Gain detailed insights into the trading activity of Congress members for XBI on our government trades page. Stay updated on how elected officials are investing in XBI.

XBI - Government Trades

SPDR Series Trust SPDR S&P Biotech ETF

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In seeking to track the performance of the S&P Biotechnology Select Industry Index (the 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 biotechnology segment of the S&P Total Market Index (S&P TMI).

Novavax Inc

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First Trust NYSE Arca Biotechnology Index Fund

REGN

VRTX

Designed to provide broad exposure to the Healthcare - Biotech segment of the equity market, the iShares Biotechnology ETF (NASDAQ: IBB) is a passively managed exchange traded fund launched on 02/05/2001.

Should You Invest in the iShares Biotechnology ETF?

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iShares FTSE NAREIT Residential PLUS Capped Index Fund

SCLX

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

June saw gains in the U.S. stock market, with tech and biotech leading the way. Semiconductor ETFs saw strong inflows, while utilities lagged.

Top Performing Industry ETFs In June: Software Leads Returns, Chipmakers Attract Most Inflows

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Previews

ARWR

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Biotech investing is risk-fraught but the returns could be staggering if one chooses to take the educated approach. 

5 Biotech Stocks With Key Catalysts This Week: Merck, Intellia, Verona, And More

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U.S. inflation slowed in May, boosting rate cut prospects. Markets rally ahead of FOMC meeting and assign 70% chance of rate cut in September.

Soft Inflation Data Boosts Small Caps, Real Estate, Regional Banks; Traders Anticipate Fed Rate Cuts As Stocks React

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American Express Company has &#34;above market growth for below market multiple,&#34; Amy Raskin of Chevy Chase Trust said.

American Express, Trade Desk And More: CNBC&#39;s &#39;Final Trades&#39;

Tesla and SpaceX CEO Elon Musk

ARCT

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Elon Musk has come off as a flagbearer of the mRNA technology, which is seen holding out a lot of promise by scientists.

Elon Musk Breaks Ranks With GOP By Praising Genetic Engineering Tech That Helped Fight COVID-19: &#39;Digital Medicine With Incredible Potential&#39;

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Stocks initially rose on positive jobless claims report, but dropped later as Fed officials expressed doubts about interest rate cuts this year.

Clean Energy, Semiconductors Among Interest-Rate-Sensitive Sectors Hammered Thursday Afternoon On Rate Cut Concerns

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The biotech sector has been surging in recent months, reawakening from a period of underperformance that followed the highs of 2021. David Prince, professional trader at T3 Trading Group, joined Benzinga&#39;s PreMarket Prep on Tuesday and discussed the biotech industry and Viking Therapeutics and Immunome as notable recent movers.

Biotech Stocks Surge To Start 2024: &#39;Charts Look Great,&#39; But Will The Trend Continue?

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To gain an edge, this is what you need to know today.



Opportunities For Investors Beyond AI And Nvidia – Biotech Breaks Out, New GDP Data Shows Inflation Pressure

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The rebound by biopharma stocks in 2023 and the pickup in M&amp;A news flow makes the 2024 JPMorgan Healthcare conference even more interesting.

5 Biotech Stocks That Should Be On Investors&#39; Radar As JPMorgan Healthcare Conference Gets Underway Monday

XTRACKERS WORLD BIODIV FOCUS SRI ETF

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Xenetic Biosciences Inc

Xenetic Biosciences Inc Warrants (19/07/2024)

XBiotech Inc

On CNBC, Joe Terranova Announces Sold SPDR Series Trust SPDR S&P Biotech ETF

Designed to provide broad exposure to the Healthcare - Biotech segment of the equity market, the iShares Biotechnology ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ibb#NASDAQ">IBB</a>) is a passively managed exchange traded fund launched on 02/05/2001.
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Healthcare - Biotech is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 4, placing it in top 25%.
<h2>Index Details</h2>
The fund is sponsored by Blackrock. It has amassed assets over $7.92 billion, making it one of the largest ETFs attempting to match the performance of the Healthcare - Biotech segment of the equity market. IBB seeks to match the performance of the Nasdaq Biotechnology Index before fees and expenses.
The ICE Biotechnology Index contains securities of NASDAQ listed companies that are classified as either biotechnology or pharmaceuticals.
<h2>Costs</h2>
Expense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.
Annual operating expenses for this ETF are 0.45%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 0.27%.
<h2>Sector Exposure and Top Holdings</h2>
While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund&#39;s holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Healthcare sector--about 100% of the portfolio.
Looking at individual holdings, Vertex Pharmaceuticals Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vrtx#NASDAQ">VRTX</a>) accounts for about 9.31% of total assets, followed by Amgen Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amgn#NASDAQ">AMGN</a>) and Regeneron Pharmaceuticals Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/regn#NASDAQ">REGN</a>).
The top 10 holdings account for about 53.07% of total assets under management.
<h2>Performance and Risk</h2>
The ETF has gained about 8.95% and was up about 14.19% so far this year and in the past one year (as of 07/31/2024), respectively. IBB has traded between $112.41 and $148.26 during this last 52-week period.
The ETF has a beta of 0.74 and standard deviation of 22.11% for the trailing three-year period, making it a high risk choice in the space. With about 221 holdings, it effectively diversifies company-specific risk.
<h2>Alternatives</h2>
IShares Biotechnology 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, IBB is an excellent option for investors seeking exposure to the Health Care ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
First Trust NYSE Arca Biotechnology ETF (ARCA:FBT) tracks NYSE Arca Biotechnology Index and the SPDR S&amp;P Biotech ETF (ARCA:XBI) tracks S&amp;P Biotechnology Select Industry Index. First Trust NYSE Arca Biotechnology ETF has $1.16 billion in assets, SPDR S&amp;P Biotech ETF has $7.77 billion. FBT has an expense ratio of 0.56% and XBI charges 0.35%.
<a href="https://www.zacks.com/stock/news/2312595/should-you-invest-in-the-ishares-biotechnology-etf-ibb?cid=CS-BENZ-FT-sector_etf-2312595">To read this article on Zacks.com click here.</a>

CNBC Halftime Report Final Trades: Amazon.com, Truist Financial, SPDR Series Trust SPDR S&P Biotech ETF

June closed on a high note for the stock market, with the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), gaining 3.2%, despite significant disparities in <a href="https://www.benzinga.com/etfs">sector and industry performances.</a>
The technology sector, as tracked by the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), led the 11 S&amp;P 500 sectors in performance last month, surging 7.7% and achieving its strongest monthly gain this year. 
In stark contrast, utilities lagged, with the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) dropping 6.3%, marking the worst month since September 2023.
<h3 class="wp-block-heading">Top Performing Industry ETFs In June</h3>
The iShares Expanded Tech-Software Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGV#NYSE">IGV</a>) rallied 11.3% last month, topping the rankings among industry ETFs. 
Hot on its heels was the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>), which climbed 8.4%, showcasing strong momentum in the semiconductor sector. 
Since hitting its low in October 2023, the VanEck Semiconductor ETF has rallied by an astounding 87%, and over 200% since October 2022, reflecting the spectacular growth in AI-driven stocks.
Securing the third spot in terms of monthly performance, the SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) gained 4%. 
Within the software sector, standout performers included Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>), which surged by 24.9%, CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) with a 22.1% increase, and Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), up by 20%.
Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) led chipmakers with a 21% rise. Universal Display Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NYSE">OLED</a>) followed closely with a 19.7% increase, and Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) posted an 18% gain. 
Among chipmakers, Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Universal Display Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NYSE">OLED</a>) and Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) led gains, with performances of 21%, 19.7% and 18%, respectively.
In the biotech arena, Scilex Holding Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCLX#NASDAQ">SCLX</a>) experienced a 78.8% spike, making it the top industry gainer. Alnylam Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALNY#NASDAQ">ALNY</a>) surged by 63.7%, while Avidity Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>) saw a robust 52% increase.
<h3 class="wp-block-heading">Top Performing Industry ETFs By Inflows In June</h3>
Examining fund flows, the VanEck Semiconductor ETF has emerged as a top choice for investors, attracting over $1 billion according to Tradingview data, and achieving its ninth consecutive month of inflows. Year-to-date the fund has registered $4.60 billion in net inflows.
The iShares Expanded Tech-Software Sector ETF pulled in approximately $480 million in June, breaking a six-month streak of outflows and registering its highest monthly inflows since September 2022. Yet, its year-to-date net flows are still negative, down by $1.15 billion. 
The iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>) collected $148 million in inflows last month, reflecting strong investor interest. Another industry witnessing robust inflows was represented by the Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>), which attracted about $130 million.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39577080/manufacturing-contracts-more-than-expected-in-june-putting-pressure-on-profitabilit">Manufacturing Contracts More Than Expected In June, &#8216;Putting Pressure On Profitability&#8217;: Yields Rise, Stocks Fall</a></li>
</ul>
Photo: Shutterstock

