-expected">faster-than-expected contraction.</a> 
This follows a bleak Chicago PMI report on Friday, which indicated the worst sentiment since May 2020.
The CBOE Volatility Index (VIX), known as the market fear gauge, surged by 9% on a day marred by <a href="https://www.benzinga.com/markets/equities/24/06/39138985/berkshire-hathaway-chipotle-more-nyse-stocks-hit-with-trading-halts-triggered-by-technical-issue">temporary technical glitches </a>affecting several NYSE-listed stocks, including Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) and Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>).
At 12:40 p.m. in New York, the Nasdaq 100 index was down 0.5%, eyeing its fourth consecutive session of declines, potentially marking its longest losing streak since early January 2024.
The Dow Jones Industrial Average underperformed tech-heavy indices due to sharp losses in the energy and industrials sectors, weighing down the blue-chip index.
Treasury yields fell nearly 10 basis points, marking the highest one-day decline in yields since May 15 and the third-largest drop of the year. Bond-related assets surged, with the iShares 20+ Year Treasury Bond (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) gaining 1.2%, aiming for its third consecutive day of gains.
As yields dropped, gold rose by 0.9%, fully recovering Friday&#8217;s losses, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was up by 2.3%.
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,443.91</td>
<td>-0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,248.61</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,050.97</td>
<td>-0.9%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,285.51</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:48 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 0.6% lower to $524.01.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 1% to $383.56.</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) fell 0.2% to $449.52</li>
<li>Sector-wise, the&nbsp;Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)&nbsp;outperformed, up by 0.2%, while the&nbsp;Energt Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 2.8%.</li>
<li>Industry-wise, the SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>), outperformed, up 1.4%.</li>
</ul>
<h2 class="wp-block-heading">Monday&#8217;s Stock Movers</h2>
<ul>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) rallied over 7% after the company announced it has agreed to the terms of a merger with Skydance, with the official announcement expected in the coming days.</li>
<li>Meme stocks like 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>) experienced a sudden spike after trader Keith Gill, known as &#8220;Roaring Kitty&#8221; on Reddit, posted a screenshot showing that he holds GME shares valued at $115.7 million.</li>
<li>Lattice Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>) plunged over 15% after its president and CEO, Jim Anderson, left to lead laser maker Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>), which saw a 17% rally.</li>
<li>Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) rose 4% after the music-streaming giant announced heightened subscription costs for its premium users. </li>
<li>Science Applications International Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIC#NASDAQ">SAIC</a>) plummeted 12% after missing revenue estimates last quarter. </li>
</ul>
<h3 class="wp-block-heading">Market-Moving Events Outside The US: </h3>
In emerging markets, Mexican assets experienced a sharp decline following Claudia Sheinbaum&#8216;s landslide victory in the country&#8217;s presidential election on Sunday.
The Mexican Peso tumbled as much as 4.3% against the dollar, marking its worst trading day since March 16, 2020.
Mexican stocks sold off heavily, with the iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) dropping 10%, also its worst day since March 16, 2020, when it tumbled 15%.
Read now: <a href="https://www.benzinga.com/24/06/39137050/mexican-peso-suffers-worst-day-in-four-years-after-sheinbaum-wins-presidential-elections">Mexican Peso Suffers Worst Day In Four Years After Sheinbaum Wins Presidential Elections</a>
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VIX Spikes 8% As Stocks Sink; Bonds, Gold Rise On Growth Concerns; Meme Stocks Roar, Peso Plummets: What's Driving Markets Monday?

