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US Stocks Pause, Alphabet Falls On Gemini Woes, Tesla, Bitcoin Rally: What's Driving Markets Monday?

Author: Piero Cingari | February 26, 2024 03:35pm

Wall Street exhibited a subdued trend to start the week, with major indices showing little change in midday trading out of New York.

Investors anticipate a stream of critical economic data expected in the days ahead.

The S&P 500 saw a marginal downtick, slipping by 0.2% to 5,080 points, reflecting a market holding its breath for clearer signals. Meanwhile, the tech-heavy Nasdaq 100 found some footing, inching up by 0.2%, bolstered by a notable performance from the semiconductor sector.

Small-cap stocks emerged as the standout segment, with the iShares Russell 2000 ETF (NYSE:IWM) surging by 0.3%. The performance of blue-chip stocks remained largely unchanged.

Yields on Treasury securities trended upward across various maturities as traders continued to scale back expectations for Federal Reserve rate cuts. Projections have been pared down to a mere 80 basis points of reductions for 2024, translating into just over three full rate cuts currently factored in.

The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) retreated by 0.7%, while the greenback held steady. The precious metals sector experienced a downturn, with gold declining by 0.3% and silver shedding 2% of its value.

Crude oil demonstrated resilience, with West Texas Intermediate (WTI) crude oil climbing by 1.8% to $78 per barrel, almost recouping all the losses incurred last Friday.

In the cryptocurrency space, Bitcoin (CRYPTO: BTC) exhibited strength, accruing a 3.5% gain to surpass the $53,000 mark, signaling a robust start to the week for digital assets.

Monday’s Performance In Major Indices, ETFs

Major IndicesPrice1-Day %
Russell 20002,030.560.3%
Nasdaq 10017,965.880.2%
Dow Jones39,101.57-0.1%
S&P 5005,080.81-0.2%

The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.2% lower to $507.17, the SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.1% to $391.08 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) inched 0.2% up to $437.56, according to Benzinga Pro data.

The Utilities Select Sector SPDR Fund (NYSE:XLU), was the notable underperformer, down by 1.7%, while the Energy Select Sector SPDR Fund (NYSE:XLE) was the top gainer, up 1.7%.

Wall Street Stock Movers On Monday

  • Tesla Inc. (NASDAQ:TSLA) surged by nearly 4% amid a broader EV rally, buoyed by positive investor sentiment following Li Auto Inc.’s (NASDAQ:LI) stellar quarterly results. Peers such as Nio Inc. – ADR (NASDAQ:NIO), Rivian Automotive Inc. (NASDAQ:RIVN), and Lucid Group Inc. (NASDAQ:LCID) also saw gains, rising 3.4%, 5.7%, and 2%, respectively.
  • Crypto-related stocks Marathon Digital Holdings Inc. (NASDAQ:MARA), Coinbase Global Inc. (NASDAQ:COIN) and Riot Platforms Inc. (NASDAQ:RIOT) rose by 20%, 14% and 15%, respectively, as Bitcoin surged to $53,000.
  • Palo Alto Networks Inc. (NASDAQ:PANW) rose nearly 10%, marking the strongest performance among S&P 500 and Nasdaq 100.
  • Alphabet Inc. (NASDAQ:GOOGL) fell 4% after analysts warned about some Gemini AI tool inaccuracies over image generation.
  • R1 RCM Inc. (NASDAQ:RCM) rallied 28% as a group of majority shareholders considered taking the healthcare services provider private.
  • Freshpet Inc. (NASDAQ:FRPT) rose 17% following after the company announced better-than-expected results.
  • Other companies reacting to earnings were Dominos Pizza Inc. (NYSE:DPZ), up over 5%; Fidelity National Information Services Inc. (NYSE:FIS), up 3%; Pilgrim’s Pride Corp. (NYSE:PPC), up 7%; Itron Inc. (NASDAQ:ITRI), up over 20% and Public Service Enterprise Group Inc. (NYSE:PEG), down 1.9%.
  • Companies reporting after the close are Workday Inc. (NASDAQ:WDAY), ONEOK Inc. (NYSE:OKE), Zoom Video Communications Inc. (NASDAQ:ZM) and SBA Communications Corp. (NASDAQ:SBAC).

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Photo: Shutterstock




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