Biotech stocks are high-risk, high-return opportunities that are under the mercy of several <a href="https://www.benzinga.com/trading-ideas/short-ideas/14/03/4375961/binary-events-and-volatility">make-or-break catalysts, most of which are binary events.</a> It pays to remain cognizant of the timing of these catalysts and which way they will likely pan out. 
Benzinga brings to investors a weekly feature focusing on five key catalysts that could impact the stock prices of the respective companies in an appreciable manner.
1. Arrowhead Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARWR#NASDAQ">ARWR</a>)
<ul>
<li>Date: Tuesday, June 25</li>
<li>Catalyst: Discussion of Phase 3 PALISADE study of investigational plozasiran in patients with genetically confirmed or clinically diagnosed familial chylomicronemia syndrome </li>
</ul>
On June 3, the company released Phase 3 topline results, which showed the study met the primary endpoint, and key secondary endpoints and demonstrated statistical significance versus placebo. The stock rose over 7% on the day. The company is scheduled to discuss the data at the Cardiometabolic event on Tuesday as part of its 2024 Summer Series of R&amp;D Webinars.
The company expects to file an NDA for plozasiran in FCS around year-end, with a potential launch in 2025.
Arrowhead ended Friday&#8217;s session up 7.19% at $25.50, according to Benzinga Pro data. Chardan has a Buy rating on Arrowhead and a $60 price target: &#8220;We expect 2024 to be a data rich year for Arrowhead,&#8221; said Chardan analyst Keay Nakae in a June 3 note.
&#8220;We believe that at the current price, the balance of risk/reward is highly favorable for the stock going forward,&#8221; he said.
2. Intellia Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTLA#NASDAQ">NTLA</a>)
<ul>
<li>Date: Tuesday, June 25</li>
<li>Catalyst: redosing data from the Phase 1 study of NTLA-2001, which is based on CRISPR/Cas9 gene-editing technology, </li>
</ul>
The data, which is to be presented at the &nbsp;Peripheral Nerve Society&nbsp;Annual Meeting being held in Montreal, Canada, will offer insight into the safety and pharmacodynamics of redosing patients. NTLA-2001 is being evaluated for Transthyretin amyloidosis, or ATTR amyloidosis, a rare, progressive and fatal disease.&nbsp;Interim Phase 1 clinical data showed the administration of NTLA-2001 led to consistent, deep and long-lasting TTR reduction. The gene-editing candidate is being jointly developed with Regeneron Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>).
The stock added 0.74% on Friday before closing at $24.22.
See Also: <a href="https://www.benzinga.com/money/best-biotech-stocks">Best Biotech Stocks</a>
3. Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>)
<ul>
<li>Date: Wednesday, June 26</li>
<li>Catalyst: PDUFA date for antibody-drug conjugate patritumab deruxtecan as a treatment option for a certain type of non-small cell lung cancer.</li>
</ul>
The ADC candidate is being tested in patients with locally advanced or metastatic EGFR-mutated non-small cell lung cancer (NSCLC) previously treated with two or more systemic therapies.
Lung cancer is the second most common cancer and the leading cause of cancer-related deaths worldwide, with non-small cell lung cancers accounting for approximately 85% of all lung cancers. EGFR mutations occur in 14%-38% of all NSCLC tumors worldwide.
<a href="https://www.benzinga.com/general/biotech/23/10/35349800/merck-signs-multi-billion-deal-with-japans-daiichi-sankyo-for-cancer-therapy-drug-development">Patritumab deruxtecan is one of the three drugs Merck acquired</a> from Japan&#8217;s Daiichi Sankyo Company, Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DSKYF#OTC">DSKYF</a>) last year.
Merck settled Friday&#8217;s session 0.81% higher at $130.72.
4. Verona Pharma plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRNA#NASDAQ">VRNA</a>)
<ul>
<li>Date: Wednesday, June 26</li>
<li>Catalyst: PDUFA date for ensifentrine that is being evaluated as maintenance treatment of patients with Chronic obstructive pulmonary disease&nbsp;</li>
</ul>
Raleigh, North Carolina-based Verona Pharma is a clinical-stage biopharma working on therapies for respiratory diseases. If ensifentrine gets the nod, it has the potential to become the first inhaled non-steroidal therapy for the treatment of respiratory diseases that combines bronchodilator and anti-inflammatory activities in one molecule, the company said. It is prepping for the commercial launch of ensifentrine in the third quarter.
Verona added 2.11% on Friday and ended at $15.
5. X4 Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XFOR#NASDAQ">XFOR</a>)
<ul>
<li>Date: Thursday, June 27 (8 a.m. EDT)</li>
<li>Catalyst: new interim Phase 2 data for mavorixafor in severe congenital neutropenia, which results from very low levels of neutrophils &#8211; a type of white blood cells that are used to treat several infections, especially bacterial.</li>
</ul>
The data will be presented at a virtual investor event hosted by the company. X4 Pharma rallied over 5% to $1.01.
The SPDR&nbsp;S&amp;P&nbsp;Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>), an exchange-traded fund that tracks the S&amp;P Biotechnology Select Industry Index, ended Friday at $92.38, up 2.77%. For the year, the EFF has gained 3.46%, underperforming the broader S&amp;P 500 Index.
Read Next: <a href="https://www.benzinga.com/general/biotech/24/06/39430498/fda-approves-expanded-use-for-sareptas-rare-muscular-dystrophy-gene-therapy">FDA Approves Expanded Use For Sarepta&#8217;s Rare Muscular Dystrophy Gene Therapy</a>
Image Via Shutterstock

