S&P 500 Tests Resistance At 5,000, ARM Rockets, Oil Rebounds: What's Driving Markets Thursday?

Author: Piero Cingari | February 08, 2024 03:05pm

Major U.S. stock averages traded on a mixed note at midday in New York, with the S&P 500 grappling with the psychological resistance level of 5,000, while the tech-heavy Nasdaq 100 managed to reach fresh record highs.

On a relatively data-thin day, Federal Reserve officials continued to dominate headlines. Richmond Fed President Thomas Barkin said the Fed can take its time in deciding whether to cut rates, aligning his views with those of Fed Chair Jerome Powell.

Treasury Secretary Janet Yellen testified before the Senate Banking Committee on Banking, Housing, and Urban Affairs, reiterating the economy’s extraordinary performance during the Biden administration but also highlighting some risks emerging in the commercial real estate sector.

Small caps rallied, with the iShares Russell 2000 ETF (NYSE:IWM) up nearly 1%, while blue chips in the Dow Jones inched up 0.2%.

Treasury yields rose slightly across the curve, while the dollar remained broadly steady. Bitcoin (CRYPTO: BTC) recovered above $45,000, up 2.4%.

In commodities markets, WTI crude oil rose over 2.5% to around $76 after Israel rejected a ceasefire offer from Hamas.

British chipmaker ARM Holdings plc (NASDAQ:ARM) surged nearly 60% after beating third-quarter earnings expectations and raising its 2024 forecasts.

Thursday's Performance In Major Indices, ETFs

Major Indices	Price	1-day % change
Russell 2000	1,969.05	0.9%
Nasdaq 100	17,782.42	0.2%
S&P 500	4,992.42	-0.1 %
Dow Jones	38,617.10	-0.2%

The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.1% lower to $497.65, the SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.2% to $386.11 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rose 0.2% to $432.97, according to Benzinga Pro data.

Sector-wise, the Energy SPDR Select Sector Fund (NYSE:XLY) outperformed, up 0.6%. The Utilities (NYSE:XLU), down 1.4%, was the laggard, followed by the Financial SPDR Select Sector Fund (NYSE:XLE) down 0.8%.

Thursday’s Stock Movers

• Walt Disney Company (NYSE:DIS) rose over 11% after reporting a higher-than-expected increase in profits.
• Other companies reporting to earnings were PayPal Holdings, down 11%, Confluent Inc. (NASDAQ:CFLT), up 31%, Wynn Resorts Ltd. (NYSE:WYNN), up 7%, Lumenton Inc. (NYSE:LITE), down 18%, Monolithic Power Systems. Inc. (NASDAQ:MPWR), up 16%, Kellanova (NYSE:K), up 3.5% and The Heshey Company (NYSE:HSY), up by 6%, and Ralph Lauren Corp. (NYSE:RL), up 17%.
• Companies reporting after the close are Dexcom Inc. (NASDAQ:DXCN), Illumina Inc. (NASDAQ:ILMN), Expedia Group Inc. (NASDAQ:EXPE), Verisign Inc. (NASDAQ:VRSN).
  
  Read now: Muddy Waters Shorts Fairfax Financial Holdings: ‘Not The Berkshire Hathaway Of Canada’

  Photo via Shutterstock.

Posted In: $BTC ARM CFLT DIA DIS EXPE HSY ILMN IWM K LITE MPWR QQQ RL SPY VRSN WYNN XLE XLK XLU