Bears knocked on Wall Street&#8217;s door again Friday, sending large-cap tech stocks lower despite the Fed&#8217;s favorite <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39116124/bank-of-america-strategist-shifts-to-bonds-stock-sell-off-prophecy-on-benign-inflat">inflation measure meeting expectations.</a>
Both the S&amp;P 500 and the Nasdaq 100 index are set to end a 5-week winning streak as investors grow more cautious about the latest economic developments.
In April 2024, the Personal Consumption Expenditure (PCE) price index held steady at 2.7% year-on-year, matching the previous month and forecasts. The annual core inflation rate also remained unchanged at 2.8%, <a href="https://www.benzinga.com/markets/equities/24/05/39113676/are-rate-cuts-imminent-after-feds-preferred-inflation-data-holds-steady-be-careful-what-you-wish">in line with expectations.</a>
However, concerns arose from a deceleration in personal spending and income, raising fears that strong consumer momentum is waning. Additionally, the Chicago PMI dropped to its lowest level since May 2020, increasing worries about an ongoing economic slowdown.
The tech-heavy Nasdaq 100 fell 1.5%, marking its third straight session of losses and its worst performance in a month. The S&amp;P 500 was down 0.4%, the Russell 2000 edged 0.1% lower, while blue-chip stocks in the Dow Jones rose 0.3%, reflecting a shift to high-quality defensive stocks.
Treasury yields fell, boosting 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>) rising 0.6%.
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), unexpectedly fell 0.5%, and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) dropped 1.6%.
<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>Dow Jones</td>
<td>38,261.57</td>
<td>0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,052.98</td>
<td>-0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,212.90</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,267.38</td>
<td>-1.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:15 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 0.4% lower to $520.54</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.4% to $383.10</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) fell 1.4% to $445.43</li>
<li>Sector-wise, the&nbsp;Real Estate &nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)&nbsp;outperformed, up by 1.6%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 1.5%.</li>
<li>Industry-wise, the SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>), outperformed, up 1.6%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Caesars Entertainment Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NYSE">CZR</a>) rose over 10% after rumors that Carl Icahn invested in the casino company.</li>
<li>The Gap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPS#NYSE">GPS</a>) rose 26%, after sharply beating both earnings and revenue estimates last quarter.</li>
<li>MongoDB Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) plummeted 23%, eyeing the worst day since September 2022, after the company issued weak guidance for the upcoming quarter as well as for <a href="https://www.benzinga.com/news/24/05/39112861/why-mongodb-stock-is-moving-lower-friday">the fiscal-year 2025. </a></li>
<li>Other stocks reacting to earnings were Costco Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) down 2.5%, Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) down 20%, Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) down 11%, Veeva Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>) down 11%, NetApp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) up 0.6%, Zscaler Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) up 7%, Ulta Beauty Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) up 0.9%, The Cooper Companies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COO#NASDAQ">COO</a>) up 3.7%, and SentinelOne Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) down 12%. </li>
</ul>
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Tech Stocks Crumble As Wall Street's 5-Week Rally Ends; Bonds Offer Safe Haven As Growth Worries Reemerge: What's Driving Markets Friday?

Tellurian Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TELL#NYSE">TELL</a>) disclosed a deal for Aethon Energy Management to acquire the company&#8217;s integrated upstream assets for $260 million, alongside a Heads of Agreement for Aethon to purchase two million tons per annum (mtpa) of <a href="https://www.benzinga.com//node/39058865" target="_blank" rel="noreferrer noopener">liquified natural gas (LNG) from its Driftwood LNG plant.</a>
The deal will expand Aethon&#8217;s footprint in the Louisiana Haynesville and Bossier shale basins with around 31,000 net acres, including gathering and treating systems with capacity for up to 100 million cubic feet per day (MMcf/d).
The Heads of Agreement includes the parties negotiating a 20-year offtake agreement, which would be indexed to Henry Hub plus a liquefaction fee, with appropriate credit support, to offer the basis for project financing of Driftwood LNG.
The transaction is expected to close in the second quarter of 2024. Tellurian plans to use the proceeds to reduce borrowings and for general corporate purposes.
Tellurian Executive Chairman Martin Houston said, &#8220;For Tellurian, the proceeds from the sale of our upstream assets allow us to retire senior secured notes and strengthen our balance sheet for the long term. This is an important moment for our company, as Tellurian continues to make progress against our strategic plan.&#8221;
Investors can gain exposure to the stock via&nbsp;Exchange Traded Concepts Trust Range Global LNG Ecosystem Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNGZ#NYSE">LNGZ</a>) and SPDR S&amp;P Oil &amp; Gas Explor &amp; Product (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>).
Price Action: TELL shares are down 12.2% at $0.4923 at the last check Wednesday.
Photo via Shutterstock