A cooler-than-expected U.S. inflation report fueled a rally on Wall Street, ahead of the highly anticipated Federal Open Market Committee (FOMC) <a href="https://www.benzinga.com/markets/equities/24/06/39289912/us-inflation-eases-more-than-expected-in-may-boosts-2024-rate-cut-prospects-ahead-of-wednesdays-">meeting at 2:00 p.m. Wednesday.</a>
What happened: Inflation slowed to 3.3% annually in May, below both the expected and previous rate of 3.4%. On a monthly basis, the Consumer Price Index (CPI) remained flat, below the anticipated 0.1% increase and a significant drop from April&#8217;s 0.3% rise.
Additionally, the core measure of inflation, which excludes energy and food, weakened more than predicted. Annually, core inflation slowed from 3.6% to 3.4%, falling short of the 3.5% expectation.
Why it matters: Lower-than-expected inflation data is bolstering hopes for a steady return to the Federal Reserve&#8217;s 2% target and raising expectations for interest rate cuts later this year.
Markets are now assigning a probability of over 70% for a September rate cut, up from 54% before the inflation report. Notably, Fed futures now indicate 55 basis points of rate cuts priced in by the end of the year, implying two rate cuts.
Prospects of a declining cost of borrowing are aiding interest-rate sensitive sectors and stocks, which had lagged in recent weeks due to fears of prolonged higher rates.
Market reactions: Small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), were the brightest spot in the market, opening 2.9% higher and on track for the best-performing day year to date.
Chart: Small Caps Eye Best Day Since Mid-December 2023
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12094652/image-30-1024x500.png" alt="" class="wp-image-384572" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12094652/image-30-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12094652/image-30-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12094652/image-30-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12094652/image-30-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12094652/image-30.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
In comparison, large-cap indices such as the S&amp;P 500, the Nasdaq 100, and the Dow Jones Industrial Average were all about 0.9% higher.
Sector-wise, real estate and materials were the best performers, with the Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) and the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) up 2.2% and 1.6%, respectively.
Industry-wise, homebuilders, regional banks, solar, and biotech stocks were the top performers, showing notable increases.
<ul>
<li>SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>) up 4%</li>
<li>Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) 3.9%</li>
<li>SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) up 3.3%</li>
<li>SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) up 2.3%</li>
</ul>
According to <a href="https://pro.benzinga.com/dashboard">Benzinga pro</a> data the top-performing stocks (with at least $1 billion of market cap) in the hour following the U.S. inflation report were: 
<ol>
<li>Sunrun Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>): 7.87%</li>
<li>Array Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>): 7.65%</li>
<li>Opendoor Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NASDAQ">OPEN</a>): 7.44%</li>
<li>Element Solutions Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESI#NYSE">ESI</a>): 6.78%</li>
<li>TeraWulf Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WULF#NASDAQ">WULF</a>): 6.68%</li>
<li>Iamgold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAG#NYSE">IAG</a>): 6.55%</li>
<li>Globus Medical Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GMED#NYSE">GMED</a>): 6.04%</li>
<li>Dyne Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DYN#NASDAQ">DYN</a>): 5.99%</li>
<li>Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>): 5.93%</li>
<li>Upstart Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>): 5.75%</li>
</ol>
Looking ahead, traders are now eagerly anticipating the Federal Open Market Committee (FOMC) meeting. The statement and new macroeconomic projections will be released at 2:00 p.m. ET, followed by Fed Chair Powell's press conference at 2:30 p.m. ET.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Jerome Powell Speaks, FOMC Press Conference &#x7C; June 12th, 2024" width="500" height="281" src="https://www.youtube.com/embed/dt2EqXr84ks?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Read now: <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 Preview: Economists Predict Steady Rates In June, Fewer Cuts Ahead</a>
Photo: Shutterstock

American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) has &#8220;above market growth for below market multiple,&#8221; Amy Raskin of Chevy Chase Trust said on CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/06/03/final-trades-2-year-treasury-trade-desk-american-express-and-the-xbi.html">Halftime Report Final Trades</a>.&#8221; 
On May 7, American Express recently declared a dividend on Series D Preferred Stock and regular quarterly dividend.
On April 19, the New York-based company's first-quarter revenue (net of interest expense) grew 11% year-on-year to $15.80 billion, marginally beating the consensus of $15.79 billion. EPS of $3.33 <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38359975/american-express-q1-wins-keep-analysts-steady-in-their-views">beat the consensus of $2.95</a>.
Stephen Weiss of Short Hills Capital Partners named U.S. 2 Year Treasury, saying it's just time <a href="https://www.benzinga.com/topic/treasury-yields">not to take bets</a>.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Brian Belski of BMO Capital Markets picked The Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>), saying "online and audio advertising, it&#8217;s a new position for us."
On May 8, Trade Desk posted better-than-expected first-quarter financial results. The company reported quarterly earnings of 26 cents per share which beat the analyst consensus estimate of 21 cents by 23.81%. Quarterly sales came in at $491.25 million which beat the analyst consensus estimate of $480.31 million.
Joe Terranova of Virtus Investment Partners named SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) as his final trade.
Price Action:
<ul>
<li>Trade Desk shares rose 0.4% to close at $93.11 on Monday.</li>
<li>American Express shares fell 1.3% to close at $ 236.88 during Monday's session.</li>
<li>SPDR S&amp;P Biotech ETF gained 2.6% during Monday's session.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/24/06/39135431/top-3-utilities-stocks-that-may-plunge-in-q2">Top 3 Utilities Stocks That May Plunge In Q2</a>
Image: Shutterstock

American Express, Trade Desk And More: CNBC's 'Final Trades'

CNBC Halftime Report Final Trades: American Express, The Trade Desk, SPDR Series Trust SPDR S&P Biotech ETF

Tesla CEO Elon Musk does not seem to agree with Republicans at least on one thing. On Wednesday, the billionaire, true to his credentials as a tech pioneer, unequivocally backed the <a href="https://www.benzinga.com/markets/penny-stocks/24/04/38491524/mrna-is-promising-a-breakthrough-in-fighting-cancer">mRNA technology, </a>which is the core of new-age vaccines.
What Happened: Social-media personality and prominent YouTuber Ed Krassenstein lauded the mRNA technology in a post on X, stating that it will &#8220;save millions of American lives in the future, if Republicans don't get in the way.&#8221;
The view was seconded by Musk, who is very active on the platform he owns. Replying to Krassenstein&#8217;s post, he said, &#8220;Synthetic mRNA is basically digital medicine with incredible potential.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Synthetic mRNA is basically digital medicine with incredible potential
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1788263974871437743?ref_src=twsrc%5Etfw">May 8, 2024</a></blockquote>
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<figcaption class="wp-element-caption"> See Also: <a href="https://www.benzinga.com/money/best-biotech-stocks">Best Biotech Stocks Right Now</a> The Technology: So, what is this mRNA tech that Musk has a lot of confidence in? mRNA, with the &#8220;m&#8221; there standing for messenger, is a molecule that contains the instructions that direct the cells to make a protein using its natural machinery. When this synthetically developed mRNA reaches the cell in a protective bubble called a lipid nanoparticle, the cells read the set of instructions and begin making proteins that are found in the pathogen. Our body&#8217;s immune system sees these as invaders and produces antibodies and T-cells, and in the process trains the immune system to defend against potential future attacks. The vaccines developed against COVID-19 by most companies in the aftermath of the pandemic used the technology. Pfizer, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>)-BioNTech SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTX#NASDAQ">BNTX</a>), Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>), and Novavax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>), which have FDA-approved vaccines against COVID-19, relied on the mRNA technology for developing their respective. Republicans Shun It: GOP voters and lawmakers, especially those who are more right-leaning, have been against the COVID-19 vaccines. In fact, the anti-vaxx movement, backed by Republicans, has taken on a political color. A Politico/Morning Consult poll conducted in late 2023 showed that 51% of the Republicans cared more about the health risk posed by the vaccine compared to the 49% of the respondents, who focused on the healthy benefits. In comparison, among the overall respondents, the split was 38% to 62%. As is the case with any new technology, skepticism abounds until science can prove that its potential benefits outweigh the risks. Safety for that matter was an issue with the COVID-19 vaccine developed by AstraZeneca plc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) along with Oxford University using the traditional vaccine technology. mRNA Bets: The global mRNA therapeutics market size, estimated at $11.75 billion in 2023, is expected to grow at a CAGR of 17.05% from 2024 to 2030, according to estimates by Grand View Research. If mRNA is going to be the technology of the future, as Musk and others claim, here are a few stocks that investors can consider adding to their portfolios. 1. Moderna (for skin cancer, flu, respiratory syncytial virus, and HIV, etc) 2. Arcturus Therapeutics Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCT#NASDAQ">ARCT</a>) (for Ornithine transcarbamylase, cystic fibrosis, etc) 3. BioNTech (for cancers) 4. CureVac N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CVAC#NASDAQ">CVAC</a>) (for flu, COVID-19, cancers) 5. GeoVax Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOVX#NASDAQ">GOVX</a>) (for infectious diseases and cancers) The SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) ended Wednesday&#8217;s session down 1.46% to $89.11, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a></figcaption></figure>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38189886/vaccine-player-vaxcyte-has-advantage-over-pfizer-mercks-pneumococcal-shots-analyst-">Vaccine Player Vaxcyte Has Advantage Over Pfizer, Merck&#8217;s Pneumococcal Shots &#8211; Analyst Says</a>
Photo via Shutterstock

