U.S. stocks are set to break a six-day losing streak, signaling the end of the longest downward trend since September 2022.
Major indices were trading higher at noon in New York on Monday, showing modest gains as investors gear up for a week filled with crucial earnings reports from prominent corporations such as Visa Inc. (NYSE:V), Tesla Inc. (NASDAQ:TSLA), Meta Platforms Inc. (NASDAQ:META), Microsoft Corp. (NYSE:MSFT), and Alphabet Inc. (NASDAQ:GOOGL)(NASDAQ:GOOG).
Geopolitical tensions easing in the Middle East have boosted market sentiment but put pressure on key global commodities.
Gold prices plummeted by 2.5% to $2,330 per ounce, experiencing its most significant single-day decline since June 2022. Meanwhile, silver tumbled 5%, on track for its worst daily performance since October of the previous year.
Oil prices remained stable, erasing early losses, with West Texas Intermediate (WTI) light crude trading at $82 a barrel.
Treasury yields did not see any movements, given the lack of rate-sensitive data.
A positive risk sentiment has supported Bitcoin (CRYPTO: BTC), with the largest cryptocurrency surpassing $66,000, aiming for its highest close in over a week.
Market Indices Overview
| Major Indices | Price | 1-day %chg |
| Russell 2000 | 1,975.07 | 1.2% |
| S&P 500 | 5,013.74 | 0.9% |
| Nasdaq 100 | 17,199.55 | 0.9% |
| Dow Jones | 38,300.54 | 0.8% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose by 1% to $500.03, the SPDR Dow Jones Industrial Average (NYSE:DIA) increased by 0.8% to $383.02, and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) surged by 1% to $417.03, based on Benzinga Pro data.
Small caps, as tracked by the iShares Russell 2000 ETF (NYSE:IWM), soared by 1.2%.
In terms of sectors, the Financials Select Sector SPDR Fund (NYSE:XLF) outperformed, rising by 1.4%, followed by the Industrials Select Sector SPDR Fund (NYSE:XLI), which went up by 1%. The Materials Select Sector SPDR Fund (NYSE:XLB) was the main laggard, with a 0.2% increase.
Notable Stock Movements
- Ford Motor Co. (NYSE:F) saw a rise of over 5%, emerging as the top performer within the S&P 500, potentially driven by heightened anticipation surrounding the automaker’s upcoming quarterly results scheduled for release this Wednesday.
- Wolfspeed Inc.(NYSE:WOLF) surged by nearly 10% following reports that activist investor Jana Partners is urging the world’s largest silicon carbide manufacturer to explore ways to enhance shareholder value, including the possibility of a sale.
- Informatica Inc. (NYSE:INFA) experienced a decrease of over 8% as the company confirmed it is not currently engaged in any acquisition discussions.
- Coinbase Global Inc. (NASDAQ:COIN) rose by over 5% amidst the broader cryptocurrency market rebound.
- Cardinal Health Inc. (NYSE:CAH) endured a 5% decline following the company’s announcement that its pharmaceutical distribution contracts with UnitedHealth Group Inc.‘s (NYSE:UNH) OptumRx unit will not be renewed after expiring at the end of June.
- Newmont Corporation (NYSE:NEM) tumbled by over 3% as gold prices fell.
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Photo: Shutterstock
Additional Insight:
It is important to note that while geopolitical tensions can impact market sentiments, investors also closely monitor major earnings releases, as they play a significant role in shaping market movements. The fluctuation in commodity prices, such as gold and silver, can serve as indicators of market trends and investor confidence levels. As seen with Bitcoin, cryptocurrencies continue to play a significant role in the broader financial market, often responding to changes in risk sentiment. Keeping track of key sector performances and notable stock movements can offer valuable insights into market dynamics and potential investment opportunities.
