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Wall Street experienced a lackluster session during midday trading in New York, with major indices inching slightly lower despite the arrival of positive inflation data.

Wall Street Falters Despite Drops In Fed&#39;s Favorite Inflation Rate; Energy Stocks, Yields Rise On Trump&#39;s Debate Performance: What&#39;s Driving Markets Friday?

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Futures on U.S. equity indices rise slightly after Fed&#39;s favorite inflation gauge falls to lowest level since Nov 2021, increasing expectations for rate cuts. Top performers: SCCO, INTU, TD, DE, GE, FCX, NOW. ETFs: COPX, IWM, KRE, XLE, GDX.

7 Stocks, 5 ETFs Move On Friday As Fed&#39;s Preferred Inflation Rate Hits 3-Year Low

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Wall Street experienced a subdued trading day on Thursday, as traders likely chose to remain on the sidelines in anticipation of Friday’s release of the Federal Reserve’s preferred inflation gauge.

Stocks Show Modest Gains Ahead Of Fed&#39;s Inflation Report; Chipmakers Struggle, While Gold And Bitcoin Rebound: What&#39;s Driving Markets Thursday?

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Wall Street experienced a mixed session on Wednesday, as investors adopted a cautious stance following Tuesday’s gains while awaiting key economic data releases later this week, including the Fed’s preferred inflation report due on Friday.

Wall Street Wavers, Nvidia Resumes Losses, Tesla Eyes 4-Month High Close, Amazon Hits $2 Trillion Value: What&#39;s Driving Markets Wednesday?

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Tech stocks are poised to break a three-day losing streak on Tuesday, driven by a robust rally in chipmakers, with Nvidia Corp. (NASDAQ:NVDA) rising over 4% and reclaiming its $3-trillio

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Wall Street faces a continuation of last week’s trend during Monday’s morning trading, with semiconductor stocks selling off heavily and dragging down the tech sector, while the broader market remains largely unaffected.

Semiconductor, Nvidia Woes Deepen; Nasdaq 100 Slips, Dow Rallies; Bitcoin Sinks To $60,400: What&#39;s Driving Markets Monday?

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Wall Street experienced a lackluster session during midday trading in New York, with major indices inching slightly lower despite the arrival <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39552592/economists-endorse-september-fed-rate-cut-as-inflation-falls-to-march-2021-level-th">of positive inflation data.</a>
In May 2024, the Personal Consumption Expenditure (PCE) price index, the Federal Reserve&#8217;s key measure of inflation, fell to its lowest level since March 2021, recording an annual rate of 2.6%, which aligned with economists&#8217; predictions.
This inflation report further indicates that price pressures are moving towards the Fed&#8217;s 2% target, reinforcing market expectations for potential interest rate cuts.
However, there is more caution in the market reactions this time, potentially because investors are evaluating the political and economic implications stemming from the first presidential debate held Thursday night between President Joe Biden and former President Donald Trump, with most political analysts indicating a landmark win for the latter.
Energy stocks were the top performers among S&amp;P 500 sectors on Friday, despite no concurrent gains in oil and gas prices, likely welcoming rising chances of Trump&#8217;s return to the White House.
Treasury yields rose across the curve, with the bond market beginning to price in a new increase in expansionary fiscal policies from the potential next president. The iShares Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) fell by 1.3%.
Semiconductors are set to experience their second consecutive week of losses, while regional banks shine, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) potentially marking its best weekly performance since the beginning of the year.
Major commodities are little changed, with gold flat and oil down by 0.5%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remains stuck around the 60,500 mark, down by 1.5%.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,041.37</td>
<td>0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,160.78</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,479.31</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,754.09</td>
<td>-0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:51 p.m. ET </figcaption></figure>
According to&nbsp;<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent062824&amp;t=be2bearmibe3na1">Benzinga Pro&nbsp;data</a>:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.1% lower to $546.02.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was flat at $391.69.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.1% lower to $481.19.</li>
<li>Sector-wise, the&nbsp;Energy&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;outperformed, up by 0.9%, while the&nbsp;Utilities Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, falling 1.3%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) tumbled 20% after missing the Street&#8217;s revenue estimates, eyeing the worst one-day performance ever.</li>
<li>Petco Health &amp; Wellness Company Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WOOF#NASDAQ">WOOF</a>) rallied over 13% after Keith Gill, known online as Roaring Kitty, shared a dog cartoon image on X.</li>
<li>Baker Hughes Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NYSE">BKR</a>) rose 2.3%, topping the performance among U.S. oil-related stocks tracked by the XLE ETF. </li>
<li>First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) fell over 9%, with other clear-energy related stocks as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) also tumbling heavily in reaction to last night&#8217;s presidential debate. </li>
</ul>
Read Next:
<ul>
<li> <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39552551/donald-trumps-election-odds-surge-to-64-following-debate-according-to-crypto-bettors">Donald Trump&#8217;s Election Odds Surge To 64% Following Debate, According To Crypto Bettors</a></li>
</ul>
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Wall Street Falters Despite Drops In Fed's Favorite Inflation Rate; Energy Stocks, Yields Rise On Trump's Debate Performance: What's Driving Markets Friday?

Futures on U.S. equity indices inched slightly higher in Friday premarket trading after the Fed&#8217;s favorite inflation gauge, the Personal Consumption Expenditure (PCE), fell to 2.6% year-on-year <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39547288/feds-preferred-inflation-gauge-falls-to-lowest-level-since-november-2021-relieves">in May, as expected.</a>
It marked the lowest inflation rate since March 2021, bolstering market expectations for upcoming Fed interest rate cuts.
After the PCE price index report, traders increased their wagers on a September rate cut, assigning a 68% chance according to CME Group&#8217;s FedWatch tool.
Restricting the screener to stocks with a market cap above $50 billion, here are the top performers following the PCE price index report, according to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent062824&amp;t=be2bearmibe3na1">Benzinga Pro</a>.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Southern Copper (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>)</td>
<td>1.64%</td>
</tr>
<tr>
<td>Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>)</td>
<td>1.29%</td>
</tr>
<tr>
<td>Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>)</td>
<td>0.82%</td>
</tr>
<tr>
<td>Deere &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>)</td>
<td>0.76%</td>
</tr>
<tr>
<td>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>)</td>
<td>0.71%</td>
</tr>
<tr>
<td>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)</td>
<td>0.61%</td>
</tr>
<tr>
<td>ServiceNow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>)</td>
<td>0.58%</td>
</tr>
</tbody>
</table>
</figure>
Exchange traded funds (ETFs) rallying following the inflation data were: 
<ul>
<li>Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) up 1.6%</li>
<li>iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) up 1%</li>
<li>SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) up 0.9%</li>
<li>The Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) up 0.9%</li>
<li>VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) up 0.7%</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39531404/bank-of-america-analyst-highlights-fed-stress-test-opacity-varying-bank-impacts-gol">Bank of America Analyst Highlights Fed Stress Test Opacity, Varying Bank Impacts: &#8216;Goldman Sachs Worst Hit, Huntington Best&#8217;</a></li>
</ul>
Photo: Shutterstock