Elon Musk Breaks Ranks With GOP By Praising Genetic Engineering Tech That Helped Fight COVID-19: 'Digital Medicine With Incredible Potential'

It looked like all systems go for the market Thursday after the U.S. Labor Department reported more initial jobless claims than expected. The data was construed as a signal that the labor market is cooling down, conducive to the Fed's goal of lowering inflation. All indices opened the day higher, with the tech sector and the Invesco QQQ Trust Series (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NYSE">QQQ</a>) leading the way, at one point trading up more than 1% and <a href="https://www.benzinga.com/topic/wall-street">eyeing a record close.</a> But, before the day was over, various Fed speakers appeared tentative about the notion of cutting interest rates too early, sending stocks into a freefall. 
The Price Action: The stocks that got hammered the hardest on Thursday came primarily from interest-rate-sensitive sectors like semiconductors and clean energy stocks. These companies are more prone to sell-offs on hawkish Fed policy, as they typically are borrowing money to help pay for growth. When interest rates stay higher for longer, it makes borrowing money more expensive, hurting profits. NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Super Micro Computer (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) and other chip names dropped significantly on the hawkish Fed Speak. The Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), which tracks companies in the solar and clean energy space, fell more than 3% intraday on the interest rate fears. Other sectors that got hit include regional banks, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) dropping more than 2%, and the biotech industry, with the SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) dropping more than 2% intraday.
<h2 class="wp-block-heading">Comments From Fed Officials</h2>
On Thursday, Federal Reserve Bank of Richmond President Thomas Barkin said that the Fed should &#8220;take its time&#8221; cutting interest rates, and that data so far in 2024 has been less encouraging <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/04/38099441/hawkish-fed-voices-lead-to-market-slide-its-possible-fed-wont-cut-this-year-if-inflati">in regards to slowing inflation. </a>
Then, less than an hour later, Chicago Fed President Austan Goolsbee said that housing inflation will need to come down to bring inflation to the Fed's 2% target. Other Fed officials that spoke Thursday raised doubts to if the central bank will be able to cut rates at all this year, let alone three times, like Chairman Jerome Powell laid out just a couple of weeks ago.
Now Read: <a href="https://www.benzinga.com/24/04/38098087/from-mouse-to-marvel-disney-stock-rockets-50-as-ceo-bob-iger-attempts-turnaround-plan">From Mouse To Marvel: Disney Stock Rockets 50% As CEO Bob Iger Attempts Turnaround</a>
Image created using artificial intelligence via Midjourney.

The biotech sector has been surging in recent months, reawakening from a period of underperformance that followed the 2021 highs. 
David Prince, professional trader at T3 Trading Group, joined Benzinga's &#8220;<a href="https://www.youtube.com/watch?v=Jlq4K8-gYG8">PreMarket Prep</a>&#8221; on Tuesday and discussed the biotech industry, highlighting Viking Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>) and Immunome, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMNM#NASDAQ">IMNM</a>) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37345086/s-p-500-nasdaq-100-dip-small-caps-surge-bitcoin-tops-57-000-2-biotech-stocks-skyroc">as notable recent movers</a>.
"I look for wherever I can make the most amount of money, legally, with the least amount of risk. Biotech into ‘24 was definitely one of those areas," Prince said.&nbsp;
What To Know: Prince believes large biotech companies are looking to recapture growth while sitting on large amounts of capital. The professional trader expects these companies to find new growth opportunities through mergers, acquisitions and purchasing assets as opposed to "organic growth" from in-house drug development. 
Prince pointed to Immunome's gains over the past six months as an example of successful growth achieved by purchasing or licensing assets from outside drug developers. 
"The wind is at biotech's back because it did underperform … for three years," Prince added.
The T3 trader sees continued growth in the biotech sector and noted that the SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) is one way to gain exposure to the industry. The XBI is up nearly 15% in 2024 alone and has gained more than 30% over the past six months, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
"I think it's in a bull trend, and the charts look great," he said.
Related News: <a href="https://www.benzinga.com/news/earnings/24/02/37318201/whats-going-on-with-biocryst-stock-after-earnings">What&#8217;s Going On With BioCryst Stock After Earnings?</a>
Prince noted that obesity drugs are a hot trend in biotech and highlighted Viking Therapeutics&#8217; <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37369830/viking-therapeutics-weight-loss-study-data-outperformed-novo-nordisk-eli-lilly-stud">large gains</a> following positive results from its GLP-1 Phase 2 trial. He cautioned, however, that investors should decide if there is "meat left on the bone" for stocks that have recently made outsized moves. 
Looking ahead, Prince sees lower interest rates as the next catalyst for biotech. He told Benzinga that he expects the industry to "charge ahead" when rates come down. 
VKTX, IMNM, XBI Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Viking Therapeutics shares are up 10.6% at $94.10, Immunome shares are down 1.35% at $25.65 and the SPDR S&amp;P Biotech ETF is down 0.63% at $102.28 at the time of publication. 
This illustration was generated using artificial intelligence via MidJourney.
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Biotech Stocks Surge To Start 2024: 'Charts Look Great,' But Will The Trend Continue?

