Short interest for Invesco Solar ETF gives investors a sense of the degree to which investors are betting on the decline of Invesco Solar ETF's stock. Short interest data is updated every two weeks.

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In 2000, renewable energy (i.e. solar and wind) made up less than 19% of the global energy mix. Today, they make up more than 30%.

Solar Is Leaving Wind In The Dust As World Renewable Energy Hits New High

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SolarEdge Technologies, Inc. (NASDAQ: SEDG) announced its first quarter FY24 results, with revenues of $204.4 million and a net loss of $(1.90) per share. The company also repurchased shares and expects improvement in revenues as installations increase and new products are released.

SolarEdge&#39;s Q1 Results Cast Shadow With Revenue Decline, But CEO Remains Optimistic

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Solar stocks have surged due to favorable market conditions and positive earnings. First Solar&#39;s strong performance signals a turning point.

Solar Stocks Shine Again As Declining Treasury Yields Boost Market Confidence

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Global electricity generation still relies, mostly, on coal and gas. However, the sector&#8217;s growth rate in 2023 wasn&#8217;t close to that of <a href="https://www.benzinga.com/topic/renewable-energy">wind and solar</a>.
That&#8217;s according to <a href="https://ember-climate.org/insights/research/global-electricity-review-2024/" target="_blank" rel="noreferrer noopener">the latest Global Electricity Review</a>, published May 9 by UK-based climate think tank Ember. 
Fossil fuel generation will fall in 2024 and subsequent years, the nonprofit predicts.
Whereas, the rate of solar adoption — the fastest-growing source of electricity in 2023 for the 19th year in a row — will continue to accelerate. 
Per Ember&#8217;s data, solar generation growth was more than 23%, far more than new electricity from fossil (0.8% growth) and wind (10%). See below.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="577" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/09143035/solar_wind_trends_2023-1024x577.jpg" alt="" class="wp-image-331234" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/09143035/solar_wind_trends_2023-1024x577.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/09143035/solar_wind_trends_2023-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/09143035/solar_wind_trends_2023-768x433.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/09143035/solar_wind_trends_2023-1536x865.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/09143035/solar_wind_trends_2023.jpg 1640w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
See Also: <a href="https://www.benzinga.com/government/24/04/38200529/team-biden-pledges-830m-to-harden-infrastructure-against-climate-triggered-disasters">Team Biden Pledges $830M To Harden Infrastructure Against Climate-Triggered Disasters</a>
The results bode well for the planet. NASA predicts Earth will see the global average temperature reach or exceed 3 degrees Fahrenheit within the next few decades.
&#8220;These changes will affect all regions of Earth,&#8221; the agency <a href="https://science.nasa.gov/climate-change/effects/">says</a>. &#8220;The severity of effects caused by climate change will depend on the path of future human activities.&#8221;
Well, countries are slowly, but surely, adopting clean energy. In 2000, renewable energy (i.e. solar and wind) made up less than 19% of the global energy mix. Today, they make up more than 30%. 
Chart: Global Electricity Generation From Renewable Sources
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/09151137/Screenshot-2024-05-09-at-3.10.26%E2%80%AFPM-1024x667.png" alt="" class="wp-image-331296" /></figure>
About 40% of the world&#8217;s electricity was derived from low-carbon sources, including nuclear energy, in 2023.
Fossil fuels are on the decline. They generated 64.7% of the world&#8217;s energy back in 2000; 60.6% in 2023; and are projected to generate 57.6% in 2024, Ember reports.
The International Energy Agency&#8216;s Net Zero Emissions goal has a global target of 60% renewable electricity by 2030.
ETFs To Watch: Global X Solar ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RAYS#NASDAQ">RAYS</a>) and Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) are down 13.15% and 18.19%, respectively, year-to-date.
Now Read:<a href="https://www.benzinga.com/news/earnings/24/04/38490625/jinkosolars-q1-miss-offset-by-strong-outlook-shares-rally-as-shipments-surge"> JinkoSolar&#8217;s Q1 Miss Offset By Strong Outlook, Shares Rally As Shipments Surge</a>
Image: Pixabay