7 Stocks, 5 ETFs Move On Friday As Fed's Preferred Inflation Rate Hits 3-Year Low

Wall Street experienced a subdued trading day on Thursday, as traders likely chose to remain on the sidelines in anticipation of Friday&#8217;s release of the Federal <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39513292/feds-preferred-inflation-gauge-set-to-drop-to-38-month-low-this-could-provide-the">Reserve&#8217;s preferred inflation gauge.</a>
In regulatory news, U.S. banks successfully passed the Federal Reserve&#8217;s 2024 stress tests. The results demonstrated that all analyzed institutions could maintain minimum capital requirements even in the face of a severe economic shock. Notably, regional banks, as tracked by the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), performed relatively better overall compared to their larger counterparts. 
As of midday trading in New York, major indices showed marginal gains, with small caps outperforming large-cap indices. 
The semiconductor sector continued to face headwinds, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) down 0.7%, eyeing its fifth negative session in the last six. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) declined almost 2%.
Treasury yields moved lower, reflecting increased demand for bonds ahead of the key inflation report. The yield on the 10-year Treasury bond fell by 4 basis points to 4.29%, following an 8 basis-point increase on Wednesday. The iShares 20+ Year Treasury ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 0.5%.
In the commodities market, lower yields and a slightly weaker dollar spurred rebounds. Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), gained 1.2%, erasing Wednesday&#8217;s losses, while crude inched 0.7% higher. 
Cryptocurrencies also saw gains, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) up 1.3% and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) surging over 8% following VanEck&#8217;s filing for <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39528468/vaneck-files-solana-etf-application-sol-rallies-6">a Solana ETF application.</a>
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,020.84</td>
<td>0.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,802.54</td>
<td>0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,220.82</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,481.94</td>
<td>0.1 %</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:51 p.m. ET</figcaption></figure>
According to&nbsp;<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent062824&amp;t=be2bearmibe3na1">Benzinga Pro&nbsp;data</a>:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.1% higher to $545.95.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.2% higher to $391.94.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.2% higher to $481.55.</li>
<li>Sector-wise, the&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)&nbsp;outperformed, up by 0.5%, while the&nbsp;Consumer Staples Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, falling 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Salesforce Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NASDAQ">CRM</a>) rallied 6%, marking the best performance within the S&amp;P 500. </li>
<li>Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) fell 2.3%, in reaction to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39525918/major-banks-fall-short-in-feds-2024-stress-test-results-the-market-will-view-the-re">the Fed&#8217;s stress tests.</a> </li>
<li>Among regional banks First Foundations Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFWM#NYSE">FFWM</a>) and Dime Community Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DCOM#NASDAQ">DCOM</a>) topped gains, up 5.9% and 4%, respectively. </li>
<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) increased by 2.2% after unveiling a new section on its website focused on budget-friendly fashion and lifestyle products, facilitating direct shipping from Chinese sellers to U.S. consumers. Chinese e-commerce platforms&nbsp;PDD Holdings Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>), JD.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) and Alibaba Group Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NASDAQ">BABA</a>) fell 4%, 3.8% and 1.9%, respectively. </li>
<li>Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) tumbled 25%, in reaction to quarterly earnings. </li>
<li>Other stocks reacting to company earnings were Micron Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), down 6.4%, Jefferies Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>), up 6.7%, Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>), down 16.5%, McCormick &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>), up 4.6%, Acuity Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>) up 0.9%, The Simply Good Foods Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMPL#NASDAQ">SMPL</a>), down 1.7%.</li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39530805/microns-q3-earnings-8-analysts-optimistic-about-ai-growth-predict-success-in-advanc">Micron&#8217;s Q3 Earnings: 8 Analysts Optimistic About AI Growth, Predict Success In Advanced Memory Technology</a></li>
</ul>
Photo: Shutterstock

Stocks Show Modest Gains Ahead Of Fed's Inflation Report; Chipmakers Struggle, While Gold And Bitcoin Rebound: What's Driving Markets Thursday?

Wall Street experienced a mixed session on Wednesday, as investors adopted a cautious stance following Tuesday&#8217;s gains while awaiting key economic data releases later this week, including the Fed&#8217;s preferred inflation <a href="https://www.benzinga.com/topic/inflation">report due on Friday.</a>
At noon in New York, major U.S. averages traded flat, showing a lack of direction. Notably, 10 out of 11 sectors in the S&amp;P 500 were in the red, with consumer discretionary being the only sector to post gains. Small caps fell by 0.3%, while blue chips edged up by 0.1%.
The semiconductor industry failed to continue its rebound, as the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) dropped 1%, with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) down 2%.
Treasury yields rose, particularly at the long end of the curve, with both 10-year and 30-year yields increasing by 5-6 basis points, as traders slightly trimmed bets on a September rate cut. 
The dollar gained further traction against a basket of major currencies, with the U.S. dollar index (DXY) eyeing its highest close since April 30.
Notably, the dollar-yen pair rose past 160, marking the weakest level for the Japanese currency since December 1987, as traders continued to test<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39506069/yen-plummets-to-160-against-dollar-lowest-since-december-1986-is-bank-of-japan-inte"> Bank of Japan&#8217;s policies.</a>
Commodities were softer overall, with gold retracing 0.9% amid higher yields and a stronger greenback, natural gas dropping 2.7%, while oil prices edged up by only 0.2%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 1% lower at $61,150, failing to sustain Tuesday&#8217;s 2.5% rise.
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In US Major Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,157.26</td>
<td>0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,469.79</td>
<td>0.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,702.27</td>
<td>0.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,019.85</td>
<td>-0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:10 p.m. ET</figcaption></figure>
<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent062624&amp;t=be2bearmibe3na1">According to Benzinga Pro data:</a>
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was flat at $544.86.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.1% higher to $391.47.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.1% higher to $479.66.</li>
<li>Sector-wise, the&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)&nbsp;outperformed, up by 1.4%, while the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, falling 0.9%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose 3.8% eyeing the highest close since March 1. Stifel analyst Stephen Gengaro initiated coverage on Tesla late Tuesday with a Buy rating, setting <a href="https://www.benzinga.com/news/24/06/39505959/why-tesla-stock-is-trading-higher-wednesday-very-well-positioned-to-deliver-robust-multi-year-growth#:~:text=%E2%80%9CWe%20believe%20TSLA%20is%20very,sales%20in%20the%20near%20term.">a price target of $265.</a></li>
<li>Amazon.com Inc. also rallied 3.8% to $220, reaching the $2 trillion market valuation mark. Bank of America raised price target on the retail giant from $210 to $220.</li>
<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) soared 20% after German automaker Volkswagen AG announced a $5 billion investment on a joint venture. </li>
<li>Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) rallied over 3% after several analysts raised their price target on the cruise line. </li>
<li>FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) skyrocketed over 14% on its strongest session in two years, reacting to positive quarterly results.</li>
<li>Other companies reacting to earnings were Progress Software Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>), up over 8%, Paychex Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAYX#NASDAQ">PAYX</a>), down 5.6% and General Mills Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>), down 4.6%. </li>
<li>Large-cap companies slated to report earnings after the close include Micron Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), Jefferies Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>) and Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39502910/elon-musk-could-sell-at-least-100-000-new-lower-cost-models-next-year-tesla-has-ove">Elon Musk Could Sell At Least 100,000 New Lower-Cost Models Next Year: &#8216;Tesla Has Over 50% Share Of The US EV Market&#8217;</a>
Image created using artificial intelligence via Midjourney.

Wall Street Wavers, Nvidia Resumes Losses, Tesla Eyes 4-Month High Close, Amazon Hits $2 Trillion Value: What's Driving Markets Wednesday?

Guyana&#8217;s Ministry of Natural Resources announced that a newly established company, Fulcrum LNG, headed by a former Exxon Mobil Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) executive, has been reportedly selected to collaborate with the Guyana government and Exxon on creating a new independent natural gas development in the country.
The government announced in a statement that Fulcrum LNG provided &#8220;the most comprehensive and technically sound proposal&#8221; among 17 bidders, reported Reuters.
Jesus Bronchalo, who spent 20 years at Exxon, most recently as a vice president in Guyana, founded Fulcrum LNG in July last year in Nevada.
As per the report, the ministry has engaged Fulcrum LNG and Exxon to commence the project, with preliminary discussions currently underway.
The government of Guyana stated that &#8220;Bronchalo&#8217;s past relationship with Exxon was not seen as presenting a conflict of interest since he had severed all ties with said company.&#8221;
The ministry said, &#8220;As the development of the gas resource is not an immediate priority for the company, our government decided to seek a capable independent third-party operator to either work with ExxonMobil or carry out this activity on its own.&#8221;&nbsp;
As per government data, Guyana&#8217;s lucrative agreement with an Exxon Mobil-led consortium in the <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39479711/exxon-mobil-rakes-in-billions-from-guyana-oil-deal-net-margin-tops-chip-giant-report" rel="noreferrer noopener">South American country generated $6.33 billion for the partners</a>.
According to the U.S. Energy Information Administration, the country has an estimated 16 trillion cubic feet of gas off its Caribbean coast.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39485599/exxonmobil-drills-into-ev-future-with-sk-on-lithium-deal" rel="noreferrer noopener">ExxonMobil Drills Into EV Future With SK On Lithium Deal</a>
Investors can gain exposure to the XOM via&nbsp;Energy&nbsp;Select&nbsp;Sector&nbsp;SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and&nbsp;IShares U.S.&nbsp;Energy&nbsp;ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39462337/exxon-mobil-air-liquide-team-up-for-clean-hydrogen-project-details" rel="noreferrer noopener">Exxon Mobil, Air Liquide Team Up For Clean Hydrogen Project: Details</a>
Price Action: XOM shares closed higher by&nbsp;0.28% at&nbsp;$114.37&nbsp;on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Exxon Ex-Exec's New Firm To Partner On Guyana's Next Gas Project: Report