To gain an edge, this is what you need to know today.
<img alt="" src="https://thearorareport.com/wp-content/uploads/2024/02/2024-02-28_08h05_09.png" style="height:350px; width:624px" />
<h3>Biotech Breakout</h3>
Please <a href="https://thearorareport.com/stock-market-chart-analysis-biotech-breakout-xbi-mc-02282024">click here</a> for an enlarged version of the chart of SPDR S&amp;P Biotech ETF (ARCA: XBI).
Note the following:
<ul>
<li>The chart shows biotech has broken out.</li>
<li>The chart shows the move up was on high volume, indicating conviction in the move.</li>
<li>The chart shows when XBI was in the Arora buy zone.&nbsp;This represents a 54% gain in about four months.&nbsp;XBI is in the ZYX Allocation Core Model Portfolio by The Arora Report.</li>
<li>RSI on the chart shows that biotech is overbought.</li>
<li>The breakout in biotech shows there are opportunities for investors beyond AI, NVIDIA Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>), and big tech.</li>
<li>Eli Lilly And Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lly#NYSE">LLY</a>) is a prime example.&nbsp;LLY has gained 139% in about a year.</li>
<li>In important news for AI, Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) has canceled its electric vehicle project.&nbsp; About 2,000 people have been working on this project.&nbsp;Apple seems to be recognizing that it needs to devote more resources to AI.&nbsp;This is good news for Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>).</li>
<li>Just released GDP data shows the economy is very strong and there is inflation pressure.&nbsp;Here are the details:
<ul>
<li>Q4 GDP Second Estimate came at 3.2% vs. 3.2% consensus.</li>
<li>GDP Deflator Second Estimate came at 1.6% vs. 1.5% consensus.</li>
</ul>
</li>
<li>Prudent investors should keep in mind that GDP is a lagging indicator.&nbsp;The Arora Report system is based on leading indicators in ten categories.&nbsp;Please <a href="https://thearorareport.com/unique-zyx-asset-allocation-4/">click here </a>to see the ten categories of the ZYX Asset Allocation Model.</li>
<li>The latest consumer confidence data indicates that there is a high probability of this stock market rally stalling and even pulling back.&nbsp;Consumer confidence came at 106.7 vs. 114.6&nbsp; consensus.</li>
<li>Fed speak is ahead today from Fed Presidents Raphael Bostic, Susan Collins, and John Williams.&nbsp;Expect Fed speakers to push back against the notion of rapid interest rate cuts.</li>
<li>As an actionable item, the sum total of the foregoing is in the protection band, which strikes the optimum balance between various crosscurrents.&nbsp;Please scroll down to see the protection band.</li>
</ul>
<h3>Magnificent Seven Money Flows</h3>
In the early trade, money flows are positive in TSLA.
In the early trade, money flows are neutral in AAPL and Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>).
In the early trade, money flows are negative in Amazon.com, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>), Alphabet Inc Class C (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>), Meta Platforms Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>), and NVDA.
In the early trade, money flows are mixed in SPDR S&amp;P 500 ETF Trust (ARCA:SPY) and Invesco QQQ Trust Series 1 (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>).
<h3>Momo Crowd And Smart Money In Stocks</h3>
The momo crowd is buying stocks in the early trade. Smart money is inactive in the early trade.
<h3>Gold</h3>
The momo crowd is buying gold in the early trade.&nbsp;Smart money is inactive in the early trade.
For longer-term, please see gold and silver ratings.
The most popular ETF for gold is SPDR Gold Trust (ARCA:GLD). The most popular ETF for silver is iShares Silver Trust (ARCA:SLV).&nbsp;
<h3>Oil</h3>
Oil is seeing buying on speculation that OPEC+ could extend production cuts through the end of the year.
API crude inventories came at a build of 8.428M barrels vs. a consensus of a build of 1.5M barrels.&nbsp;The API data is bearish for oil, but for the time being, traders are focused on OPEC+ speculation.
The momo crowd is aggressively buying oil in the early trade.&nbsp;Smart money is inactive in the early trade.
For longer-term, please see oil ratings.
The most popular ETF for oil is United States Oil ETF (ARCA:USO).
<h3>Bitcoin</h3>
Yesterday we wrote:
There is no resistance for bitcoin between here and $65,000.
At that time, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading around $56,000.
Bitcoin has rocketed passed $60,000 and is trading above $61,000 as of this writing.
<h3>Protection Band And What To Do Now</h3>
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges.&nbsp;The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive.&nbsp; If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash.&nbsp; When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks.&nbsp; High beta stocks are the ones that move more than the market.
<h3>Traditional 60/40 Portfolio</h3>
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of seven year duration or less.&nbsp; Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever&nbsp;<a href="https://thearorareport.com/generate-wealth-newsletter" target="_blank">Generate Wealth Newsletter</a>.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

The 42nd annual JPMorgan Healthcare Conference kickstarts on Monday in San Francisco, California, and the four-day event will run through Thursday. The investment bank touts the conference as the &#8220;most informative health care investment symposium in the industry, which connects <a href="https://www.benzinga.com/general/biotech/22/01/24976697/bristol-myers-squibb-shares-jump-after-j-p-morgan-healthcare-conference-presentation">global industry leaders, </a>emerging fast-growth companies, innovative technology creators, and members of the investment community.&#8221;
What To Expect: The event will likely be attended by 8,000 people, including delegates from biopharma companies. Apart from conference presentations, JPMorgan will also host private, invite-only events for industry leaders on the sidelines of the conference. 
In the past, the event has served as a platform for discussing and announcing deals in the healthcare and biopharma spaces. With sentiment toward the sector improving in 2023 and M&amp;A transactions picking up pace after a lull period, it shouldn&#8217;t be surprising if more are announced at the conference. 
In December, Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) agreed to pay $14 billion for neuropsychiatry&nbsp;biotech Karuna Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KRTX#NASDAQ">KRTX</a>). Also during the month, AbbVie, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) stitched up a $8.7 billion deal to buy neuroscience diseases-focused Cerevel Therapeutics Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CERE#NASDAQ">CERE</a>).
Companies could also choose to make preannouncements or update financial outlook, given the imminent onset of the fourth-quarter reporting season.
A lot of discussions could revolve around the use of artificial intelligence and robotics in healthcare, the new fad of weight-loss medications, and the healthcare and drug pricing reforms during the election year.
See Also: <a href="https://www.benzinga.com/money/best-biotech-stocks">Best Biotech Stocks</a>
Here&#8217;re some key presentations scheduled for Monday:
<ul>
<li>Bristol-Myers Squibb CEO Christopher Boerner will make a presentation and answer questions at 10:30 a.m. ET.</li>
<li>Vertex Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>): CEO Dr.&nbsp;Reshma Kewalramani is scheduled to make a presentation at 11:15 a.m. ET. Ahead of its JPM appearance, the company issued a pipeline update on Sunday.</li>
<li>Amgen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>): &nbsp;CEO Robert Bradway will present at 12 p.m. ET.</li>
<li>Sarepta Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>): Senior management of the company will present at the conference at 12 p.m. ET.</li>
<li>Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>): The vaccine company&#8217;s CFO, Jamey Mock, will present at 6:45 p.m. ET.</li>
</ul>
Is Conference A Market Mover? The SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>), which tracks the performance of the S&amp;P Biotechnology Select Industry Index, has made an average gain of merely 0.76% over the past decade, STAT News said in a report. The report noted that there were outlier years as well, as in the case of 2016 &#8211; an election year when the index fell 7% during the conference week amid fears concerning drug pricing reforms. 
In 2019, when <a href="https://www.benzinga.com/general/biotech/19/01/12924561/bristol-myers-squibb-bets-big-on-celgene-in-74b-cash-and-stock-deal">Bristol-Myers lapped up Celgene, </a>the index was up about 8%, it added.
Even if the conference doesn&#8217;t move the broader sector, individual stocks could come under significant volatility depending on the news flow from presentations.
In premarket trading on Monday, the XBI edged down 0.27% to $89.06, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> The index gained 7.6% in 2023, rebounding from the previous year&#8217;s 26% slump.
Read Next: <a href="https://www.benzinga.com/general/biotech/24/01/36513924/strides-toward-lower-drug-costs-florida-becomes-first-to-receive-nod-to-import-prescription-drugs">Strides Toward Lower Drug Costs: Florida Becomes First To Receive Nod To Import Prescription Drugs from Canada</a>