Asset Sales

Movers

LNGZ

Tellurian Eyes Debt Reduction, Divests Integrated Upstream Assets To Aethon

Investors&#8217; eyes are eagerly fixed on the March inflation data set to be released by the Bureau of Labor Statistics on Wednesday.
According to the consensus among economists, the annual Consumer Price Index (CPI) inflation rate for March is expected to rise to 3.4%, up from the previous 3.2%, while core inflation, which excludes energy and food items, is anticipated to ease slightly <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38150279/march-inflation-data-preview-what-figures-would-boost-odds-of-june-interest-rate-">from 3.8% to 3.7%.</a>
Both monthly readings are projected at 0.3%, a slight deceleration compared to the 0.4% observed in February.
Wells Fargo sits at the high end of the forecast range, predicting a headline rate of 3.5% and a core rate of 3.8%. The robustness of headline figures is attributed, in part, to the uptick in gasoline prices, with expectations of a strengthening in food inflation as well.
Analysts at Wells Fargo anticipate March&#8217;s report will reveal hints of two inflation dynamics: early-year noise and a longer journey of inflation back to the Fed&#8217;s target.
On the softer side, Bank of America expects a headline rate of 3.3% and a core rate of 3.7%. It anticipates a more subdued inflation profile in March&#8217;s report, with core inflation moderating to 0.24% month-over-month and headline inflation at 0.25%. The primary factor behind March&#8217;s disinflation compared to February is a 0.05% monthly decline in core goods prices, driven by a decrease in used and new car prices.
"A report in line with our expectations would leave us more confident with our call for the Fed to start its cutting cycle in June… a much firmer report is the key risk to our policy outlook,&#8221; Bank of America economist Stephen Juneau wrote. 
Presently, market participants are estimating a 57% likelihood of a rate cut in June, while also factoring in a total of 70 basis points in Fed cuts by the end of the year.
<h1 class="wp-block-heading">March CPI Preview: What Wall Street Economists Expect</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td> CPI</td>
<td>February realized</td>
<td>March median consensus</td>
<td>March Highest (Wells Fargo)</td>
<td>March Lowest (BofA)</td>
</tr>
<tr>
<td>Core (M/M)</td>
<td>0.4%</td>
<td>0.3%</td>
<td>0.3%</td>
<td>0.2%</td>
</tr>
<tr>
<td>Headline (M/M)</td>
<td>0.4%</td>
<td>0.3%</td>
<td>0.4%</td>
<td>0.3%</td>
</tr>
<tr>
<td>Core (Y/Y)</td>
<td>3.8%</td>
<td>3.7%</td>
<td>3.8%</td>
<td>3.7%</td>
</tr>
<tr>
<td>Headline (Y/Y)</td>
<td>3.2%</td>
<td>3.4%</td>
<td>3.5%</td>
<td>3.3%</td>
</tr>
</tbody>
</table>
</figure>
<h1 class="wp-block-heading">ETFs Reacting To Previous CPI Data</h1>
The most recent inflation report for February, released on March 12, came in hotter than expected, with the annual headline CPI rate reaching 3.2%, surpassing the anticipated 3.1%. 
The annual core CPI rate slowed from 3.9% to 3.8%, though it still surpassed market projections of 3.7%.
<h1 class="wp-block-heading">5 ETFs Surging After February&#8217;s CPI Data</h1>
<ul>
<li>VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>), closing 3.2% higher on March 12</li>
<li>Roundhill Magnificent Seven ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NASDAQ">MAGS</a>), up 3.1%. </li>
<li>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), up 2%. </li>
<li>Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), up 1.4%</li>
<li>Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), up 0.9%</li>
</ul>
<h1 class="wp-block-heading">5 ETFs Falling After February&#8217;s CPI Data</h1>
<ul>
<li>U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), down 2.2%. </li>
<li>Utilities&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), down 1%</li>
<li>iShares Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NYSE">IBIT</a>) down 1%. </li>
<li>iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), down 0.8%</li>
<li>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>), down 0.4%.</li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38164785/bank-of-america-sees-gold-at-3-000-warns-of-a-copper-supply-crisis-metals-dance-to-">Bank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis: Metals &#8216;Dance To Their Own Tune&#8217;</a>
Photo: Shutterstock