Tech stocks are poised to break a three-day losing streak on Tuesday, driven by a robust rally in chipmakers, with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rising over 4% and reclaiming <a href="https://www.benzinga.com/government/24/06/39479690/whats-going-on-with-nvidia-stock-on-tuesday">its $3-trillion valuation.</a>
The VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) rose 1.8% after dropping over 7% in the last three sessions, indicating a resumption in risk sentiment toward artificial intelligence-related stocks.
The tech-heavy Nasdaq 100 advanced nearly 1%, outperforming other major indices. 
Sentiment remains lackluster in non-tech sectors. The S&amp;P 500 edged higher by only 0.1%, while the Dow Jones Industrial Average and the Russell 2000 fell 0.9% and 0.6%, respectively.
Treasury yields saw slight increases following hawkish comments <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39479480/feds-bowman-shocks-traders-i-remain-willing-to-raise-interest-rates-if-progress-o">from the Fed&#8217;s </a><a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39479480/feds-bowman-shocks-traders-i-remain-willing-to-raise-interest-rates-if-progress-o">Michelle Bowman</a>, who did not rule out further rate hikes if inflation improvements stall. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) dipped 0.2%, while a trade-weighted measure of the U.S. dollar gained 0.2%.
Commodities mostly declined, with gold and crude oil down 0.5% and 1%, respectively. Copper fell 1%, and silver dropped 2.2%.
Cryptocurrencies were the brightest spot in the market, rebounding after several days of losses. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 2.3%, aiming for its strongest day in three weeks. The more speculative Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) surged nearly 7%, on track for its best performance in over a month.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices </td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,653.25</td>
<td>0.9%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,457.48</td>
<td>0.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>199.96</td>
<td>-0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,050.92</td>
<td>-0.9%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.1% higher to $543.11.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 1% lower to $390.11.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.8% higher to $477.71.</li>
<li>Sector-wise, the&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)&nbsp;outperformed, up by 1.4%, while the&nbsp;Real Estate Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) lagged, falling 1.7%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
<ul>
<li>Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) led gains within the S&amp;P 500, jumping over 8% on better-than-expected earnings and marking its fifth consecutive positive session. This boost lifted peers Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) and Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) by 3.6% and 5.8%, respectively.</li>
<li>Online travel agencies also saw gains, with Expedia Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>), Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) and Booking Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NYSE">BKNG</a>) rising 1.8%, 1.6% and 0.6%, respectively.</li>
<li>Crypto-linked stocks rallied in reactions to the Bitcoin rebound. Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) and Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) rose 3.6% and 4.3% respectively. </li>
<li>Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) soared 5% after Guggenheim raised its price target on the chipmaker from $110 to $169.</li>
<li>TD Synnex Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNX#NYSE">SNX</a>) tumbled nearly 9% after missing both earnings and revenue estimates last quarter. </li>
<li>SolarEdge Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>) plummeted over 20% after some analysts negatively reacted after&nbsp;the company's announcement of a private offering of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39485177/solaredge-stock-falls-as-analysts-react-to-300-million-private-offering">$300 million&nbsp;in convertible notes.</a></li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39467825/us-election-and-tariff-prospects-set-to-threaten-internationally-exposed-stocks-gol">US Election And Tariff Prospects Set To Threaten Internationally-Exposed Stocks, Goldman Sachs Warns</a>
Photo via Shutterstock.

Chipmakers, Cruise Lines, Crypto Rally, Nvidia Reclaims $3 Trillion; Blue Chips, Small Caps Dip: What's Driving Markets Tuesday?

Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>)&nbsp;inked a non-binding memorandum of understanding (MOU) with SK On for a multiyear offtake agreement for up to 100,000 metric tons of Mobil Lithium from ExxonMobil&#8217;s initial <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/b39480871/exxonmobil-and-ev-battery-maker-sk-on-sign-mou-regarding-u-s-produced-mobil-lithium" rel="noreferrer noopener">planned project in Arkansas</a>.
The deal aligns with ExxonMobil&#8217;s goal, announced in late 2023, to supply lithium for about <a target="_blank" href="https://www.benzinga.com/markets/equities/23/11/35743279/exxon-mobil-plans-to-start-lithium-production-by-2026-in-arkansas-report" rel="noreferrer noopener">one million EV batteries annually by 2030</a>.
The company says that lithium demand is expected to surge due to its vital role in EVs, electronics, and energy storage.
Dan Ammann, President of ExxonMobil Low Carbon Solutions stated, &#8220;This collaboration with SK On demonstrates the leading role we play in the growing market for domestically sourced lithium, a market that&#8217;s advancing energy security and climate objectives, as well as supporting American manufacturing.&#8221;
ExxonMobil&#8217;s Arkansas project will extract lithium from underground saltwater deposits and produce battery-grade material onsite, aiming for efficient, environmentally friendly production compared to traditional mining methods.
ExxonMobil will produce Mobil Lithium using its expertise in subsurface exploration, drilling, and chemical processing, offering U.S. EV battery makers a secure, lower-carbon lithium source.
Through appraisal drilling and a technology pilot with Direct Lithium Extraction (DLE), ExxonMobil has successfully obtained lithium carbonate from Arkansas&#8217; Smackover formation.
After 2025, SK On&#8217;s annual production capacity in the U.S. is projected to exceed 180 GWh, sufficient to power approximately 1.7 million EVs annually.
Investors can gain exposure to the XOM via&nbsp;Energy&nbsp;Select&nbsp;Sector&nbsp;SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and&nbsp;IShares U.S.&nbsp;Energy&nbsp;ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39479711/exxon-mobil-rakes-in-billions-from-guyana-oil-deal-net-margin-tops-chip-giant-report" rel="noreferrer noopener">Exxon Mobil Rakes In Billions from Guyana Oil Deal, Net Margin Tops Chip Giant: Report</a>
Price Action: XOM shares are down 0.23%&nbsp;at&nbsp;$113.79 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) shares are trading slightly higher today. As per government data, Guyana&#8217;s lucrative agreement with an Exxon Mobil-led consortium in the South American country generated $6.33 billion for the partners.
The growth resulted in a net margin larger than that of chip-maker NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) with a combined net margin of 56%, exceeding Nvidia&#8217;s 49% margin in its most recent fiscal year, reported Reuters.
In particular, as per Guyana government filings, Exxon reported a net profit of $2.9 billion, Hess Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) earned $1.88 billion, and CNOOC gained $1.52 billion from the Stabroek joint venture, per the report.
Related: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38221117/guyanas-oil-spigot-wide-open-exxon-hess-sanction-massive-12-7b-oil-project" rel="noreferrer noopener">Guyana&#8217;s Oil Spigot Wide Open: Exxon, Hess Sanction Massive $12.7B Oil Project</a>
In 2023, revenue from the Stabroek offshore oil venture rose by 23% to $11.25 billion, boosted by the addition of a third production vessel.
As per the report, the group currently produces around 630,000 barrels daily from three vessels, and three more are expected to be added.
The report cited Marcelo de Assis, an oil consultant specializing in Latin America, who noted that the favorable contract terms were negotiated with Guyana at a time of high exploration risks and when the country&#8217;s oil potential was unknown.
Guyana has updated its oil contract terms, increasing the government&#8217;s share to 27.5%, which represents a roughly doubled stake. These revised terms, however, apply exclusively to areas outside the Stabroek block.
Investors can gain exposure to the XOM via&nbsp;Energy&nbsp;Select&nbsp;Sector&nbsp;SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and&nbsp;IShares U.S.&nbsp;Energy&nbsp;ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39462337/exxon-mobil-air-liquide-team-up-for-clean-hydrogen-project-details" rel="noreferrer noopener">Exxon Mobil, Air Liquide Team Up For Clean Hydrogen Project: Details</a>
Price Action: XOM shares are up 0.18% at $114.25 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Del Henderson Jr. via Shutterstock