SolarEdge Technologies, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>) shares are trading lower after it reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b38712327/solaredge-announces-first-quarter-2024-financial-results" rel="noreferrer noopener">first-quarter FY24 results</a>.
Revenues of $204.4 million, beating the consensus of $196.0 million. Revenues from the solar segment stood at $190.1 million, down 79% Y/Y, in the quarter.
Adjusted gross margin&nbsp;was negative (6.5)% versus a&nbsp;positive margin of 32.6% in the prior year quarter.
Adjusted operating loss stood at $(122.5) million versus an adjusted operating income of $183.8 million in the same quarter last year.
Adjusted EPS loss of $(1.90) missed<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">&nbsp;the consensus of $(1.57)</a>.
Operating cash flow was negative $(217.0) million in the quarter. As of March-end, cash, cash equivalents, bank deposits, restricted bank deposits, and marketable securities totaled $316.3 million.
In the first quarter of 2024, the company bought back 506,000 shares worth around $33 million.
Outlook: For&nbsp;the second quarter, the company sees revenue of&nbsp;$250 million-$280 million&nbsp;(vs.&nbsp;consensus of $305.99 million), revenues from the solar segment of $225 million-$255 million, and adjusted gross margin of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">negative 4% to 0%</a>.
Zvi Lando, Chief Executive&nbsp;Officer,&nbsp;said, &#8220;As we enter spring when installations historically tend to rise, we expect channel inventory to continue to decline and revenues to improve. In parallel, we&nbsp;are focused&nbsp;on a suite of new products that we plan to release in the next several quarters to position ourselves for the next growth cycle in our industry.&#8221;
Investors can gain exposure to the stock via&nbsp;Invesco Solar ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) and&nbsp;Global X CleanTech ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTEC#NASDAQ">CTEC</a>).
Price Action: SEDG shares are down 6.78% at $53.65 at the last check Thursday.
Image: Andreas from Pixabay

SolarEdge's Q1 Results Cast Shadow With Revenue Decline, But CEO Remains Optimistic

