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On Tuesday, large-cap indices experienced a downturn, while small caps surged, reflecting investor attention on stock valuations.
The iShares Russell 2000 ETF (NYSE:IWM) climbed by over 1%, on track for its fourth consecutive session of gains, representing the lengthiest streak since late 2023.
Blue-chip stocks declined by 0.4%, while the Nasdaq 100 dipped by 0.2%, heading for its sixth negative session out of the last seven. Overall, sectors saw minimal movement, with utilities posting a notable gain of 1.3%, while the tech sector slid by 0.6%.
On the macro front, new orders for manufactured durable goods experienced a significant decline of 6.1% in January compared to the previous month, surpassing market projections of a 4.5% decrease. Investors are eagerly awaiting tomorrow’s release of the second estimate of the fourth-quarter GDP data, which initially stood at 3.3%.
In commodities, oil prices surged by 1.4%, with West Texas Intermediate (WTI) reaching $78.50 per barrel, aiming for the highest close since mid-November 2023. Meanwhile, natural gas prices leaped by 4.1%.
Cryptocurrencies seized the investor spotlight again, with Bitcoin (CRYPTO: BTC) climbing over 4%, reaching an intraday high of $57,450 and hitting its highest level since Dec. 12, 2021. This surge was attributed to consistent inflows into spot Bitcoin ETFs, the forthcoming supply halving, and the prevailing bullish sentiment from both retail and institutional investors.
Major Indices | Price | 1-Day % chg |
Russell 2000 | 2,054.69 | 1.3% |
S&P 500 | 5,065.12 | -0.1 % |
Nasdaq 100 | 17,903.65 | -0.2% |
Dow Jones | 38,913.17 | -0.4% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.1% lower to $505.54, the SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.4% to $389.14 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) inched 0.1% lower to $436.11, according to Benzinga Pro data.
The Utilities Select Sector SPDR Fund (NYSE:XLU), was the notable outperformer, up by 1.5%, while the Technology Select Sector SPDR Fund (NYSE:XLE) lagged behind, down 0.4%.
Read now: Robinhood, Coinbase And This Bitcoin ETF Hit New 52-Week Highs As BTC Spikes To $57,000
Image created using artificial intelligence with MidJourney.
Posted In: $BTC A AMT AZO CEG CLVT DIA EBAY EXR FSLR IWM JANX LOW NCLH QQQ RSG SPY VKTX XLE XLU