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

Published

1 year 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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US

Day 77: Q&A – Trump’s tariffs, Putin’s Arctic, and penguins

Published

2 hours ago

April 6, 2025

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Day 77: Q&A - Trump's tariffs, Putin's Arctic, and penguins

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On Day 77, US correspondents Mark Stone and David Blevins answer your questions on everything from Trump’s “Liberation Day” tariffs and their impact on American consumers, to Trump’s relationship with Putin and if they have plans for the Arctic, and penguins.

If you’ve got a question you’d like Mark, Martha, and James to answer, you can email it to trump100@sky.uk.

Don’t forget, you can also watch all episodes on our YouTube channel.

UK

Man arrested over wildfire that triggered ‘major incident’ in Northern Ireland

Published

2 hours ago

April 6, 2025

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Man arrested over wildfire that triggered 'major incident' in Northern Ireland

A man has been arrested by police investigating a “significant” wildfire that triggered a major incident in Northern Ireland.

More than 100 firefighters and 15 fire appliances were deployed on Saturday to Sandbank Road, Hilltown, to tackle the blaze which is believed to have been caused deliberately, fire chiefs said.

Northern Ireland Fire and Rescue Service (NIFRS) said the fire had a front of approximately two miles “including a large area of forestry close to property”.

It was extinguished at 2.53am on Sunday and the major incident status lifted, the NIFRS said.

“The cause of this fire is believed to have been deliberate,” chief fire and rescue officer Aidan Jennings said.

The Police Service of Northern Ireland said on Sunday that a 25-year-old man had been arrested “on suspicion of arson being reckless as to whether life would be endangered, and non-related driving offences”.

“He remains in custody at this time as enquiries continue into the circumstances surrounding the fire,” the force added.

Various fires erupted across England this week amid uncharacteristically warm and dry conditions for the time of year.

On Saturday, helicopters were deployed to tackle Scotland’s fourth wildfire this week, with police saying a blaze “which started in the Newton Stewart area has spread northwards and is expected to reach the Loch Doon area of East Ayrshire around 12am on Sunday”.

Police Scotland added: “As a precautionary measure members of the public are asked to avoid the Loch Doon area and anyone who may be camping in the area is advised to leave.”

Elsewhere in England, Devon and Cornwall Police said they were assisting the fire service with temporary road closures on the A30 in the Bolventor area as they tackle “a number of fires” on moorland.

In Dorset, Moors Valley Country Park was forced to close after multiple wildfires broke out there on Wednesday.

Separate incidents were then reported at Upton Heath in Poole on Wednesday, and nearby Canford Heath in the early hours of Thursday.

Friday was officially the warmest day of the year so far – with temperatures in the south of England reaching 23C (73.4F) – the highest since 21 September last year, according to the Met Office.

The weather conditions triggered a “severe” wildfire rating for parts of the UK on Tuesday.

UK

Man shot dead in Stanley, County Durham

Published

2 hours ago

April 6, 2025

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Police are investigating after a man was shot dead in County Durham.

Officers were called to an address in Elm Street, Stanley, at about 5.20pm on Saturday after reports of a “disturbance”, Durham Constabulary said.

A man in his 50s was found to have been shot and despite the efforts of paramedics he was pronounced dead at the scene.

His family have been told and are being supported by specially trained officers.

Specialist crime scene investigators are at the scene, and officers are carrying out house-to-house enquiries.

A cordon is in place and is expected to stay there for some time.

Detective Superintendent Neil Fuller said: “This is a truly shocking incident in which a man has been shot and has sadly died.”

He added: “Residents may see an increased police presence in the area. I would like to thank them for their support while we carry out this investigation.

“Our thoughts are with the man’s family at this time.”

Durham Constabulary has urged anyone who witnessed the incident or has dashcam footage or CCTV to contact the force.