Solar stocks have demonstrated some of the most robust performances among various sectors since the start of the month, buoyed by favorable market conditions <a href="https://www.benzinga.com/topic/solar">and positive corporate earnings.</a>
The Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), which tracks the performance of approximately 40 solar energy companies, has experienced a significant upturn. Over the last 10 sessions, this ETF has surged by 10%, rebounding from its lowest point since July 2020. This rally is particularly noteworthy as it reflects broader investor optimism in the renewable energy sector.
Several factors have contributed to this positive momentum. A notable catalyst has been the decrease in long-dated U.S. Treasury yields, which have fallen substantially since late April. 
Specifically, the 30-year Treasury yield dropped from a high of 4.85% to 4.63%, and the 10-year yield decreased from 4.73% to 4.50%. These declines in yields reduce the cost of borrowing and are especially beneficial for capital-intensive industries like solar energy.
The sensitivity between solar stock performance and Treasury yields is strong. Solar companies often rely on significant capital to fund their expansive projects. When Treasury yields rise, so do borrowing costs. Higher interest rates increase the cost of loans for solar firms, which can reduce their profitability and make their projects less economically viable.
Additionally, the value of solar stocks is frequently determined by the present value of their expected future cash flows. When Treasury yields increase, so does the discount rate used to calculate these cash flows. As a result, a rise in yields can lead to a decrease in the present value of these cash flows, negatively impacting stock prices.
This inverse relationship between solar stocks and Treasury yields is shown in the chart below
Chart: Solar Stocks Are Negatively Correlated With Long-Dated Treasury Yields
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/08144838/image-47-1024x495.png" alt="" class="wp-image-329110" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/08144838/image-47-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/08144838/image-47-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/08144838/image-47-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/08144838/image-47-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/08144838/image-47.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Industry Leader First Solar Signals A Turning Point</h3>
First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), a leader in the solar industry, recently reported first-quarter revenues of $794 million—well above the consensus estimate of $718 million. The company also exceeded earnings expectations, posting an adjusted EPS of $2.20 compared to the predicted $2.00.
Brian Lee, CFA, an equity analyst at Goldman Sachs, believes that &#8220;the pricing environment could be inflecting soon.&#8221;&nbsp;
In particular, the analyst flags that &#8220;renewables demand from data centers represents a meaningful portion of FSLR&#8217;s demand mix&#8221; which could significantly influence the company&#8217;s order backlog in the near term.
Reflecting this optimism, Goldman Sachs has set a 12-month price target of $268 for First Solar, indicating a potential 38% increase from its current price levels.
<h3 class="wp-block-heading">Are Solar Stocks Expensive Or Cheap?</h3>
When considering the valuation of solar stocks, the Invesco Solar ETF is currently trading at 22 times its forward earnings. This multiple is significantly lower than the valuations seen during the 2020-2021 period when solar stocks were trading at up to 80 times their forward earnings. This indicates that solar stocks are relatively more affordable now compared to their peak valuations.