5 Biotech Stocks That Should Be On Investors' Radar As JPMorgan Healthcare Conference Gets Underway Monday

Satori Fund founder and portfolio manager&nbsp;Dan Niles&nbsp;is out with his top stock picks for 2024 and two Magnificent 7 names are at <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36423818/2023s-top-dogs-nvidia-meta-lead-s-p-500-charge-in-tumultuous-year-but-which-magnifi">the top of the list</a>.
What To Know: The Satori Fund&#39;s top picks for this year are a mixture of offensive&nbsp;and defensive names, as the firm believes the S&amp;P 500 could either rally significantly&nbsp;in 2024 or suffer a sizable&nbsp;drawdown, depending on the<a href="https://www.benzinga.com/federal-reserve"> Federal Reserve</a>.
&quot;We believe the S&amp;P could gain another 20% (10% from earnings growth and another 10% from multiple expansion) if the Fed does in fact engineer the first soft landing since 1995,&quot; Niles <a href="http://twitter.com/DanielTNiles/status/1742572782276563434?s=20">said</a> Wednesday in a social media post.&nbsp;
<blockquote class="twitter-tweet">TOP 5 PICKS 2024
As a reminder, Our initial Top 5 picks coming into 2023 had a skew of defense and offense. Those were:
1) <a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a> &ndash; Our favorite megacap w/ low valuation &amp; growth 
2) <a href="https://twitter.com/search?q=%24MUFG&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MUFG</a> &ndash; Japan abandoning Yield Curve Control eventually 
3) <a href="https://twitter.com/search?q=%24URA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$URA</a> &ndash; resurgence in nuclear energy&hellip; <a href="https://t.co/Um7AEIZTbN">https://t.co/Um7AEIZTbN</a>
&mdash; Dan Niles (@DanielTNiles) <a href="https://twitter.com/DanielTNiles/status/1742572782276563434?ref_src=twsrc%5Etfw">January 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>&quot;Having said that, if we do get a shallow recession in 2024 given the long and variable lags in monetary policy, we could see the S&amp;P down 30% (10% earnings decline and 20% multiple compression).&quot;
Check This Out:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/01/36472187/soft-landing-dont-bet-on-it-just-yet-feds-barkin-indicates-further-rate-hikes-possible">Soft Landing? Don&#39;t Bet On It Just Yet: Fed&#39;s Barkin Indicates Further Rate Hikes Possible</a>
The Top 5: The top stock on Niles&#39;&nbsp;list for 2024&nbsp;is Amazon.com Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>).
Amazon tends to gain market share during&nbsp;recession&nbsp;and has a lot of profit margin expansion potential, Niles&nbsp;said this week in a CNBC interview.&nbsp;
The second name on the list is Meta Platforms Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>), which is the only&nbsp;stock that was also on Niles&#39; top stocks list for&nbsp;2023.&nbsp;
Niles told CNBC that Meta is growing revenue 15% year-over-year and is trading around 25 times earnings, which is much more reasonable than other names in the<a href="https://www.benzinga.com/topic/magnificent-seven"> Magnificent 7</a>, he said.&nbsp;
Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>), for example, had negative 1% revenue growth in 2023 and is trading around 30 times earnings, Niles said.&nbsp;
The third name on Niles&#39; top stocks for 2024 list is&nbsp;Texas Instruments Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/txn#NASDAQ">TXN</a>).&nbsp;
&quot;Despite two of the Magnificent 7 being top picks on one of the barbell, we are increasingly looking for beaten up names with compelling valuations outside of the Magnificent 7 to drive returns,&quot; Niles said in the X post.&nbsp;
Texas Instruments was only up 3% in 2023 so the hedge fund investor&nbsp;expects the stock to outpace some of its&nbsp;peers in the semiconductor space in 2024, he said.&nbsp;
The last two names on the list are <a href="https://www.benzinga.com/etfs">ETFs</a>:&nbsp;SPDR Series Trust SPDR S&amp;P Biotech ETF (ARCA:XBI) and&nbsp;KraneShares Trust KraneShares CSI China Internet ETF (ARCA:KWEB).
Both of these ETFs have been underperforming for years and Niles is betting that they are at a valuation tipping point, which could deliver&nbsp;upside to patient investors in 2024,&nbsp;he said.
Read Next:&nbsp;<a href="https://www.benzinga.com/general/politics/24/01/36473198/top-stocks-sectors-loved-by-congress-members-who-traded-in-2023-apple-nvidia-microsoft-ford-and-">Top Stocks, Sectors Loved By Congress Members Who Traded In 2023: Apple, NVIDIA, Microsoft, Ford And More Stocks To Watch In 2024</a>
Photo: courtesy of Amazon.

KWEB

Satori Fund's Dan Niles Names Amazon, Meta Top Stocks To Own In 2024

<ul>
<li>UPRO</li>
<li>BB</li>
<li>TSLA</li>
<li>TQQQ</li>
<li>SPAM</li>
<li>QQQ</li>
<li>XBI</li>
</ul>
Data from <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment</a>
&nbsp;

SPAM

TQQQ

UPRO

Top 7 Trending Stocks On WallStreetBets As Of December 21, 2023 (Via Swaggy Stocks)

It&#8217;s shaping up to be a positive Thursday on Wall Street, with risk sentiment remaining robust after the Federal Reserve effectively opened the door to <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36225016/powell-signals-peak-interest-rates-foresees-cuts-in-2024-markets-rally-traders-ex">rate cuts in 2024.</a>
The S&amp;P 500 is poised to record its seventh consecutive green session, closing in at just 1.5% away from its all-time highs. The tech-heavy Nasdaq 100 held steady, now less than a percentage point away from its record highs, while Dow&#8217;s blue-chip stocks continue to set new record highs.
Notably, small-cap stocks have rallied the most since the Federal Reserve&#8217;s meeting, with the Russell 2000 surging over 6% in the last two sessions and breaking above the 2,000-point mark, its highest level since August 2022.
See Also: <a href="https://www.benzinga.com/markets/equities/23/12/36241143/the-disney-activist-battles-next-chapter-nelson-peltz-to-nominate-himself-former-disney-cfo-to-b">Disney Activist Battle&#8217;s Next Chapter &#8211; Nelson Peltz To Nominate Himself, Former Disney CFO To Board</a>
Treasury yields continue to trend lower, with the 10-year yield dropping to 3.9%, the lowest since late July. Meanwhile, 30-year yields are edging toward 4%, with the iShares 20+ Year Treasury Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NYSE">TLT</a>) gaining 2%.
Lower Treasury yields are also driving down mortgage rates, with the 30-year fixed average rate falling to 6.95% as of Dec. 13, according to Freddie Mac data, dipping below 7% for the first time since August.
In response, real estate stocks were the top performers among the S&amp;P 500&#8217;s sectors.
In the currency market, the dollar continued to weaken against the euro, as the latter received a more hawkish stance from the European Central Bank, which decided to keep rates unchanged and pushed back against early <a href="https://www.benzinga.com/news/23/12/36241560/ecb-president-lagarde-defies-powells-dovish-stance-not-time-to-lower-our-guard">speculations of rate cuts.</a>
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), continues its ascent, now reaching $2,045 per ounce. Crude oil, as tracked by the U.S. Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), rose by 3.6% to $72 a barrel.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also saw gains, rising by 0.8% to reach $43,180.
<h2 class="wp-block-heading">Thursday Performance In Major US Indices, ETFs </h2>
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<th>Major Indices &amp; ETFs</th>
<th>Price</th>
<th>% Change</th>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,000.47</td>
<td>3.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,253.86</td>
<td>0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,726.96</td>
<td>0.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,562.51</td>
<td>0.0%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.4% higher to&nbsp;$472.39, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.4% higher to $373.22&nbsp;and&nbsp;the Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged 0.1% lower to $403.31, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) rallied 3.1%. Energy, as tracked by the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), also rallied, up 2.8%. Utilities and consumer staples were the laggards, down 0.4% and 0.5%, respectively. 
Among industries, solar stocks, as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), rocketed nearly 9%. Insurance services lagged, with the SPDR S&amp;P Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIE#NYSE">KIE</a>) down 1.3%. 
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>S&amp;P Sector ETFs</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Real Estate</td>
<td>3.1%</td>
</tr>
<tr>
<td>Energy</td>
<td>2.8%</td>
</tr>
<tr>
<td>Materials</td>
<td>1.9%</td>
</tr>
<tr>
<td>Consumer Discretionary</td>
<td>1.5%</td>
</tr>
<tr>
<td>Industrials</td>
<td>1.5%</td>
</tr>
<tr>
<td>Financials</td>
<td>1.2%</td>
</tr>
<tr>
<td>Communications</td>
<td>0.3%</td>
</tr>
<tr>
<td>Technology</td>
<td>0.0%</td>
</tr>
<tr>
<td>Health Care</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Consumer Staples</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Utilities</td>
<td>-0.5%</td>
</tr>
</tbody>
</table>
</figure>
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>SolarEdge Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>), Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) and First Solar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NYSE">FSLR</a>) rose 16%, 12% and 9% respectively, as investors flocked to rate-sensitive stocks following the Fed&#8217;s pivot. </li>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) rallied over 10% as the company announced positive trial results for an experimental mRNA-based treatment for skin cancer.</li>
<li>Align Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALGN#NASDAQ">ALGN</a>) soared by 12% following the announcement that Health Canada has updated the company&#8217;s medical device license for its Invisalign palatal expander system.</li>
<li>Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) rallied 15%, after the company disclosed it manufactured about 800 electric vehicles (EVs) at its Saudi Arabian facility. </li>
<li>Apellis Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLS#NASDAQ">APLS</a>) fell 25%, after Wedbush and Wells Fargo downgraded the stock and the price target. </li>
<li>Shares of TPI Composites (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TPIC#NASDAQ">TPIC</a>) surged nearly 70% upon the company&#8217;s declaration of entering into a definitive agreement with funds managed by Oaktree Capital Management.</li>
</ul>
Read Now: <a href="https://www.benzinga.com/markets/equities/23/12/36241143/the-disney-activist-battles-next-chapter-nelson-peltz-to-nominate-himself-former-disney-cfo-to-b">The Disney Activist Battle&#8217;s Next Chapter: Nelson Peltz To Nominate Himself, Former Disney CFO To Board</a>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Bonds