IBIT

JETS

MAGS

Select Sector SPDR-Consumer Discretionary

Traders Brace For Inflation Data, June Rate Cut Hopes Hang By Thread: 10 ETFs That Could Be Volatile Wednesday

Marathon Oil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) stock hasn&#8217;t been an investor darling in 2023. So far in 2024 too, the stock has gained just 1.8%. This appears dismal compared to the broad market SPDR S&amp;P 500 ETF&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) 7.7% rise and the SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) 3.9% ascent. Nonetheless, the stock has recovered 4% since its <a href="https://www.benzinga.com/quote/MRO/earnings">fourth-quarter earnings report</a>.
However, green shoots appear to be emerging when analyzing the valuations of major companies in the Exploration and Production (E&amp;P) sector, based on the latest pricing trends.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37272940/marathon-oils-q4-earnings-exceed-expectations-analyst-highlights-promising-2024-cas">Marathon Oil&#8217;s Q4 Earnings Exceed Expectations: Analyst Highlights Promising 2024 Cash Flow Forecast</a>
The Marathon Oil Analyst: JPMorgan analyst Arun Jayaram has an Overweight rating on Marathon Oil stock. Jayaram&#8217;s price target is set at $32 per share, signaling a potential 30% upside.
The Marathon Oil Thesis: JPMorgan&#8217;s review of fourth-quarter earnings for E&amp;P companies, shed light on Marathon Oil&#8217;s promising outlook.
The current oil and gas strip prices, with WTI at $76.60 and $71.12 per barrel and NYMEX gas strips at $2.42 and $3.46 per MMBtu for 2024-25, play a pivotal role in Jayaram&#8217;s evaluation. In their detailed analysis, JPMorgan analysts looked at key valuation metrics such as FCF yield, EV/EBITDA multiple, and EV/DACF multiple.
At strip pricing, Marathon Oil stands out with a 16% Free Cash Flow (FCF) yield in 2024, placing it among the top performers in JPMorgan&#8217;s coverage group. The updated multiples at strip pricing reveal Marathon Oil&#8217;s favorable position, contrasting with the broader E&amp;P sector.
Jayaram emphasizes the attractiveness of Marathon Oil&#8217;s FCF yields at strip pricing, with 2024 showcasing Vermilion Energy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VET#NYSE">VET</a>), Vital Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTLE#NYSE">VTLE</a>), and Marathon Oil as top performers. 
Looking ahead to 2025, Callon Petroleum Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPE#NYSE">CPE</a>), Gulfport Energy Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPOR#NYSE">GPOR</a>), Marathon Oil and Vermillion Energy emerge as the most appealing choices.
Despite the positive outlook, Jayaram provides a cautious note on consensus estimates, deeming them reasonable for oil-leveraged E&amp;Ps but potentially too high for gas-leveraged stocks. Marathon Oil&#8217;s gas coverage, specifically, is 14% lower than the consensus estimates at the current strip prices.
Weekly stock performance showcases Marathon Oil&#8217;s resilience in a dynamic market. The SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production index&#8217;s +2.5% WoW increase underscores Marathon Oil&#8217;s strength, positioning it favorably against notable laggards in the industry.
As Marathon Oil demonstrates robust performance and JPMorgan&#8217;s bullish stance, investors are keenly watching for potential gains, setting the stage for a promising trajectory in the coming quarters.
MRO Price Action: Marathon Oil stock was at $24.60 at the end of trading day on March 1.
Read Next: <a href="https://www.benzinga.com/news/large-cap/24/01/36743883/10-s-p-500-stocks-with-over-40-upside-potential-hidden-gems-or-value-traps">10 S&amp;P 500 Stocks With Over 40% Upside Potential: Hidden Gems Or Value Traps?</a>
Photo: Shutterstock

