Stocks Set To Snap Worst Losing Streak In Nearly 2 Years, Gold Sinks, Bitcoin Reclaims $66,000: What's Driving Markets Monday?

Zinger Key Points
  • Easing geopolitical tensions in the Middle East bolstered market sentiment but exerted downward pressure on key global commodities.
  • Small caps, as tracked by the iShares Russell 2000 ETF, soared 1.2%.

U.S. stocks are poised to break a six-day losing streak, marking the end of the longest downward trend since September 2022.

At noon trading in New York on Monday, major indices all traded higher, indicating modest gains, as investors prepare for a week jam-packed with pivotal earnings reports from major corporations, including Visa Inc. V, Tesla Inc. TSLA, Meta Platforms Inc. META, Microsoft Corp. MSFT, and Alphabet Inc. GOOGLGOOG.

Easing geopolitical tensions in the Middle East bolstered market sentiment but exerted downward pressure on key global commodities.

Gold plunged 2.5% to $2,330 per ounce, marking its most significant single-day decline since June 2022, while silver tumbled 5%, poised for its worst daily performance since last October.

Oil prices were broadly steady, erasing early session losses, with the West Texas Intermediate (WTI) light crude trading at $82 a barrel.

Treasury yields saw no movements, amid lack of rate-sensitive data.

Positive risk sentiment aided Bitcoin BTC/USD, with the largest cryptocurrency rising above $66,000, on track for its highest close in more than a week.

Monday’s Performance In Major U.S. Indices, ETFs

Major IndicesPrice1-day %chg
Russell 20001,975.071.2%
S&P 5005,013.740.9%
Nasdaq 10017,199.550.9%
Dow Jones38,300.540.8%
Updated at 1:30 p.m. EDT

The SPDR S&P 500 ETF Trust SPY rose 1% to $500.03, the SPDR Dow Jones Industrial Average DIA rose 0.8%% to $383.02 and the tech-heavy Invesco QQQ Trust QQQ rallied 1% to $417.03, according to Benzinga Pro data

Small caps, as tracked by the iShares Russell 2000 ETF IWM, soared 1.2%.

Sector-wise, the Financials Select Sector SPDR Fund XLF outperformed, up 1.4%, followed by the Industrials Select Sector SPDR Fund XLI, up 1%. The Materials Select Sector SPDR Fund XLB was the major laggard, up 0.2%.

Monday’s Stock Movers

  • Ford Motor Co. F rose over 5%, emerging as the top performer within the S&P 500, potentially driven by heightened anticipation surrounding the automaker’s forthcoming quarterly results scheduled for unveiling this Wednesday.
  • Wolfspeed Inc. WOLF surged nearly 10% following reports that activist investor Jana Partners is pushing the world’s largest silicon carbide manufacturer to explore various avenues to enhance shareholder value, including the possibility of a sale.
  • Informatica Inc. INFA saw a decrease of over 8% as the company confirmed it is not presently involved in any acquisition discussions.
  • Coinbase Global Inc. COIN rose over 5% amid the broader cryptocurrency market rebound.
  • Cardinal Health Inc. CAH experienced a 5% decline following the company’s announcement that its pharmaceutical distribution contracts with UnitedHealth Group Inc.‘s UNH OptumRx unit will not be renewed after expiring at the end of June.
  • Newmont Corporation NEM tumbled over 3%, as gold prices fell.

Read Now: S&P 500 Trades At Two-Month Low: Where Is The Next Support?

Photo: Shutterstock

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