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
Image created using artificial intelligence with MidJourney.Loading… Loading…
Steve Reed has conceded that the bulk of the £104bn of water industry investment which he boasts Labour has attracted since coming to office will come from bill payers.
In an interview with Sky News, the environment secretary sought to blame the previous Tory government for a string of high profile investors walking away from the sector over the last year.
Mr Reed does not accept claims that further threats to jail water bosses and promises to curb price rises have deterred investment.
Instead, he told Sky News that “by bringing in the £104bn of private sector investment that we secured at the end of last year, we can make sure that the investment is going in to support” the industry.
When challenged that the £104bn was total expenditure not total investment, and that bill payers would pay back this expenditure over the coming decades, Mr Reed conceded this was right – and the money ultimately is coming from bill payers.
“The money comes in from investors up front so we can do that spending straight away,” he said.
“Over decades, the investors got a modest return from the bills that customers are paying. That’s how investment works.”
Some investors have warned they do not think it viable to fund the UK water sector because of the hostile political tone of ministers and lack of certainty.
Ministers have said the government does not want to renationalise water as it would mean years of legal wrangling and cost a lot of money.
Please use Chrome browser for a more accessible video player
2:50
Minister rules out nationalising the water
Labour has launched a record 81 criminal investigations into water companies over sewage dumping since winning the election last year.
Water company bosses could be jailed for up to five years and the companies fined hundreds of millions of pounds if they are found guilty.
Mr Reed committed to not interfering with those prosecutions, saying it would be “highly inappropriate” for any minister to do so.
At least 19 people have died after a Bangladesh air force plane crashed into a college campus, the military said.
The aircraft crashed into the campus of Milestone School and College in Uttara, in the northern area of the capital Dhaka, where students were taking tests or attending regular classes.
The pilot was one of the people killed, and, according to the military, 164 were injured in the incident.
The Bangladeshmilitary’s public relations department added that the aircraft was an F-7 BGI, and had taken off at 1.06pm local time before crashing shortly after.
Video shows fire and smoke rising from the crash site, with hundreds looking on.
Image: Pics: Reuters
The cause of the crash was not immediately clear.
Bengali-language daily newspaper Prothom Alo said that most of the injured were students with burn injuries.
Image: Pics: Reuters
Citing the duty officer at the fire service control room, Prothom Alo also reported that the plane had crashed on the roof of the college canteen.
Rafiqa Taha, a 16-year-old student at the school who was not present at the time of the crash, told the Associated Press that the school has around 2,000 students.
“I was terrified watching videos on TV,” she added. “My God! It’s my school.”
The main road entering the besieged Syrian city of Sweida from the west has changed dramatically over 12 hours.
A bulldozer, parked on the side of the road, has been used to create several berms to form a sand barrier around 25km (16 miles) from the city centre.
Dozens of Syrian security forces were standing in lines in front of the barricades when we arrived, and there were forces further up the road stopping vehicles from going any further.
Image: Syrian security forces at a checkpoint outside the besieged city
The Arab tribal fighters we’d seen fighting furiously inside the city the day before were now all camped alongside the road. Some were sleeping on the back of their pick-ups.
“We’re not giving up,” one shouted to us as we walked towards the checkpoint.
The ceasefire agreement between Druze leaders who are bunkered down inside the city and the Bedouins – and the tribal fighters who have flocked to join them – has frustrated some.
Some of them, waiting with guns slung over their backs, are itching to return to battle. But for now, tribal leaders have instructed them to hold fire.
Image: Arab tribal fighters have been blocked from entering Sweida by security forces
How long that will last is probably key to Syria’s future and whether it can be a peaceful one.
Khalaf al Modhi, the head of a group of tribes called United Tribes, told the group of fighters: “We are not against the Druze. We are not here to kill the Druze.”
But he spent many minutes castigating the senior Druze cleric inside Sweida whom many of the tribes see as the agitator behind the violent clashes.
Image: Khalaf al Modhi, who is the leader of a tribal group called United Tribes
Hikmat al Hijiri is head of a Druze faction that is deeply suspicious of the new government led by Ahmed al Sharaa and is resisting ceding power to Damascus.
The retreat of the Arab tribes from the city centre means the Druze militia under Hijiri’s control are now the ones deciding who goes in or out of the city.
About 30,000 mostly Druze people are thought to be trapped inside the city and surrounding towns, with no electricity, little internet and dwindling supplies of food and water.
Image: Druze civilian Kamal Tarrabey. He said 10 of his relatives were killed in the violent clashes
The humanitarian situation is dramatically worsening by the day. But at the time of writing, there were still no agreed safe corridors to bring out those pinned inside.
On top of this, there are nearly 130,000 people displaced and forced out of their homes because of the fighting, according to UN estimates.
Maintaining the ceasefire is key to ensuring solutions are found to help those suffering, and quickly. It’s also the most serious challenge facing the new Syrian leader and his interim government.
The level of distrust between the Hijiri-led Druze faction and the new government is strong and deep. So much so that the Druze leaders have refused to accept truckloads of aid organised by any of the government outlets.
Image: The White Helmets wait outside Sweida as the Druze leaders accept little aid from them due to their government connections
The new Syrian leader has struggled to convince the country’s minorities that their safety under his leadership is assured.
Druze civilians and human rights activists reported mass killings and executions of Druze by government troops who were sent in last week to quell the latest clashes between the Druze and Arab Bedouins who have been at odds for many years.
Government forces pulled out of the city only after Israel unleashed a spate of airstrikes, saying they were defending the Druze. The bombings killed hundreds of Syrian troops.
But with the withdrawal of the government troops, the Arab Bedouin population said the city’s Druze militia embarked on a string of revenge atrocities.
That in turn led to thousands of tribal fighters massing from around the country to defend their Arab brethren.
Image: Smoke rises from buildings in the city centre of Sweida
When we were inside the city, we saw multiple corpses lying on the streets, and many appeared to have been killed with a shot to the head.
Homes and businesses are still burning after mass pillaging as fighters retreated.
And now, there is a growing humanitarian disaster unfolding.
Additional reporting by camera operator Garwen McLuckie, specialist producer Chris Cunningham, as well as Syrian producers Mahmoud Mossa and Ahmed Rahhal.