Eurozone

New ETFs

Commodities

Treasuries

ALGN

APLS

SPDR Dow Jones Industrial Average ETF Trust

FSLR

JETS

LCID

SEDG

iShares Trust Barclays 20+ Year Treasury Bond Fund

TPIC

XLRE

US Stocks Eye 7-Day Winning Streak As Mortgage Rates Fall Below 7%, Yields Tumble: What's Driving Markets Thursday?

Midway through the trading day on Wall Street, calm reigns supreme as investors eagerly await the Federal Reserve&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36220270/fed-pivot-or-pushback-markets-poised-for-tense-policy-finale-to-2023">decision on interest rates. </a>
The Federal Open Market Committee (FOMC) is scheduled to publish its policy statement at 2 p.m. ET, followed by Chair Jerome Powell&#8216;s address at 2:30 p.m.
While it is widely anticipated that the Federal Reserve will maintain its fed funds target range steady at 5.25%-5.5%, there is growing anticipation surrounding the release <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36204131/federal-reserves-final-2023-meeting-fomcs-economic-projections-crucial-dot-plot-wee">of new economic projections.</a>
Market participants are particularly focused on the&#8221;&#8216;dot plot,&#8221; which can shed light on the preferred interest rate trajectory within the Fed board. This information will help gauge whether the central bank&#8217;s policies will align with or deviate from the current market expectation of five rate cuts by 2024.
As of noon in New York, U.S. major indices traded relatively flat. The U.S. dollar, as tracked by the Invesco DB USD Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), remained stable, while Treasury yields dipped by approximately 5 basis points across various maturities, with the 10-year yield standing at 4.17%.
The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) gained 0.9%, gold inched up by 0.2%, and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surged by 1%.
Crude oil prices rose by 1.2%, with West Texas Intermediate (WTI) trading around $70 per barrel. This increase comes as a sigh of relief after COP 28 provided signals that were less severe than expected in terms of <a href="https://www.benzinga.com/news/23/12/36215596/oil-prices-under-pressure-as-cop28-climate-summit-agrees-to-energy-transition">reducing fossil fuel consumption.</a>
<h2 class="wp-block-heading">Wednesday Performance In Major US Indices, ETFs </h2>
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Major Indices</th>
<th>Price</th>
<th>Chg %</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,388.40</td>
<td>+0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>36,578.43</td>
<td>+0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,647.02</td>
<td>+0.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,879.17</td>
<td>-0.1%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.1% higher to&nbsp;$464.50, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was flat at $366.44&nbsp;and&nbsp;the Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was 0.2% higher to $399.52, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, utilities outperformed, with the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) soaring 1%. Materials were the laggard, with the Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) down 0.9%. 
Among industries, biotech stocks, as tracked by the SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>), rose 1.7%. Airlines lagged behind, with the U.S. Global JETS ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) down 2.2%. 
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>S&amp;P Sector ETFs</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Utilities</td>
<td>1.0%</td>
</tr>
<tr>
<td>Real Estate</td>
<td>0.7%</td>
</tr>
<tr>
<td>Health Care</td>
<td>0.6%</td>
</tr>
<tr>
<td>Consumer Staples</td>
<td>0.5%</td>
</tr>
<tr>
<td>Technology</td>
<td>0.2%</td>
</tr>
<tr>
<td>Financials</td>
<td>0.0%</td>
</tr>
<tr>
<td>Communications</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Energy</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Industrials</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Consumer Discretionary</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Materials</td>
<td>-0.9%</td>
</tr>
</tbody>
</table>
</figure>
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell 2.7% after the company filed with the National Highway Traffic Safety Administration regarding the recall of 2 million vehicles.</li>
<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) tumbled over 7%, hitting the lowest in 10 years, as the company warned that Covid-related revenue could fall. In a similar fashion, Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) fell 4.6%. </li>
<li>Shares of Vertex Pharmaceutical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>) rallied over 10%, setting an all-time high of $395, amid successful mid-stage trial of its non-opioid medication VX-548, demonstrating efficacy in nerve pain reduction.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36220286/will-recession-accompany-bull-market-in-2024-analysts-project-s-p-500-nearing-5-000">Will Recession Accompany Bull Market In 2024? Analysts Project S&amp;P 500 Nearing 5,000 Mark</a>
Photo via Shutterstock.

PowerShares DB US Dollar Index Bullish Fund

Stocks Hold Steady, Yields Decline As Fed Meeting Looms: What's Driving Markets Wednesday?

