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Wall Street exhibited a subdued trend to start the week, with major indices showing little change in midday trading out of New York.
Investors anticipate a stream of critical economic data expected in the days ahead.
The S&P 500 saw a marginal downtick, slipping by 0.2% to 5,080 points, reflecting a market holding its breath for clearer signals. Meanwhile, the tech-heavy Nasdaq 100 found some footing, inching up by 0.2%, bolstered by a notable performance from the semiconductor sector.
Small-cap stocks emerged as the standout segment, with the iShares Russell 2000 ETF (NYSE:IWM) surging by 0.3%. The performance of blue-chip stocks remained largely unchanged.
Yields on Treasury securities trended upward across various maturities as traders continued to scale back expectations for Federal Reserve rate cuts. Projections have been pared down to a mere 80 basis points of reductions for 2024, translating into just over three full rate cuts currently factored in.
The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) retreated by 0.7%, while the greenback held steady. The precious metals sector experienced a downturn, with gold declining by 0.3% and silver shedding 2% of its value.
Crude oil demonstrated resilience, with West Texas Intermediate (WTI) crude oil climbing by 1.8% to $78 per barrel, almost recouping all the losses incurred last Friday.
In the cryptocurrency space, Bitcoin (CRYPTO: BTC) exhibited strength, accruing a 3.5% gain to surpass the $53,000 mark, signaling a robust start to the week for digital assets.
Major Indices | Price | 1-Day % |
Russell 2000 | 2,030.56 | 0.3% |
Nasdaq 100 | 17,965.88 | 0.2% |
Dow Jones | 39,101.57 | -0.1% |
S&P 500 | 5,080.81 | -0.2% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.2% lower to $507.17, the SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.1% to $391.08 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) inched 0.2% up to $437.56, according to Benzinga Pro data.
The Utilities Select Sector SPDR Fund (NYSE:XLU), was the notable underperformer, down by 1.7%, while the Energy Select Sector SPDR Fund (NYSE:XLE) was the top gainer, up 1.7%.
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