Wall Street faces a continuation of last week&#8217;s trend during Monday&#8217;s morning trading, with semiconductor stocks selling off heavily and dragging down the tech sector, while the broader market remains largely unaffected.
Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell over 4%, entering correction territory after dropping more than 14% from last week&#8217;s all-time highs. 
SEC filings <a href="https://www.benzinga.com/quote/NVDA/insider-trades">on insider activity</a> reveal that Nvidia&#8217;s CEO Jen Huang sold more than $100 million worth of shares between June 13 and June 21, 2024, marking his first sale since December 2021.
The VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) fell over 2%, extending last week&#8217;s declines. 
Alongside Nvidia, Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) and Microchip Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) were notable laggards, dropping 9.6% and 8.3%, respectively.
While the Nasdaq 100 eyes its third consecutive negative session, other major indices posted gains: the S&amp;P 500 rose 0.3%, the Russell 2000 gained 0.8%, and the Dow Jones Industrial Average rallied 0.9%, potentially marking its strongest session since late May.
Treasury yields remained steady, the U.S. dollar fell 0.3%, gold prices increased 0.4% and energy-related commodities saw gains, with crude and natural gas up approximately 1% and 2%, respectively.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell over 4% to $60,400, heading for its seventh negative session in the last eight, as the broader cryptocurrency market&#8217;s momentum remains fragile.
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,496.67</td>
<td>0.9%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,032.89</td>
<td>0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,482.39</td>
<td>0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,629.54</td>
<td>-0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:39 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.2% higher to $545.59.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.9% higher to $394.65.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.6% lower to $477.21.</li>
<li>Sector-wise, the&nbsp;Energy&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;outperformed, up by 1.5%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, falling 1.6%.</li>
</ul>
<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>
<ul>
<li>Energy giants ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) and Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) rallied nearly 3% in reaction to energy commodity gains. </li>
<li>Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) fell over 3%, extending last week&#8217;s declines initiated by reports that artificial intelligence laptops powered by its Snapdragon processor had trouble running certain applications.</li>
<li>Crypto-linked stocks such as Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), CleanSpark Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>), and Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) fell 7%, 6% and 4%, respectively. Bitcoin-tied Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) tumbled 7.8%. </li>
<li>ResMed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RMD#NYSE">RMD</a>) plummeted over 11%, after it received a downgrade from Buy to Neutral by Citigroup. </li>
<li>Alnylam Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALNY#NASDAQ">ALNY</a>) surged over 30% after its investigational therapy vutrisiran for treating ATTR amyloidosis with cardiomyopathy met both its primary and secondary endpoints in a late-stage study.</li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39461418/us-bank-stress-tests-this-week-analyst-expects-improvement-8-stocks-3-etfs-to-watch">US Bank Stress Tests This Week, Analyst Expects Improvement: 8 Stocks, 3 ETFs To Watch</a>
Photo: Shutterstock

Semiconductor, Nvidia Woes Deepen; Nasdaq 100 Slips, Dow Rallies; Bitcoin Sinks To $60,400: What's Driving Markets Monday?

Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) inked a deal with Air Liquide (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AIQUF#OTC">AIQUF</a>) to produce low-carbon hydrogen and<a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/b39460692/exxonmobil-adds-air-liquide-to-worlds-largest-low-carbon-hydrogen-project" rel="noreferrer noopener"> low-carbon ammonia at its Baytown, Texas facility</a>.
In collaboration with Air Liquide, ExxonMobil aims to facilitate the development of a low-carbon hydrogen market along the U.S. Gulf Coast, assisting industrial customers in reducing their carbon footprint.
As per the terms, the deal will allow low-carbon hydrogen to be transported via Air Liquide&#8217;s existing pipeline network.
Air Liquide will also construct and operate four Large Modular Air separation units (LMAs) to supply 9,000 metric tons of oxygen and 6,500 metric tons of nitrogen daily, primarily using low-carbon electricity to minimize the project&#8217;s carbon footprint.
The final investment decision is contingent upon favorable government policies and obtaining necessary regulatory permits.
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39334659/exxon-mobils-nigerian-asset-sale-to-seplat-nears-completion-as-court-case-clears" rel="noreferrer noopener">Exxon Mobil&#8217;s Nigerian Asset Sale To Seplat Nears Completion As Court Case Clears</a>
ExxonMobil&#8217;s planned facility is set to become the world&#8217;s largest hydrogen production site, generating 1 billion cubic feet of low-carbon hydrogen daily and over 1 million tons of ammonia annually while capturing more than 98% of the associated CO2 emissions.
Investors can gain exposure to the XOM via&nbsp;Energy&nbsp;Select&nbsp;Sector&nbsp;SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and&nbsp;IShares U.S.&nbsp;Energy&nbsp;ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39370904/exxon-mobils-lawsuit-against-climate-activist-shareholder-arjuna-capital-dismissed-by-federal-ju" rel="noreferrer noopener">Exxon Mobil&#8217;s Lawsuit Against Climate Activist Shareholder Arjuna Capital Dismissed By Federal Judge</a>
Price Actions: XOM shares are up&nbsp;2.94%&nbsp;at&nbsp;$114.02&nbsp;at the last check on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Del Henderson Jr. via Shutterstock

Wall Street is experiencing a subdued and low volatility trading day Friday, despite the session coinciding with the &#8220;triple witching&#8221; day, with over $5.1 trillion of notional options exposure expiring, surpassing the previous record <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39435525/5-5-trillion-in-options-are-set-to-expire-on-triple-witching-friday-why-nvidia-coul">set in December 2023.</a>
Chipmakers continue to struggle in the aftermath of Thursday&#8217;s sell-off, suggesting that while the wave of profit-taking is easing, there is little sign of new buyers stepping in at these levels.
Nvidia Corp. is down 1.6%, poised to break an eight-week winning streak. The sector benchmark, the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>), is witnessing its worst two-day performance since May 1.
The major indices and sectors remained flat, while biotech stocks showed the strongest performance among industries, with the iShares Biotechnology ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NASDAQ">IBB</a>) up 1.9%. Treasury yields were stable, with the 10-year at 4.26%.
On the macro front, S&amp;P Global reported the strongest growth in U.S. private sector activity in two <a href="https://www.benzinga.com/markets/equities/24/06/39434041/us-private-sector-activity-exceeds-estimates-fastest-growth-in-2-years-will-the-fed-welcome-the-">years, surpassing analyst expectations.</a>
Gold saw a decline of 1.4%, reversing Thursday&#8217;s positive performance. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1.8%, heading for its fifth consecutive session of losses, marking the longest losing streak since October 2023.
Oil prices retreated below $81 per barrel, ending a streak of three consecutive sessions of gains.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,019.94</td>
<td>0.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,140.67</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,464.09</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,694.57</td>
<td>-0.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.4% lower to $544.76.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.2% lower to $391.50.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.1% lower to $480.81.</li>
<li>Sector-wise, the&nbsp;Communication Services&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)&nbsp;outperformed, up by 0.4%, while the&nbsp;Financials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) lagged, falling 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Serepta Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>) rocketed by over 30% after the company announced expanded U.S. FDA approval of ELEVIDYS for Duchenne Muscular Dystrophy <a href="https://www.benzinga.com/quote/SRPT/news" target="_blank" rel="noreferrer noopener">patients ages 4 and above</a>.</li>
<li>Hertz Global Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) rose over 14%, mimicking Thursday&#8217;s move, after the car rental company upsized its bond offering to $1 billion to finance a fleet refresh. </li>
<li>FactSet Research Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDS#NYSE">FDS</a>) rose 4% following stronger-than-expected quarterly earnings. CarMax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) was 1% higher in reactions to quarterly results.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39423623/worlds-biggest-s-p-500-etf-bleeds-outflows-why-isnt-the-market-crashing-corrected">World&#8217;s Biggest S&amp;P 500 ETF Bleeds Outflows: Why Isn&#8217;t The Market Crashing? (CORRECTED)</a>
Photo created using artificial intelligence via MidJourney.

Bonds

Treasuries

SRPT

Stocks Stall As Chip Sector Struggles To Rebound; Dollar Eyes 7-Week Peak, Gold, Bitcoin Retreat: What's Driving Markets Friday?