Long Ideas

$VET

GPOR

VTLE

Marathon Oil Gears Up For Strong 2024: Analyst Forecasts 30% Stock Upswing

Tuesday on Wall Street was marked by a subdued trend in major equity indices as investors remained cautious ahead of key inflation data scheduled for release on Thursday and the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36534976/earnings-season-preview-how-will-corporate-profit-outlooks-impact-markets-in-2024">kick-off of the earnings season.</a>
Among the major indices, the Nasdaq 100 outperformed with a slight 0.1% gain, while the S&amp;P 500 and the Dow Jones experienced small declines of 0.2% and 0.6% respectively. The S&amp;P 500, as tracked by the SPDR S&amp;P 500 Equal Weight ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSP#NYSE">RSP</a>), slipped 0.4%.
Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), retreated by 0.9%, partially offsetting Monday&#8217;s robust 1.9% surge.
Notable chipmakers continue to make headlines. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) soared over 3% to a new record high, reaching $539 per share. Meanwhile, peer Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) gained 2.1%.
On Monday, Federal Reserve Governor Michelle Bowman shifted her previously hawkish stance, now viewing U.S. monetary policy as &#8220;sufficiently restrictive&#8221; and signaling openness to potential interest-rate cuts as inflation eases. Treasury yields remained steady, while the U.S. dollar saw some modest gains in the forex market.
In the world of cryptocurrencies, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) experienced a slight decline of about 1%, just ahead of the eagerly anticipated SEC decision regarding the approval of a spot Bitcoin ETF, expected to be announced on Wednesday.
<h2 class="wp-block-heading">Tuesday's Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Major Indices</th>
<th>Price</th>
<th>Percentage (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,660.01</td>
<td>0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,752.98</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,467.67</td>
<td>-0.6%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>194.68</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.2% lower to $473.55, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.6% to $374.73 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged 0.1% higher to $405.38, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, tech was the only sector avoiding losses, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) up 0.1%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was the laggard, down 1.3%. 
On an industry level, semiconductors sharply outperformed, with the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) up 3%. Stocks in the oil and gas downstream industries fell the most, with the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) down 2.5%. 
<h2 class="wp-block-heading">Tuesday's Stock Movers</h2>
<ul>
<li>Shares of Juniper Networks Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>) experienced a significant rally, jumping almost 22% on Tuesday, following reports that Hewlett Packard Enterprise (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) is approaching a deal worth $13 billion to acquire the networking equipment company. Hewlett Packard Enterprise fell 8%, reacting to the news. </li>
<li>Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) fell 0.6%, after dropping as much as 8% on Monday.</li>
<li>Sarepta Therapeutics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NYSE">SRPT</a>) saw a significant 11.7% increase in its stock price, continuing to gain traction following a nearly 6% surge on Monday, driven by the company&#8217;s strong preliminary results for both the fourth quarter and full-year 2023.</li>
<li>Unity Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>) experienced a 7.9% decline in its stock value following the company&#8217;s announcement on Monday that it plans to reduce its workforce by 1,800 employees, constituting 25% of its total workforce.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36561497/boeing-faces-reputational-damage-after-midair-door-blowout-4-analysts-on-collateral">Boeing Faces &#8216;Reputational Minefield&#8217; After Midair Door Blowout: 4 Analysts On Collateral Damage From 737 MAX 9 Grounding</a>
Photo: Shutterstock

Biotech

JNPR

NVDA

Rydex ETF Trust Rydex S&P Equal Weight ETF

SRPT

Stocks Flip To Losses, Nvidia Defies Gravity, Bitcoin Pauses For A Breather: What's Driving Markets Tuesday?

