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It’s a quiet start to the week on Wall Street, with major stock indices hovering around the flatline as of midday in New York. Investors are showing a continued preference for artificial intelligence winners while also actively seeking opportunities in small caps to catch up.
The Russell 2000 ETF, as monitored by the iShares Russell 2000 (NYSE:IWM), surged by 0.5%, outpacing the S&P 500, Nasdaq 100 and Dow Jones indices. The benchmark for U.S. small-cap stocks has now soared to its highest level since April 2022, demonstrating a remarkable near-30% surge since late October 2023.
Nvidia Corp. (NASDAQ:NVDA) continued its remarkable ascent, climbing 4.7% on Monday and extending its year-to-date gains to an impressive 74%. Yet signs of strain emerged within the so-called Magnificent Seven group as Apple Inc. (NASDAQ:AAPL), Alphabet Inc. (NASDAQ:GOOGL) and Tesla Inc. (NASDAQ:TSLA) fell by 2.9%, 3.3% and 6.9%, respectively.
The U.S. dollar was unchanged, while Treasury yields moved up ahead of Federal Reserve Chair Jerome Powell‘s two-day semiannual testimony to Congress, set to begin Wednesday.
In commodities, gold surged by 1.7%, surpassing $2,100 per ounce and now trading within just 1.4 percentage points of its all-time highs. Ooil experienced a 1% decline, with no significant developments emerging from OPEC+’s decision to maintain an extension of the 2.2-million-barrel-per-day cuts through the second quarter.
In the cryptocurrency market, Bitcoin (CRYPTO: BTC) surged past $67,000, marking a 6.5% increase and edging closer to the record high of $69,000 reached in November 2021.
Major Indices | Price | 1-Day Chg % |
Russell 2000 | 2,085.93 | 0.5% |
S&P 500 | 5,137.73 | 0.0% |
Dow Jones | 39,052.95 | -0.1 % |
Nasdaq 100 | 18,271.79 | -0.2% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was flat at $512.84, the SPDR Dow Jones Industrial Average (NYSE:DIA) marginally eased 0.1% to $390.92 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) fell 0.2% to $444.85, according to Benzinga Pro data.
The Utilities Select Sector SPDR Fund (NYSE:XLU), was the outperformer, up by 1%, while the Communication Services Select Sector SPDR Fund (NYSE:XLC) lagged behind, down 1.2%.
Read now: S&P 500 Sets Sights On 5,400, But Analyst Warns Of Imminent Market Volatility
Photo via Shutterstock.
Posted In: $BTC AAPL DIA GOOGL HPE IWM JBLU M NVDA NYCB QQQ SAVE SPY TSLA XLC XLK XLU