West Texas Intermediate (WTI) light crude oil surged 0.3% past $81 per barrel on Thursday, eyeing its highest close since late April and a potential third consecutive session of gains, as lower-than-expected U.S. <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.benzinga.com/topic/energy&amp;ved=2ahUKEwj0_tfLyuqGAxW8hP0HHYoWAEcQFnoECBMQAQ&amp;usg=AOvVaw28OrPf6ir-YLB9EfP6_LH1">inventories spurred market concerns.</a>
What Happened: Commercial crude oil stocks in the U.S. fell by 2.547 million barrels for the week ending June 14, surpassing market expectations of a 2 million barrel decline, according to the EIA Petroleum Status Report. 
At 457.1 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year. 
Total motor gasoline inventories decreased by 2.3 million barrels, contrary to the expected rise of 1.10 million barrels, and are about 1% below the five-year average. 
Distillate stockpiles, including diesel and heating oil, dropped by 1.726 million barrels against the consensus of a 1 million barrel increase. These stockpiles are now about 8% below the five-year average.
Why It Matters: The recent data indicate a more significant than expected decline in crude oil, gasoline, and distillate inventories, suggesting that current supply is not meeting demand adequately.
This has pushed WTI prices above the critical $80 threshold as the summer season approaches — a period typically characterized by increased consumption of oil-related products.
Rising oil prices could have substantial implications for inflation and political dynamics ahead of the November presidential elections. 
The May Consumer Price Index report showed a cooler-than-expected inflation rate, partly due to a 3.6% month-over-month drop in the gasoline index, marking the largest monthly decline since November 2023. 
A resurgence in oil prices could potentially slow or even halt recent disinflation trends.
Read also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/06/39414244/over-28m-bet-on-this-energy-stock-check-out-these-3-stocks-insiders-are-buying">Over $28M Bet On This Energy Stock? Check Out These 3 Stocks Insiders Are Buying</a>
Moreover, escalating oil prices challenge the Biden administration as the presidential election nears. High gasoline costs are particularly burdensome for households ahead of the travel season.
Earlier this week, the Biden administration hinted at readiness to release more oil from the strategic stockpile to curb any price surges.
Amos Hochstein, President Joe Biden's top energy adviser, told the <a href="https://www.ft.com/content/cd56c82b-2652-4eb8-8669-c78b17ebf1ff">Financial Times</a> that prices at the pump were &#8220;still too high for many Americans&#8221; and expressed a desire to see them &#8220;cut down a little bit further.&#8221;
As of June 7, the U.S. Strategic Petroleum Reserve (SPR) stood at 370.53 million barrels, a slight recovery from last year&#8217;s low of 346.76 million barrels but significantly below the over 600 million barrels prior to the Biden administration&#8217;s mandated sales in recent years.
Market Reactions: Energy stocks as tracked by the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) rose more than 1.5%, heading for their best session of the month and outperforming all other sectors on Thursday.
Leading the gains among large-cap energy stocks were Hess Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>), Schlumberger NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>), Marathon Petroleum Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>), and Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), with respective increases of 2.4%, 2%, 1.9%, and 1.9%, respectively.
Read Now: <a href="https://www.benzinga.com/markets/equities/24/06/39401498/extreme-heat-waves-set-to-drive-up-us-natural-gas-prices-10-energy-stocks-to-watch-this-summer">Extreme Heat Waves Set To Drive Up US Natural Gas Prices: 10 Energy Stocks To Watch This Summer</a>
Photo: Shutterstock

Crude Oil Eyes Highest Close In 7 Weeks As Inventories Drop More Than Expected: Energy ETF, Stocks On The Move

After the Juneteenth holiday break, Wall Street reopened with a cautious tone, as the S&amp;P 500 and Nasdaq 100 indices declined after hitting all-time highs around midday trading in New York. This decline was driven by profit-taking in chipmaker stocks and rising Treasury yields, <a href="https://www.benzinga.com/markets">which dampened risk sentiment.</a>
The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) fell by 2.4%, marking its worst session since May 1, after reaching technically &#8220;overbought&#8221; levels earlier in the week.
Oil prices surged above $81 a barrel, aiming for the highest close since late April. This was spurred by larger-than-expected drops in U.S. inventories last week, fueling a rally in oil-related companies.
Small caps also softened, whereas blue chips saw a rebound, with the Dow Jones Industrial Average outperforming other major indices with a 0.4% gain.
Long-dated Treasury yields rose, with the 10-year yield up by 5 basis points to 4.27%, following mixed economic data released earlier in the day. Jobless claims slightly increased more than expected last week, and a manufacturing activity gauge in the Philadelphia region fell short of estimates, reaching its lowest <a href="https://www.benzinga.com/markets/equities/24/06/39411920/jobless-claims-exceed-estimates-philly-fed-index-declines-housing-starts-and-permits-fall-sharpl">level in five months. </a>
Additionally, housing data showed sharp declines in both housing starts and building permits, reigniting concerns about a tight real estate market.
Bonds fell, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down 0.9%. The U.S. dollar index (DXY) rose 0.4%, with the greenback gaining ground against all major currencies.
The Bank of England kept its key policy rate unchanged at 5.25%, as expected, while the Swiss National Bank cut rates by 0.25 <a href="https://www.benzinga.com/top-stories/24/06/39415866/interest-rate-decisions-bank-of-england-holds-firm-swiss-national-bank-reduces-further-will-fed-cut">percentage points to 1.25%</a>. Consequently, the British pound and the Swiss franc fell by 0.5% and 0.8%, respectively, against the dollar.
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose by 1.1%, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remained flat below $65,000.
<h2 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,982.71</td>
<td>0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,477.61</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,020.24</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,793.76</td>
<td>-0.6%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 pm ET</figcaption></figure>
According to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.3% lower to $547.24.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.4% higher to $390.90.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.6% lower to $482.43.</li>
<li>Sector-wise, the&nbsp;Energy&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;outperformed, up by 1.8%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, falling 0.9%.</li>
</ul>
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul>
<li>The world&#8217;s biggest company Nvidia Corp. witnessed a 2% decline, while Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) and Wolfspeed Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NASDAQ">WOLF</a>) all tumbled by over 5%.</li>
<li>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) surged nearly 4%, outperforming all other chipmakers. This rise followed the announcement that Sun Singapore Systems, the largest parking solutions provider in Singapore, has selected AMD to power its AI-based parking management platform.</li>
<li>Solar-related stocks experienced sharp declines after JPMorgan reduced price targets on Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) from $128 to $124 and on SolarEdge Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>) from $73 to $59.</li>
<li>Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>) soared over 8% after the company announced that a twice-yearly antiviral injection had successfully prevented HIV in all test subjects during a trial involving thousands of women and girls in South Africa and Uganda.</li>
<li>Accenture plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) rose over 6%, despite missing both revenue and earnings estimate last quarter. </li>
<li>Other stocks reacting to company earnings were The Kroger Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>), down 2.8%, Darden Restaurants Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>), down 1.5%, Jabil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>), down 8.7% and Commercial Metals Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMC#NYSE">CMC</a>), up 5%. </li>
</ul>
Read now: <a href="https://www.benzinga.com/government/24/06/39416977/supreme-court-upholds-2017-tax-on-foreign-profits-for-us-businesses">Supreme Court Upholds 2017 Tax On Foreign Profits For US Businesses</a>
Illustration created using artificial intelligence via MidJourney.

ENPH

GILD

WOLF

S&P 500, Nasdaq 100 Dip From Record Highs As Investors Take Chipmaker Profits; Energy Sector Rebounds, Yields Rise: What's Driving Markets Thursday?