Wall Street kicked off the week on a positive note, marking a turnaround from the challenging start to the year. All major stock indices showed gains, except for the Dow Jones, as financial conditions<a href="https://www.benzinga.com/markets"> showed signs of improvement.</a>
The yield on the 10-year Treasury Note dropped by 7 basis points, slipping below the 4% mark once again. Investors welcomed a widespread drop in the prices of major energy commodities, with both oil and natural gas declining <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36536911/us-energy-stocks-dive-on-crude-natural-gas-price-slump-contrarian-analyst-says-own-">by 4.5% and 2.5%, respectively</a>, by noon in New York.
The tech-heavy Nasdaq 100 saw a robust rally, surging by 1.4%. It was on track for its most impressive daily performance in a month, primarily fueled by a boost in the Magnificent Seven and semiconductor companies. NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) registered a gain of 4.4%, while Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) posted a substantial 5.2% increase.
The S&amp;P 500 index recorded a 0.6% advance, with the technology sector leading the way. However, the energy, industrials, and financial sectors lagged behind in performance.
Small-cap stocks also made a comeback, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) surging by 1%. This positive movement followed six consecutive sessions of declines.
In contrast, the Dow Jones Industrial Average experienced a slight dip of 0.2%, largely influenced by Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), which saw a significant 7% <a href="https://www.benzinga.com/markets/equities/24/01/36538915/boeing-737-max-9-groundings-trigger-stock-turbulence-for-carriers-as-regulators-order-safety-che">drop in its stock price</a>.
Bonds managed to recover after experiencing significant declines the previous week. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) registered a gain of 1%. The U.S. dollar faced depreciation, with the U.S. dollar index (DXY) slipping by 0.4%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) once again made gains, surging beyond the $45,000 mark with a rise of over 2%. This surge was attributed to new entrants from traditional finance proposing <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36532709/fee-war-erupts-among-bitcoin-etf-applicants-could-wave-of-capital-inflow-make-it-the-most-">Bitcoin ETF applications</a>. The market anticipates a decision from the SEC later this week. In contrast, gold experienced a decrease of 0.7%, trading at $2,029 per ounce.
<h2 class="wp-block-heading">Monday's Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,520.34</td>
<td>1.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>194.81</td>
<td>0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,723.79</td>
<td>0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,381.44</td>
<td>-0.2%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.6% higher to $470.70, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.2% to $373.88 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 1.4% to $402.12, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, tech rallied, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) up 1.9%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) also saw a notable uptick, up 1%. 
On an industry level, semiconductors sharply outperformed, with the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) up 3%. Stocks in the oil and gas sector tumbled, with the SPDR Oil &amp; Gas Exploration and Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) falling 2.2%. Even sharper losses were felt in the downstream industry, with the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) down 3.5%. 
<h2 class="wp-block-heading">Monday's Stock Movers</h2>
<ul>
<li>Boeing Company fell by 7%, its worst performance since late October 2022, following an FAA order to temporarily ground 171 Boeing 737 Max 9 jets after an emergency landing incident.</li>
<li>NVIDIA rallied by nearly 5% as plans to produce its H20 artificial intelligence chip in the second quarter were reported by Reuters.</li>
<li>AMD rose by over 5% after unveiling the new AMD Ryzen 8000G Series desktop processor and introducing Ryzen AI, featuring dedicated AI neural processing units for desktop personal computer processors.</li>
<li>American Airlines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NYSE">AAL</a>) saw its stock rise by over 6% following an upgrade from Morgan Stanley, setting a price target of $20.</li>
<li>Crocs Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CROX#NASDAQ">CROX</a>) stock surged by nearly 20% after the company raised its fourth-quarter sales forecast, citing a successful holiday season.</li>
<li>Abercrombie &amp; Fitch Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) achieved a 5.6% stock increase, reaching fresh all-time highs. This came after the company raised its fourth-quarter and annual net sales forecast due to strong demand during the holiday shopping period.</li>
<li>Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>), Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) and Baker Hughes Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NYSE">BKR</a>) experienced declines of 4.5%, 3.8%, and 4.6%, respectively, attributed <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36536911/us-energy-stocks-dive-on-crude-natural-gas-price-slump-contrarian-analyst-says-own-">to lower energy prices.</a></li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/24/01/36538915/boeing-737-max-9-groundings-trigger-stock-turbulence-for-carriers-as-regulators-order-safety-che">Boeing 737 Max 9 Groundings Trigger Stock Turbulence For Carriers As Regulators Order Safety Checks</a>
Photo via Shutterstock.

