S&P 500, Nasdaq 100 Dip, Small Caps Surge; Bitcoin Tops $57,000, 2 Biotech Stocks Skyrocket: What's Driving Markets Tuesday?

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2 years ago

March 21, 2024

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On Tuesday, large-cap indices experienced a downturn, while small caps surged, reflecting investor attention on stock valuations.

The iShares Russell 2000 ETF IWM climbed by over 1%, on track for its fourth consecutive session of gains, representing the lengthiest streak since late 2023.

Blue-chip stocks declined by 0.4%, while the Nasdaq 100 dipped by 0.2%, heading for its sixth negative session out of the last seven. Overall, sectors saw minimal movement, with utilities posting a notable gain of 1.3%, while the tech sector slid by 0.6%.

On the macro front, new orders for manufactured durable goods experienced a significant decline of 6.1% in January compared to the previous month, surpassing market projections of a 4.5% decrease. Investors are eagerly awaiting tomorrows release of the second estimate of the fourth-quarter GDP data, which initially stood at 3.3%.

In commodities, oil prices surged by 1.4%, with West Texas Intermediate (WTI) reaching $78.50 per barrel, aiming for the highest close since mid-November 2023. Meanwhile, natural gas prices leaped by 4.1%.

Cryptocurrencies seized the investor spotlight again, with Bitcoin BTC/USD climbing over 4%, reaching an intraday high of $57,450 and hitting its highest level since Dec. 12, 2021. This surge was attributed to consistent inflows into spot Bitcoin ETFs, the forthcoming supply halving, and the prevailing bullish sentiment from both retail and institutional investors.Tuesdays Performance In Major Indices, ETFsMajor IndicesPrice1-Day % chgRussell 20002,054.691.3%S&P 5005,065.12-0.1 %Nasdaq 10017,903.65-0.2%Dow Jones38,913.17-0.4%

The SPDR S&P 500 ETF Trust SPY was 0.1% lower to $505.54, the SPDR Dow Jones Industrial Average DIA fell 0.4% to $389.14 and the tech-heavy Invesco QQQ Trust QQQ inched 0.1% lower to $436.11, according to Benzinga Pro data.

The Utilities Select Sector SPDR Fund XLU , was the notable outperformer, up by 1.5%, while the Technology Select Sector SPDR Fund XLE lagged behind, down 0.4%. Wall Street Stock Movers On Tuesday Shares of Viking Therapeutics Inc. VKTX more than double during Tuesdays session, following the companys announcement of promising results for its weight-loss drug in Stage 2 trials. Shares of Janux Therapeutics Inc. JANX soared by more than threefold after the drug developer released encouraging interim early-stage data for its experimental therapy aimed at treating an advanced form of prostate cancer. Norwegian Cruise Line Holdings Inc. NCLH rallied 16% after the company released stronger than expected revenue and cited strong demand for cruise ahead. Clarivate plc CLVT fell by 23% after missing revenue projections. Other companies reacting to earnings were Lowes Companies Inc. LOW , up 1.75%, American Tower Corp. AMT , down 3%, Autozone Inc. AZO , up 5.4%, DBA Sempra SRA , flat, Constellation Energy Corp. CEG , up over 13%. Companies set to report after the closing bell are Republic Services Inc. RSG , Agilent Technologies Inc. A , Extra Space Storage Inc. EXR , eBay Inc. EBAY , First Solar Inc. FSLR

Read now: Robinhood, Coinbase And This Bitcoin ETF Hit New 52-Week Highs As BTC Spikes To $57,000

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Sports

Mariners vs. Blue Jays (Oct 13, 2025) Live Score – ESPN

Published

53 mins ago

October 14, 2025

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Mariners vs. Blue Jays (Oct 13, 2025) Live Score - ESPN

1st Rodríguez homered to left (370 feet), Arozarena scored and Raleigh scored. 3 0