A federal judge has dismissed Exxon Mobil Corp&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) lawsuit against activist shareholder Arjuna Capital over a climate proposal.
What Happened: The lawsuit, filed by Exxon in January, aimed to prevent Arjuna Capital and another shareholder, Follow This, from submitting a proposal at the company&#8217;s annual shareholder meeting on May 29, <a href="https://www.cnbc.com/2024/06/17/judge-tosses-exxon-mobil-lawsuit-against-activist-shareholder-arjuna-over-climate-proposal.html">reported</a> CNBC. The proposal called for an acceleration in carbon dioxide emissions reductions.
However, the investors withdrew the proposal after Exxon&#8217;s lawsuit. Despite this, Exxon continued with the lawsuit, arguing that the investors could submit a similar proposal in the future.
"Arjuna has eliminated any case or controversy between the Parties here, Exxon's claim is moot and must be dismissed without prejudice," wrote U.S. District Judge Mark Pittman for the Northern District of Texas wrote in his ruling after a hearing held Monday.
Pittman initially allowed the suit against Arjuna to proceed but dismissed the suit against Follow This due to jurisdiction issues. However, the judge ruled on Monday that the case was no longer relevant after Arjuna made an &#8220;unconditional and irrevocable&#8221; pledge not to submit a similar proposal again.
"The SEC is behind the ball on this issue," Pittman wrote. "But the Court cannot advise Exxon of its rights without a live case or controversy to trigger jurisdiction."
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39344508/as-apple-nvidia-trade-near-all-time-highs-jim-cramer-tells-investors-to-cash-in-on-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Apple, Nvidia Trade Near All-Time Highs, Jim Cramer Tells Investors To Cash In On AI Stocks: &#8216;Let&#8217;s Not Be Too Greedy&#8217;</a>
Why It Matters: The dismissal of Exxon&#8217;s lawsuit marks a significant moment in the ongoing battle between the oil giant and climate activists. This legal action began in January when Exxon filed the lawsuit to block the climate proposal, which was the first time the company had resorted to such measures to exclude a shareholder proposal. 
The proposal, backed by Arjuna Capital and shareholder activist group&nbsp;Follow This, called for <a href="https://www.benzinga.com/markets/equities/24/01/36710747/exxon-mobil-sues-shareholders-over-climate-proposal-driven-by-an-extreme-agenda">Exxon to set stricter climate targets</a>, specifically Scope 3 targets, to reduce emissions produced by users of its products. 
In May, a U.S. judge allowed the lawsuit to proceed, raising concerns among activists and proxy advisers that it could stifle shareholder debate. Despite the <a href="https://www.benzinga.com/markets/equities/24/05/38985294/exxon-wins-round-one-in-lawsuit-against-climate-activist-investor-report">withdrawal of the proposal</a>, Exxon continued its legal action, citing the likelihood of future similar resolutions.
Additionally, this legal battle comes at a time when Exxon is involved in <a href="https://www.benzinga.com/markets/equities/24/06/39334659/exxon-mobils-nigerian-asset-sale-to-seplat-nears-completion-as-court-case-clears">other significant transactions</a>, such as the nearing completion of its Nigerian asset sale to Seplat Energy for $1.28 billion. 
Investors have the opportunity to invest in XOM through the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and iShares U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Price Action: Exxon Mobil Corp&#8217;s stock closed on Monday at $108.36, marking a 0.69% decline for the day. In after-hours trading, it edged down by 0.13%. So far this year, the stock has surged by 5.86%, according to the <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39345194/apple-nvidia-are-the-most-overbought-stocks-on-wall-street-amid-ai-frenzy-here-are-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple, Nvidia Are The Most Overbought Stocks On Wall Street Amid AI Frenzy: Here Are Other Stocks With Potential For Pullback</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Legal

Global

Exxon Mobil's Lawsuit Against Climate Activist Shareholder Arjuna Capital Dismissed By Federal Judge

Seplat Energy stated that it aims to reach a prompt conclusion regarding its acquisition of Exxon Mobil Corporation&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) Nigerian shallow water <a target="_blank" href="https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4751239&amp;lang=en-GB&amp;companycode=ng-sepl&amp;v=r2021" rel="noreferrer noopener">oil assets for $1.28 billion</a>.
The state oil company NNPC had earlier contested Exxon&#8217;s sale of the assets to Seplat, citing a purported first right of refusal and regulatory issues further delayed the deal, reported Reuters.
On Friday, Seplat Energy expressed that it had been informed about the termination of the court proceedings initiated by NNPCL against MPNU and its affiliates regarding the planned divestment of MPNU&#8217;s shares to Seplat Energy Offshore Limited (SEOL).
Related: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38612283/seplats-1-28b-asset-deal-with-exxon-gets-regulatory-boost-report" rel="noreferrer noopener">Seplat&#8217;s $1.28B Asset Deal with Exxon Gets Regulatory Boost: Report</a>
Seplat Energy added that it &#8220;commends the open cooperation and progress achieved by all stakeholders and will diligently engage all key stakeholders, including the Government, in progressing towards a swift completion of the acquisition of MPNU.&#8221;
As per Reuters, analysts highlighted that the Exxon-Seplat deal could inject crucial capital into Nigeria&#8217;s oil industry, potentially boosting production.
Additionally, its approval would signal to investors that similar transactions, such as Shell&#8217;s asset sale to Renaissance in January, are likely to receive regulatory clearance, as per the report.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39092892/exxon-shrinks-footprint-in-nigeria-despite-renewal-of-lease-on-lagos-office-report" rel="noreferrer noopener">Exxon Shrinks Footprint In Nigeria Despite Renewal Of Lease On Lagos Office: Report</a>
Investors can gain exposure to the XOM via&nbsp;the Energy&nbsp;Select&nbsp;Sector&nbsp;SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and&nbsp;IShares U.S.&nbsp;Energy&nbsp;ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Price Actions: XOM shares are down 0.93% at $109.02 at the last check on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Del Henderson Jr. via Shutterstock

Exxon Mobil's Nigerian Asset Sale To Seplat Nears Completion As Court Case Clears

The Nasdaq 100 index posted its fourth consecutive session in the green on Thursday, closing up 0.6% at 19,576 points and reaching new all-time highs as tech stocks <a href="https://www.benzinga.com/tech">drive broader market gains</a>.
The S&amp;P 500 also recorded its fourth straight positive day, rising 0.2% to a record closing level of 5,433 points, rebounding from a morning dip caused by <a href="https://www.benzinga.com/markets/equities/24/06/39310762/producer-inflation-rise-less-than-expected-jobless-claims-soar-thursdays-economic-digest">disappointing unemployment claims data.</a>
In the afternoon, traders regained confidence in risky assets after U.S. Treasury Secretary Janet Yellen expressed optimism about continued progress in disinflation. While Yellen noted easing labor market pressures, she emphasized that the job market remains strong.
The market anticipates a rate cut in September with a probability nearing 70%, and is currently pricing in over 50 basis points of cuts by the end of the year, equivalent to two fully priced rate cuts.
Thursday&#8217;s performance among the eleven sectors of the S&amp;P 500 saw technology leading, up 1%, followed by real estate, up 0.5%, both supported by growing expectations of interest rate cuts.
Energy was the biggest laggard, down 0.9%, followed by communication services, down 0.7%.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>1-day %chg</th>
</tr>
</thead>
<tbody>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>1.02%</td>
</tr>
<tr>
<td>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>0.52%</td>
</tr>
<tr>
<td>Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>0.19%</td>
</tr>
<tr>
<td>Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>0.13%</td>
</tr>
<tr>
<td>Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>0.12%</td>
</tr>
<tr>
<td>Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>-0.03%</td>
</tr>
<tr>
<td>Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>-0.04%</td>
</tr>
<tr>
<td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>-0.10%</td>
</tr>
<tr>
<td>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>-0.64%</td>
</tr>
<tr>
<td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>-0.73%</td>
</tr>
<tr>
<td>Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>-0.93%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Nasdaq 100&#8217;s Top 5 Risers </h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg %</td>
</tr>
<tr>
<td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td>
<td>1,679.29</td>
<td>12.29%</td>
</tr>
<tr>
<td>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>129.37</td>
<td>3.33%</td>
</tr>
<tr>
<td>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</td>
<td>182.33</td>
<td>2.84%</td>
</tr>
<tr>
<td>Exelon Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXC#NASDAQ">EXC</a>)</td>
<td>35.40</td>
<td>1.86%</td>
</tr>
<tr>
<td>Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>)</td>
<td>143.08</td>
<td>1.66%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Nasdaq 100&#8217;s Top 5 Fallers</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg %</td>
</tr>
<tr>
<td>Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>)</td>
<td>7.31</td>
<td>-6.40%</td>
</tr>
<tr>
<td>MongoDB, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>)</td>
<td>218.14</td>
<td>-4.85%</td>
</tr>
<tr>
<td>Atlassian Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>)</td>
<td>156.04</td>
<td>-4.17%</td>
</tr>
<tr>
<td>Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>)</td>
<td>181.00</td>
<td>-4.15%</td>
</tr>
<tr>
<td>Sirius XM Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>)</td>
<td>2.53</td>
<td>-3.93%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Risers</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg %</td>
</tr>
<tr>
<td>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)</td>
<td>871.16</td>
<td>12.45%</td>
</tr>
<tr>
<td>Broadcom Inc.</td>
<td>1,678.90</td>
<td>12.26%</td>
</tr>
<tr>
<td>Arista Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>)</td>
<td>331.67</td>
<td>6.53%</td>
</tr>
<tr>
<td>Incyte Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>)</td>
<td>62.68</td>
<td>4.57%</td>
</tr>
<tr>
<td>Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>)</td>
<td>113.36</td>
<td>4.27%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Fallers</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg %</td>
</tr>
<tr>
<td>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>)</td>
<td>10.35</td>
<td>-6.92%</td>
</tr>
<tr>
<td>Warner Bros. Discovery Inc. </td>
<td>7.31</td>
<td>-6.40%</td>
</tr>
<tr>
<td>Etsy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>)</td>
<td>60.15</td>
<td>-4.93%</td>
</tr>
<tr>
<td>Generac Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>)</td>
<td>136.17</td>
<td>-4.58%</td>
</tr>
<tr>
<td>Albemarle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>)</td>
<td>108.23</td>
<td>-3.92%</td>
</tr>
</tbody>
</table>
</figure>
Now Read: <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39317123/goldman-sachs-reaffirms-september-rate-cut-forecast-downplays-feds-hawkish-surprise">Goldman Sachs Reaffirms September Rate Cut Forecast, Downplays Fed&#8217;s &#8216;Hawkish Surprise&#8217;</a>
Image: Shutterstock