Legal

Intraday Update

Real Estate

CROX

US Stocks Rebound, Semiconductors Shine, Boeing's Struggles Weigh On Dow: What's Driving Markets Monday?

The U.S. oil and gas sector witnessed a significant downturn on Monday, with industry stocks falling sharply alongside a decline in oil <a href="https://www.benzinga.com/topic/oil">and natural gas prices.</a>
The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), a gauge for energy equities, dropped nearly 3%, signaling a broad-based retreat from last week&#8217;s 1% gain. Industry-specific ETFs, including the SPDR Oil &amp; Gas Exploration and Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) and the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), also recorded steep declines. 
WTI crude prices plummeted by nearly 5% to $70 per barrel on Monday. The catalyst for the fall can be traced back to Saudi Arabia&#8217;s decision to slash crude prices across all regions for February, reflecting concerns over waning demand. 
Concurrently, increasing oil production from both OPEC and non-OPEC countries has heightened the prospect of a market surplus. According to a Reuters survey, OPEC&#8217;s output in December saw an uptick of 70,000 barrels per day, culminating in a production rate of 27.88 million bpd.
In the natural gas arena, U.S. prices at the Henry Hub dipped as much as 6% to $2.77/MMBtu, retreating from a six-week peak of $2.90. This decline was attributed to forecasts indicating warmer weather and the adequacy of natural gas reserves that are 13% above the seasonal norm due to unprecedented domestic production.
<h2 class="wp-block-heading">Chart: Monday&#8217;s Sell-Off In Energy Assets</h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c-1024x495.png" alt="" class="wp-image-176364" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08110826/XLE_2024-01-08_15-07-29_2c29c.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Monday&#8217;s Laggards In The Energy Sector</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Security Name</th>
<th>Price</th>
<th>% Return</th>
</tr>
</thead>
<tbody>
<tr>
<td>Schlumberger Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>)</td>
<td>$49.66</td>
<td>-4.24%</td>
</tr>
<tr>
<td>Targa Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>)</td>
<td>$82.17</td>
<td>-4.22</td>
</tr>
<tr>
<td>Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>)</td>
<td>$34.47</td>
<td>-4.18</td>
</tr>
<tr>
<td>Baker Hughes Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NYSE">BKR</a>) </td>
<td>$32.17</td>
<td>-3.74</td>
</tr>
<tr>
<td>Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>)</td>
<td>$23.56</td>
<td>-3.40</td>
</tr>
<tr>
<td>Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>)</td>
<td>$99.18</td>
<td>-3.36</td>
</tr>
</tbody>
</table>
</figure>
<h2 class="wp-block-heading">&#8216;Own Commodities In 2024&#8217;, Former Goldman Commodities Chief Says</h2>
Despite the current downturn, Jeff Currie, former commodity research chief at Goldman Sachs, provided a bullish outlook for the commodity sector during an interview on Bloomberg TV.
The fundamental setup for commodity markets is more favorable compared to the previous year, Currie said. He highlighted that if central banks shift toward interest rate cuts, it could pave the way for a robust performance in 2024, dubbing it a &#8220;classic &#8216;own commodities'&#8221; scenario. 
<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">Jeff Currie, who spearheaded commodities research at Goldman for almost 30 years, remains bullish on the sector for this year <a href="https://t.co/TfEEjOAMy4">https://t.co/TfEEjOAMy4</a>
&mdash; Bloomberg Markets (@markets) <a href="https://twitter.com/markets/status/1744331793988239376?ref_src=twsrc%5Etfw">January 8, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Currie emphasized that demand for raw materials is soaring, inventories remain low, and production capacity is virtually maxed out. He earmarked copper, in particular, as having substantial potential for price increases after a stagnant 2023.
The Invesco DB Commodity Index Tracking Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBC#NYSE">DBC</a>) tumbled 2.3% on Monday, touching its lowest point in nearly two years, with prices hovering well below key long-term moving averages, which could be indicative of broader commodity market pressures.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08111007/newplot-8-1.jpeg" alt="" class="wp-image-176367" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08111007/newplot-8-1.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08111007/newplot-8-1-300x300.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/08111007/newplot-8-1-150x150.jpeg 150w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
Photo via Shutterstock.