The future trajectory of the solar industry heavily relies on macroeconomic factors, particularly inflationary pressures and the Federal Reserve&#8217;s monetary policy. 
A decrease in inflationary pressures, leading to lower Treasury yields on expectations of a policy shift by the Federal Reserve, could further brighten the outlook for the solar industry. 
The likelihood of the Federal Reserve implementing rate cuts will play a crucial role in shaping the prospects for solar stocks in the coming months.
Read now: <a href="https://www.benzinga.com/markets/asia/24/05/38706682/chinese-stocks-surge-as-investors-bet-on-economic-turnaround-7-etfs-to-watch">Chinese Stocks Surge As Investors Bet On Economic Turnaround: 7 ETFs To Watch</a>
Photo: Shutterstock

Daqo New Energy Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DQ#NYSE">DQ</a>) shares are trading lower after the company missed first-quarter&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38484077/daqo-new-energy-announces-unaudited-first-quarter-2024-results" rel="noreferrer noopener">FY24 EPS and sales estimates</a>.
Revenue of $415.3 million versus $709.8 million a year&nbsp;ago,&nbsp;missed&nbsp;the consensus of $491.9 million.&nbsp;Polysilicon&nbsp;average selling price (ASP) was $7.66/kg in&nbsp;first-quarter, vs.&nbsp;$7.97/kg in&nbsp;fourth-quarter&nbsp;of 2023.&nbsp;
Total production volume stood at 62,278 MT, which was above expectations and represented an increase of 1,264 MT&nbsp;versthe previous&nbsp;quarter.&nbsp;The company&#8217;s Inner Mongolia 5A facility contributed 46% of the total production volume for the first quarter.
Gross profit declined substantially to $72.1 million from $506.7 million a year ago, with margins contracting to 17.4% (vs 71.4% prior year).
The company&#8217;s average production cost declined by 2% Q/Q to $6.37/kg in the quarter. As of March-end, the company had $2.7 billion in cash and equivalents.
Adjusted EBITDA stood at $76.9 million, significantly lower than $490.2 million the prior year. Adjusted EPS per ADS of $0.55 missed <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">the consensus of $0.56</a>.
Outlook: Daqo Energy expects&nbsp;Polysilicon&nbsp;production volume of around 60,000 MT&nbsp;&#8211; 63,000 MT in the second quarter and maintained&nbsp;forecast&nbsp;of 280,000 MT &#8211; 300,000 MT&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">(+40% to +50%&nbsp;Y/Y) in FY24</a>.&nbsp;
Daqo Energy expects to finish construction and begin initial pilot production at its new Inner Mongolia Phase&nbsp;5B&nbsp;facility in the second quarter of&nbsp;2024&nbsp;and&nbsp;it&nbsp;plans to ramp up to&nbsp;full&nbsp;production level by the end of the third quarter of&nbsp;2024.&nbsp;
Xiang Xu, Chairman and&nbsp;CEO,&nbsp;said, &#8220;During the first quarter, the solar market initially showed signs of strength as we headed into the Chinese New Year holiday in February. Despite production cuts and&nbsp;down time, as usual, during the holidays, polysilicon demand had been strong pre-holiday as wafer manufacturers kept utilization rate unchanged or even higher, in anticipation of higher demand and better product pricing post-holidays.&#8221;
&#8220;And as demand growth resumes after excess inventories are depleted in the short-run and on the backdrop of positive policies pushing renewable installations in the long-run, the solar PV industry will return to normal profitability and achieve better margins.&nbsp;We believe that at&nbsp;the end of the quarter, we had one of the industry&#8217;s lowest levels of finished goods inventory, with approximately two weeks of production.&#8221;
Investors can gain exposure to the stock via&nbsp;Invesco Solar ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) and&nbsp;ProShares S&amp;P Kensho Cleantech ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTEX#NYSE">CTEX</a>).
Price Action: DQ shares are down 8.13% at $21.81 on the last check Monday.
Photo via Shutterstock