Government

ANET

AVGO

ETSY

GNRC

INCY

PARA

QRVO

SIRI

TEAM

Nasdaq 100, S&P 500 Close At Record Highs As Tech Stocks Reclaim Dominance: Thursday's Gainers & Losers

Wall Street experienced a rude awakening the day after the Federal Reserve&#8217;s June policy meeting, as investors sold off risky assets and shifted to safer bonds and cash in response to the <a href="https://www.benzinga.com/markets/equities/24/06/39310762/producer-inflation-rise-less-than-expected-jobless-claims-soar-thursdays-economic-digest">latest batch economic data.</a>
Although May&#8217;s producer inflation was lower than expected, reinforcing the disinflation narrative and likely boosting the Fed&#8217;s confidence on the return to the 2% target, an unexpected increase in unemployment claims dampened risk sentiment, as investors fear symptoms of labor market weakness.
The S&amp;P 500 Index was 0.2% lower, potentially snapping a three-day winning streak. The tech-heavy Nasdaq 100 marginally rose by 0.2%, aided by the positive performance of Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), as more than 80 tech members within the index traded in the red. 
Blue chips fell 0.8%, while small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), tumbled 1.5% erasing all Wednesday&#8217;s gains. 
Treasury yields continued to fall, with the 10-year yield reaching 4.25%, eyeing the lowest close since late March. 
Long-duration bonds, followed by the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) are up 1.1% for the day, pushing the weekly performance to 2.2%, the highest since late January.
Despite traders increasing their bets on Fed rate cuts, the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), surprisingly rallied by 0.6%.
Fed futures currently indicate a 70% chance on a September rate cut, with traders eyeing 54 basis points of cumulative cuts by the end of the year.
Gold, impacted by the rising dollar, dropped 1% to $2,300 per ounce, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell over 2% to $66,500, nearing its lowest close since May 19.
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day change (%)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,504.77</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,411.85</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,455.94</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,020.99</td>
<td>-1.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:43 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.2% lower to $540.60.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.6% higher to $385.43.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.2% higher to $475.49.</li>
<li>Sector-wise, the&nbsp;Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)&nbsp;outperformed, up by 0.5%, while the&nbsp;Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down 1.1%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Broadcom Inc. rallied over 12%, eyeing its best 1-day performance since March 2020 after reporting stronger-than-expected profits and revenue last quarter. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose over 3% after shareholders approved proposals regarding Elon Musk&#8216;s $56 billion compensation package and the company&#8217;s <a href="https://www.benzinga.com/news/legal/24/06/39300679/elon-musk-under-fire-former-spacex-employees-file-sexual-harassment-lawsuit">relocation to Texas</a>.</li>
<li>Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) fell 6%, heading for its lowest close since early 2009, after Liberty Global Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBTY#NASDAQ">LBTY</a>) acquired the majority stake in the Formula E series by purchasing WBD&#8217;s rights.</li>
<li>Meme stocks rose, with GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) and AMC Entertainment Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) up 7.7% and 4.3%, respectively. </li>
<li>Companies set to report their quarterly results after the close are Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) and RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>)</li>
</ul>
Now Read: <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39314556/ice-cold-producer-inflation-data-sparks-economist-reactions-more-data-in-the-corr">Ice Cold Producer Inflation Data Sparks Economist Reactions &#8211; &#8216;More Data In The Correct Direction&#8217;</a>
Image: Midjourney

ADBE

LBTY

PowerShares DB US Dollar Index Bullish Fund

Stocks Turn To Losses, Bonds Rally On Falling Producer Prices, Rising Jobless Claims: What's Driving Markets Thursday?

A lower-than-expected inflation report for May ignited a bullish frenzy on Wall Street, with investors increasing their bets on rate cuts, bolstered by growing confidence that the Federal Reserve will ease its policy stance later this year as price pressures trend <a href="https://www.benzinga.com/markets/equities/24/06/39289912/us-inflation-eases-more-than-expected-in-may-boosts-2024-rate-cut-prospects-ahead-of-wednesdays-">towards the 2% target.</a>
The Consumer Price Index (CPI) data revealed cooler-than-anticipated monthly and annual inflation rates for both headline and core items. 
This report arrives just ahead of the highly anticipated Federal Open Market Committee (FOMC) meeting, which will commence <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39294739/how-mays-inflation-slowdown-could-influence-feds-next-move-insights-from-6-economis">at 2:00 p.m. ET today.</a>
The implied probability of a rate cut by September has surged to 72%, up from 54% before the inflation report. Fed futures now indicate a 55 basis points reduction (equivalent to two rate cuts) by year-end.
In response to rising expectations for rate cuts, traders quickly pivoted to riskier assets.
The tech-heavy Nasdaq 100 climbed 1.4% to over 19,400 points, setting new record highs. The S&amp;P 500 Index increased by 1.1% to surpass 5,400 points, also achieving fresh all-time highs.
Blue-chip stocks saw a modest rise of 0.2%, but the standout performance came from small caps. The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) surged 2.7%, marking its best session since mid-December 2023.
Treasury yields plummeted across the board, with the 2-year yield dropping 15 basis points to 4.68%. Long-dated yields also declined by approximately 10 basis points, propelling the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) up by 1.6%, its strongest one-day performance since early February 2024.
Industries sensitive to interest rates saw significant gains. The SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>) and the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) soared 4.6% and 3.5%, respectively.
Precious metals also rallied on the back of lower yields and a weakening dollar, with gold rising 0.8% and silver surging 2.8%.
Cryptocurrencies experienced sharp rallies driven by the risk-on sentiment. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) jumped 3.6% to $69,800, while the more speculative Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) surged over 8% on the day.
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,072.95</td>
<td>2.6%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,471.20</td>
<td>1.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,435.07</td>
<td>1.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,819.58</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:15 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.1% higher to $542.76.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.2% higher to $388.81.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 1.4 higher to $474.65.</li>
<li>Sector-wise, the&nbsp;Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)&nbsp;outperformed, up by 2.6%, while the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.8%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) rose 4.7%, surpassing Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) as the world&#8217;s biggest company. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rallied over 4%, following <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39294523/cathie-wood-ark-invest-set-new-2-600-price-target-for-tesla-every-car-becomes-an-ai-powered-c">Cathie Wood&#8217;s bullish projection</a> on the EV maker. </li>
<li>The top performers among real estate stocks were Zillow Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>), eXp World Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPI#NASDAQ">EXPI</a>) and Redfin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NASDAQ">RDFN</a>), with gains of 13.7%, 11% and 9.4%, respectively. </li>
<li>Among the subset of stocks exposed to the office and commercial real estate sector, SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) and Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) rose 8.3% and 8%, respectively.</li>
<li>Within the regional bank industry, First Foundation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFWM#NYSE">FFWM</a>) and Western Alliance Bancorp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>) rose the most, up 7.5% and 7%, respectively. </li>
<li>Caseys General Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>) skyrocketed over 17% in reaction to stronger-than-expected quarterly earnings and revenue. </li>
<li>Other stocks reacting to company earnings are Oracle Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NASDAQ">ORCL</a>) up 12.7%, Autodesk Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>) up 5.3%, Rubrik Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBRK#NYSE">RBRK</a>) down 4.9%. </li>
<li>Companies set to report their earnings after Wednesday&#8217;s close are Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Dave &amp; Busters Entertainment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLAY#NASDAQ">PLAY</a>), and Oxford Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXM#NYSE">OXM</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/news/24/06/39292008/short-seller-citron-closes-short-position-in-gamestop-says-it-respects-markets-irrationality">Short Seller Citron Closes Short Position In GameStop, Says &#8216;It Respects Market&#8217;s Irrationality&#8217;</a>
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ADSK

CASY

EXPI

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ORCL

PLAY

RBRK

RDFN

Bulls Push Wall Street To Record Highs On Declining Inflation; Tech, Real Estate, Small Caps Surge Ahead Of Fed Meeting: What's Driving Markets Wednesday?