Stocks opened the first week of December with significant losses, driven by some emerging concerns of exaggerated rate cut speculations<a href="https://www.benzinga.com/markets"> within the trading community.</a>
Traders have recently scaled back their expectations for a rate cut in March 2024, as indicated by CME Group&#8217;s FedWatch Tool, which now suggests a 56% probability compared to the nearly 65% probability observed on Friday. Additionally, although fed futures reveal that a total of five rate cuts by December 2024 are still more likely than not, investors&#8217; convictions on this outcome have softened somewhat.
Short-term Treasury yields experienced a notable increase, with yields on the 2-year note, which is particularly sensitive to policy changes, surging by 12 basis points to reach 4.67%. As yields rose, long-dated Treasury bonds fell, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down 0.8%. 
These rate adjustments have had a ripple effect on the stock market, with the S&amp;P 500 down by 0.7%, the Nasdaq falling by 1.2%, and the Dow Jones losing nearly 100 points. Interestingly, small-cap stocks were the sole bright spot on Wall Street.
Commodities experienced a significant sell-off driven by a strengthening dollar and rising Treasury yields. Gold, which had reached all-time highs at $2,140 per ounce overnight, saw a sharp decline of 2.3%, while silver tumbled by over 3%. 
Additionally, oil prices weakened, with WTI-grade crude trading 1.3% lower at $73 per barrel. Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is on a remarkable 4% daily run, amid rising speculation over a Bitcoin ETF approval. 
<h2 class="wp-block-heading">Monday&#8217;s Performance Of US Stock Indices</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-1.23%</td>
<td>15,801.18</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.70%</td>
<td>4,564.42</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.23%</td>
<td>36,178.81</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.70%</td>
<td>1,808.05</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust&nbsp;(ARCA: <a style="font-size: revert" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) fell 0.6% to $456.13. </li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) eased 0.2% to&nbsp;$362.38.&nbsp; </li>
<li>The Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) tumbled 1.2% to $385.23. </li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) surprisingly rose 0.7% to $186.16, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> </li>
</ul>
Chart Of The Day: Bitcoin Shows A 65% Gap To All-Time Highs
<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/2023/12/04144343/BTCUSD_2023-12-04_18-43-02_acc0e-1024x495.png" alt="" class="wp-image-155045" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/04144343/BTCUSD_2023-12-04_18-43-02_acc0e-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/04144343/BTCUSD_2023-12-04_18-43-02_acc0e-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/04144343/BTCUSD_2023-12-04_18-43-02_acc0e-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/04144343/BTCUSD_2023-12-04_18-43-02_acc0e-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/04144343/BTCUSD_2023-12-04_18-43-02_acc0e.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETFs Performance</h2>
Sector-wise, defensive industries like healthcare and consumer staples avoided losses on Monday, and surprisingly, the real estate sector also showed strength.
Conversely, the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) and the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), experienced significant declines, down by 1.3% and 1.5%, respectively. 
Looking at specific industries, airlines notably stood out, with the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) surging by 3.8%. On the other hand, gold miners, represented by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), struggled, down 3.4%.
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>Coinbase Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) is up over 6%, reacting to the Bitcoin&#8217;s rally. </li>
<li>Science Applications International Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAIC#NYSE">SAIC</a>) rose nearly 10% after the company lifted its earnings outlook.</li>
<li>Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) is up 4% after being included to the S&amp;P 500 Index.</li>
<li>Gamestop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) is up over 9% as investors anticipate earnings due on Wednesday. </li>
<li>Spotify Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) is up over 7%, as the company announced to lay off about 17% of its workforce. </li>
<li>Alaska Air Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) tumbled over 14%, after the company announced it would acquire Hawaiian Airlines parent company Hawaiian Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HA#NASDAQ">HA</a>) for $1.9 billion. Shares of Hawaiian Holdings are up 187%. </li>
<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) stood out as the weaker tech companies within the Russell 1000, down 9.5% on a broader sector sell-off. </li>
</ul>
Read now: <a href="https://www.benzinga.com/short-sellers/23/12/36075787/trading-on-tragedy-researchers-discover-unusual-speculative-activity-before-oct-7-hamas-attacks">Trading On Tragedy: Researchers Discover Unusual Speculative Activity Before Oct. 7 Hamas Attacks</a>
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Fed Rate Cut Speculations Rattle Stocks, Commodities Slide, Bitcoin Shines: What's Driving Markets Monday?

Kicking off the new month, Wall Street continued its strong November momentum, with major U.S. stocks rallying on Friday. 
The S&amp;P 500, Dow Jones, and Nasdaq indices are all set for their fifth consecutive week of positive movement. Investor optimism further improved, driven by growing speculation of Fed rate cuts in 2024, despite Fed Chair <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36047939/fed-chair-powell-remains-cautious-premature-to-declare-victory-on-inflation-prepa">Powell&#8217;s cautious remarks.</a>
The <a href="https://www.benzinga.com/markets/equities/23/12/36046529/us-manufacturing-suffers-13-month-contraction-streak-in-november-falling-short-of-forecasts">ISM manufacturing</a> activity slowed more than predicted in November, contributing to a marked drop in Treasury yields. 
According to CME Group Fed Watch tool, fed futures are currently anticipating the first interest rate cut in March 2024, with a probability of 60%. Furthermore, speculators are factoring in a total of five rate cuts by December 2024, with a probability of 72%.
The U.S. dollar index (DXY) fell 0.4%, partially erasing Thursday&#8217;s gain. Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), continued to shine, with the precious metal surging by 1.5% to reach $2,070 per ounce, coming tantalizingly close to its all-time highs.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.22%</td>
<td>15,984.29</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.61%</td>
<td>4,597.30</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.79%</td>
<td>36,202.42</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.24%</td>
<td>1,853.38</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust&nbsp;(ARCA: <a style="font-size: revert" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) rose 0.5% to $458.84. </li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) gained 0.7% to&nbsp;$362.69.&nbsp; </li>
<li>The Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) edged 0.29% higher to $390.00. </li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 2.5% to $184.17, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> </li>
</ul>
Chart Of The Day: S&amp;P 500 Index Notches 5th Week Of Gains, Tests July 2023&#8217;s Highs
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/01142757/SPX_2023-12-01_18-26-53_d1ef2-1024x723.png" alt="" class="wp-image-154039" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/01142757/SPX_2023-12-01_18-26-53_d1ef2-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/01142757/SPX_2023-12-01_18-26-53_d1ef2-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/01142757/SPX_2023-12-01_18-26-53_d1ef2-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/01142757/SPX_2023-12-01_18-26-53_d1ef2.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETF Performance</h2>
Each S&amp;P 500&#8217;s equity sector traded in the green on Friday. Real estate and materials, as tracked by the Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) and the Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>), were the notable gainers, up 1.7% and 1.5%, respectively. 
Technology underperformed, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) inching only 0.1% higher. Also the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) was a laggard, flat for the day. 
Industry-wise, regional banks, as tracked by the SPDR Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) rallied 4.7%. Semiconductors, as monitored through the VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>), were unchanged for the day.
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) fell about 5% following its quarterly results announcement. </li>
<li>Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) fell about 6% in reaction to its earnings. </li>
<li>Other stocks moving on earnings news are PagerDuty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PD#NYSE">PD</a>) (down 2%, Ulta Beauty, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ulta#NASDAQ">ULTA</a>) (up about 11%), and UiPath Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PATH#NYSE">PATH</a>) (up over 26%).</li>
<li>Pfizer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NASDAQ">PFE</a>) fell over 4%, hitting lows last seen in late March 2020, as the healthcare giant announced to halt trials of its weight loss drug, danuglipron, due to reported side effects among participants. </li>
<li>SoFi Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) rallied 7% after Cathie Wood&#8217;s decision to purchase $1.5 million worth of SOFI shares. </li>
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell 1% following lukewarm reception to its Cybertruck following Thursday&#8217;s delivery event.</li>
</ul>
<h2 class="wp-block-heading">Commodities, Other Global Equity Markets And Crypto</h2>
The United States Oil Fund, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks the performance of the light sweet crude, was 0.6% lower. 
European equity indices ended Friday positively. The SPDR DJ Euro STOXX 50 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) rose 0.7%. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 2.8% higher to $38,781, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) rose 1.9% to $2,093. 
Shanthi Rexaline contributed to this report.
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36049175/cybertruck-a-moonshot-for-tesla-divisive-new-ev-represents-5-of-revenue-zero-profit">Cybertruck A &#8216;Moonshot&#8217; For Tesla? Divisive New EV Represents 5% Of Revenue, Zero Profit In 2025 For Automaker: Analysts</a>

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Stocks, Gold, Bonds Rally Further, Dollars Tumbles As Traders Anticipate Fed Cuts: What's Driving Markets Friday?


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