PowerShares DBmmodity Index Optimum Yield Diversified Fund

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US Energy Stocks Dive On Crude, Natural Gas Price Slump: Contrarian Analyst Says 'Own Commodities' In 2024

We performed a screening of mid-cap ETFs, defined as having Assets Under Management (AUM) between $2 billion and $10 billion &#8211; to determine what funds had the largest positive and negative returns on the week, according to data from <a href="http://etfdb.com">etfdb.com</a>. Only non-leveraged funds were considered.
<h2 class="wp-block-heading">Winners</h2>
iShares S&amp;P Mid-Cap 400 Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IJJ#NYSE">IJJ</a>)
IJJ lost $1.60 billion in net assets over the trailing week.
The iShares S&amp;P Mid-Cap 400 Value ETF offers exposure to mid-cap stocks that exhibit "value" characteristics.
IJJ has $8.99 billion in AUM and an expense ratio of 0.18%. The fund has holdings in 295 companies, with the 10 largest comprising 9.30% of the fund.
The fund's largest holdings are Jabil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>) and Equity LifeStyle Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELS#NYSE">ELS</a>) making up 1.46% and 1.13% of the fund, respectively.
IJJ has added $634.84 million in net assets YTD.
Vanguard S&amp;P 500 Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOOV#NYSE">VOOV</a>)
VOOV added $1.15 billion in AUM over the trailing week.
The Vanguard S&amp;P 500 Value ETF is linked to the S&amp;P 500/Citigroup Value Index, which offers exposure to large-cap companies that exhibit "value" characteristics.
The fund has $5.16 billion in AUM and an expense ratio of 0.10%. VOOV has holdings in 402 companies, with the 10 largest comprising 27.64% of the fund.
The fund's largest holdings are Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Meta Platforms Inc. Class A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) making up 6.62% and 4.20% of the fund, respectively.
VOOV added $1.47 billion in AUM, YTD.
<h2 class="wp-block-heading">Losers</h2>
Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)
XLB lost $442.92 million in net assets over the trailing week.
The Materials Select Sector SPDR Fund offers exposure to the US materials sector. This is often a small portion of larger broad-based US market ETFs, but a sector with large potential upside and an attractive option for those looking to indirectly access commodity markets.
XLB has $3.12 billion in AUM and an expense ratio of 0.10%. The fund has holdings in 31 companies, with the 10 largest comprising 65.98% of the fund.
The fund's largest holdings are Linde plc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIN#NASDAQ">LIN</a>) and Sherwin-Williams Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHW#NYSE">SHW</a>) making up 20.62% and 7.49% of the fund, respectively.
XLB lost $583.65 million in net assets YTD.
SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>)
XOP lost $275.11 million in AUM over the trailing week.
The SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF offers exposure to the exploration and production sub-sector of the domestic oil market. Like many of State Street's products, it is equally weighted, making it a balanced option.
The fund has $3.27 billion in AUM and an expense ratio of 0.35%. XOP has holdings in 58 companies, with the 10 largest comprising 26.92% of the fund.
The fund's largest holdings are Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) and Chord Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHRD#NASDAQ">CHRD</a>) making up 2.96% and 2.84% of the fund, respectively.
XOP lost $1.43 billion in AUM YTD.

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