1st Lukes reached on infield single to first, Springer scored on throwing error by first baseman Naylor, Lukes to second. 3 1

1st Kirk singled to center, Lukes scored. 3 2

2nd Lukes singled to right, Clement scored, Springer to third. 3 3

5th Polanco homered to center (400 feet), Arozarena scored and Raleigh scored. 6 3

6th Crawford singled to left, Rivas scored. 7 3

7th Naylor homered to right (359 feet), Polanco scored. 9 3

7th Crawford hit sacrifice fly to center, Suárez scored. 10 3

Sports

Julio Rodriguez’s three-run HR gives Mariners early ALCS Game 2 lead

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53 mins ago

October 14, 2025

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Julio Rodriguez's three-run HR gives Mariners early ALCS Game 2 lead

The Seattle Mariners got off to a strong start in Game 2 of the American Champions League Series on Monday courtesy of Julio Rodriguez.

The center fielder smashed an 84 mph splitter off Trey Yesavage for a three-run homer in the top of the first inning. The Toronto Blue Jays right-hander had never allowed an extra-base hit on the splitter before, according to ESPN Research.

It marked Rodriguez’s second home run of the postseason as Seattle looks to take a 2-0 lead in the series.

JULIO RODRÍGUEZ 3-RUN HOMER! #ALCS pic.twitter.com/LdnHOBG3P2

— MLB (@MLB) October 13, 2025

The blast was Yesavage’s first career home run allowed in his fifth career start (regular season and playoffs). Entering Monday, he had allowed only two extra-base hits in 19⅓ innings pitched.

Seattle trailed 1-0 in the first inning in Game 1 before bouncing back to win 3-1 on Sunday. The series shifts to Seattle on Wednesday.

ESPN Research contributed to this report.

Technology

Broadcom CEO says generative AI will become a much larger part of global GDP

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2 hours ago

October 13, 2025

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Broadcom CEO says generative AI will become a much larger part of global GDP

The main competitor we have is merchant silicon, says Broadcom CEO Hock Tan

Broadcom CEO Hock Tan told CNBC’s Jim Cramer on Monday that artificial intelligence could become a larger part of global GDP as the technology spreads across industries.

Tan said the current global GDP sits around $110 trillion, with 30% of that figure “valued from industries related to knowledge-based, technology-intensive.”

“And you put in generative AI, you create intelligence in a lot of other aspects of society,” Tan continued. “That 30% say will grow to 40% of all GDP. That’s $10 trillion a year.”

If AI grows and becomes responsible for a larger piece of global GDP as Tan predicts, it would be a boon to the nascent tech sector and all the industries it relies on. Broadcom makes chips and networking equipment and has been a huge beneficiary of the AI boom as hyperscalers buy up its products. The stock is currently up 53.86%.

Broadcom and OpenAI announced their official partnership on Monday, saying they would jointly build and deploy 10 gigawatts of custom artificial intelligence accelerators. The move is part of a broader effort to scale AI across the industry. Broadcom shares surged in response to the news, up 9.88% by market close.

Broadcom and OpenAI’s deal is the latest in a slew of pricey partnerships among key Big Tech players related to AI.

Tan said OpenAI is “one of those few players in the forefront of creating foundation models,” and noted that even as a private company, the ChatGPT maker is worth about $500 billion. According to Tan, Broadcom’s “hard-nosed” approach to business doesn’t keep the company from looking several years in the future “at this phenomenon, this wave called generative AI.”

Broadcom is tight-lipped about its customers, but said earlier this year it was developing new AI chips with three large cloud customers. Management announced last month it had secured $10 billion in chip orders from a fourth unnamed client.

Tan told Cramer that Broadcom is working closely with “about seven players,” four of which he defined as “real customers,” or ones “who have given us production purchase orders at scale.”

“We feel very good about it,” Tan said of Broadcom’s partnerships. “Because each of these guys need a lot of compute capacity for them to basically play in this game and eventually win this game of creating the best foundation model in the world.”