Wall Street traded slightly in the red on Tuesday morning as markets took a cautious stance ahead of the inflation report and the Federal Open Market Committee <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39274908/may-inflation-report-clashes-with-fed-meeting-traders-brace-for-volatile-wednesday">(FOMC) meeting on Wednesday.</a>
The S&amp;P 500 dipped 0.2% by 12:55 p.m. in New York, marking its worst daily performance month-to-date. 
Despite the overall market decline, the tech-heavy Nasdaq 100 avoided losses, buoyed by a strong rally in Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). The Cupertino-based iPhone maker surged 5.9%, mirroring last month&#8217;s post-earnings reaction, driven by bullish analyst notes <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39274000/7-apple-analysts-mixed-on-wwdc-2024-iphone-upgrade-cycle-coming-but-when">following Tuesday&#8217;s WWDC event.</a>
Blue-chip stocks in the Dow Jones fell 0.7%, while small-cap stocks lagged, down 1%. Treasury yields saw little movement, with the benchmark 10-year note holding steady at a 4.46% yield.
Commodities were broadly softer, with gold and silver declining by 0.2% and 1.9%, respectively, while West Texas Intermediate (WTI) crude oil remained stable at $77 a barrel. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was the day&#8217;s biggest underperformer, falling over 4% to $66,500 and eyeing its worst daily performance since late April.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,076.80</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,348.59</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,578.53</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,018.79</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.3% lower to $534.10.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.7% lower to $386.43.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was flat at $464.60.</li>
<li>Sector-wise, the&nbsp;Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)&nbsp;outperformed, up by 1%, while the&nbsp;Financials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) lagged, down 1.5%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
<ul>
<li>FMC Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMC#NYSE">FMC</a>) rose 3.5% after Pierre Brondeau returned as president and chief executive officer.</li>
<li>NextEra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>) tanked 6.7%, eyeing the worst daily performance since October 2023, after the company issued weaker guidance.</li>
<li>State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) and BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) fell 4.5% and 1.7%, respectively, after Reuters revealed that a U.S. congressional committee is set to accuse the biggest Wall Street firms over climate-related collusions. </li>
<li>Affirm Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) rose over 8% after Apple announced the inclusion of the company&#8217;s products in Apple Pay later this year. </li>
<li>DXC Technology Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXC#NYSE">DXC</a>) surged 11.5% amid acquisition interest from Apollo Global Management and Kyndryl Holdings </li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/24/06/39272106/affirm-soars-after-apple-partnership-announcement-what-it-means-for-users">Affirm Soars After Apple Partnership Announcement: What It Means For Users</a>
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Rumors

AFRM

Stocks Ease Ahead Of Wednesday's Key Events, Apple Jumps To Record Highs, Bitcoin Tumbles To $66,500: What's Driving Markets Tuesday?

Wall Street is experiencing a quiet trading session on Monday, with major indices showing little movement by midday in New York, as traders maintain a cautious stance ahead of the highly anticipated inflation report and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39252500/fed-meeting-preview-economists-predict-steady-rates-in-june-fewer-cuts-ahead">Fed meeting this Wednesday.</a>
U.S. stocks have erased early session losses sparked by rising volatility in Europe after the latest Parliamentary elections revealed increased support for far-right parties and Emmanuel Macron&#8217;s surprising call for <a href="https://www.benzinga.com/markets/equities/24/06/39249718/macrons-snap-election-gamble-shocks-european-markets-euro-eyes-worst-2-day-performance-in-15-mon">snap elections in France.</a>
The S&amp;P 500 is 0.2% higher, while the tech-heavy Nasdaq 100 slightly outperforms the broader market, rising 0.3%.
Blue-chip stocks soften by 0.1%, while small caps trade mostly flat for the day.
Treasury yields inch higher by about 3 basis points across long-dated maturities, with the benchmark 10-year Note trading at a 4.47% yield. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) falls 0.7%, eyeing its third straight session of declines.
A trade-weighted measure of the U.S. dollar, as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), has risen by 0.2%, buoyed by the greenback&#8217;s gains against the euro, with the EUR-USD exchange rate down 0.4%.
Commodities trade stronger across the spectrum, with oil and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39254869/us-natural-gas-prices-rise-to-5-month-highs-on-hot-weather-forecasts-energy-stocks-">natural gas prices</a> rallying by 2.5% and 3.7%, respectively, driving the outperformance of energy-related stocks. Metals are also in the green, with copper, silver, and gold up 2.2%, 1.7%, and 0.7%, respectively. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is 0.4% higher, reaching $69,950.
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,053.31</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,355.63</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,023.34</td>
<td>0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,746.91</td>
<td>-0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">As of 12:42 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;is 0.2% higher to $534.86.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;is flat at $388.21.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) rises 0.4% to $465.35.</li>
<li>Sector-wise, the&nbsp;Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;outperforms, up by 1.1%, while the&nbsp;Financials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) eases 0.5%.</li>
<li>Industry-wise, the SPDR S&amp;P Oil &amp; Gas Exploration and Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) is the session top performer, up 2.2%, while the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) lags behind, down 1.7%. </li>
</ul>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) has risen by nearly 8%, after Elliot Investment unveiled a $1.9 billion stake in the airline company. </li>
<li>Huntington Bancshares Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NYSE">HBAN</a>) is down over 5%, after the company slashed its annual net interest income forecasts. </li>
<li>Texas Pacific Land Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>) and RB Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBA#NYSE">RBA</a>) are up over 23% and 9%, respectively, on the news that they will be included in the S&amp;P MidCap 400 Index. </li>
<li>CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>), KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) and GoDaddy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDDY#NYSE">GDDY</a>) have risen 9.6%, 11.3% and 2.1%, respectively, as Dow Jones Indices announces the companies&#8217; inclusions in the S&amp;P 500 index.</li>
<li>Tellurian Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TELL#NYSE">TELL</a>) rockets 13.5%, extending a 5-day rally that began last week following rumors of Saudi giant Aramco being in discussions with the company for a liquefied natural gas (LNG) project.</li>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) has extended Friday&#8217;s losses following the Roaring Kitty&#8217;s livestream, down by an additional 15% on Monday, further cooling the meme-stock sentiment. AMC Entertainment Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) is 6% lower. </li>
<li>Shares of&nbsp;ICC Holdings, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICCH#NASDAQ">ICCH</a>) have gained over 35% after Mutual Capital Group announced plans to acquire&nbsp;the company. </li>
</ul>
Read now: <a href="https://www.benzinga.com/news/24/06/39245542/dont-miss-apples-wwdc-2024-keynote-how-and-where-to-watch-on-june-10">Don&#8217;t Miss Apple&#8217;s WWDC 2024 Keynote: How And Where To Watch On June 10</a>
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Eurozone

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Market Stays Flat As Investors Anticipate Key Economic Events; Energy Stocks Lead Gains, Regional Banks Decline: What's Driving Markets Monday?

Over the last five sessions, which have seen the S&P 500 climb just 0.30%, the most sluggish performers are basic materials and industrials.

How To Play The Two Weakest Sectors In The Market Right Now

The Top 15 contributors to EPS growth for the second quarter - UBS

With election season underway, it's a good time to think about what industries and ETFs stand to benefit from a Trump presidency if the former Pres...


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