CTEX

Why Polysilicon Company Daqo New Energy's Shares Are Diving  Monday

Editor&#8217;s Note: This article has been updated to accurately report the remaining funds as $350 billion.
In an exclusive interview with Benzinga, Michael Sayers, CFA and vice president and portfolio manager at Rockland Trust, shared valuable insights into <a href="http://benzinga.com/topic/economy">today&#8217;s investment opportunities.</a> 
Below, we explore the key questions and Sayers&#8217; insightful responses:
<h2 class="wp-block-heading">How The CHIPS Act, IRA Act &amp; Infrastructure Act Create Investment Opportunities</h2>
When asked about the anticipated influence of recent legislative developments like the CHIPS Act, IRA Act, and Infrastructure Act on investment opportunities, Sayers provided a comprehensive overview. 
Regarding the potential effects of the CHIPS Act on technology investments and the semiconductor industry, Sayers pointed out the significant earmarked funds for semiconductors. 
He highlighted the substantial infrastructure-related spending authorized by these acts, totaling approximately $1 trillion over the next decade.
<h2 class="wp-block-heading">A Significant Amount Of Money Still On The Table</h2>
Some quick back-of the napkin math by Sayers went as follows;
&#8220;Infrastructure-related spending across the Inflation Reduction Act (IRA), Infrastructure, and CHIPS acts totals ~$1 Trillion over a period of 10 years ending in 2031. About $650 billion has been authorized/committed so far.&#8221;
<ul>
<li>About $250 billion has been allocation to semiconductors.</li>
</ul>
This should benefit investments into the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) which provides exposure to the semiconductor equity sector in the U.S.
<ul>
<li>Another $250 billion to clean energy and power.</li>
</ul>
The iShares Global Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICLN#NYSE">ICLN</a>), along with the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) are among the two most popular ETFs that should benefit from this allocation.
<ul>
<li>$150 billion has been allocated for EV and EV batteries.</li>
</ul>
Investors in the Global X Autonomous &amp; Electric Vehicles ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRIV#NASDAQ">DRIV</a>), the iShares Self-Driving EV and Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDRV#NYSE">IDRV</a>) and the KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) which invest in stocks of electric vehicle manufacturers, should see this benefit trickling down to them.
&#8220;That leaves a significant amount of money still on the table, particularly under the IRA &amp; CHIPS acts,&#8221; Sayer said pointing to $350 billion remaining from the total $1 trillion allocation.
<h2 class="wp-block-heading">Multi-Year Runway Of Annualized Double-Digit Growth Ahead</h2>
Backed by the $350 billion remaining, Sayers emphasized, &#8220;There is a multi-year runway of annualized double-digit growth in infrastructure-related construction &amp; manufacturing spending ahead of us through the end of the decade.&#8221;
Rockland Trust allocates to the Russell Global Infrastructure Fund (RGISX) to take advantage of this positive outlook but also to provide diversification to the high-quality stock &amp; bond portfolios that the firm manages for its clients
Investment Opportunities: Building upon Sayer&#8217;s insights into the potential growth in infrastructure and manufacturing sectors, let&#8217;s explore capital market instruments that investors could utilize to partake in this anticipated growth. Various Exchange-Traded Funds (ETFs) present attractive options for investors seeking exposure to these sectors.
ETFs for Infrastructure and Manufacturing Sectors: Infrastructure ETFs such as PAVE, IGF, and IFRA, as well as Manufacturing/Industrials ETFs like XLI and ITA, offer exposure to sectors poised for growth amid these legislative developments.
Let&#8217;s first look at the top infrastructure ETFs
These ETFs provide investors with diversified portfolios of companies operating in infrastructure development, manufacturing, and related industries, aligning with the anticipated growth trajectories highlighted by Sayers.
Some popular Infrastructure ETFs include:
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Symbol</td>
<td>ETF</td>
<td> Total Assets ($MM)</td>
<td> YTD% (as of April 15)</td>
</tr>
<tr>
<td>PAVE</td>
<td>Global X US Infrastructure Development ETF</td>
<td>$7,514.84 </td>
<td>+11.32%</td>
</tr>
<tr>
<td>IGF</td>
<td>iShares Global Infrastructure ETF</td>
<td>$3,503.42</td>
<td>-1.49%</td>
</tr>
<tr>
<td>IFRA</td>
<td>iShares U.S. Infrastructure ETF</td>
<td>$2,320.23</td>
<td>4.71%</td>
</tr>
<tr>
<td>NFRA</td>
<td>FlexShares STOXX Global Broad Infrastructure Index Fund</td>
<td>$2,215.70</td>
<td>-2.04%</td>
</tr>
</tbody>
</table>
</figure>
Now let&#8217;s look at the top Manufacturing/Industrial ETFs
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td> Symbol </td>
<td>ETF</td>
<td>Total Assets ($MM)</td>
<td>YTD% (as of April 15)</td>
</tr>
<tr>
<td>XLI</td>
<td>XLI Industrial Select Sector SPDR Fund</td>
<td>$18,253,700</td>
<td>8.15%</td>
</tr>
<tr>
<td>ITA</td>
<td>ITA iShares U.S. Aerospace &amp; Defense ETF</td>
<td>$5,998,910</td>
<td>1.09%</td>
</tr>
<tr>
<td>VIS</td>
<td>VIS Vanguard Industrials ETF</td>
<td>$5,328,240</td>
<td>7.99%</td>
</tr>
<tr>
<td>PPA</td>
<td>PPA Invesco Aerospace &amp; Defense ETF</td>
<td>$3,012,080</td>
<td>7.63%</td>
</tr>
<tr>
<td>FXR</td>
<td>FXR First Trust Industrials/Producer Durables AlphaDEX Fund</td>
<td>$1,942,100 </td>
<td>8.12%</td>
</tr>
</tbody>
</table>
</figure>
Investors can strategically navigate legislative developments and capitalize on emerging growth sectors by leveraging ETFs tailored to infrastructure and manufacturing industries. 
With the guidance of financial professionals and thorough research, investors can position themselves to benefit from the evolving economic landscape.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38265826/high-interest-rates-could-cause-more-things-to-break-in-us-economy-by-2025-warns-st">High-Interest Rates Could Cause &#8216;More Things To Break&#8217; In US Economy By 2025, Warns Strategist </a>
Image generated using artificial intelligence via Midjourney.

Government

Regulations

Sector ETFs

Specialty ETFs

Exclusives

Interview

DRIV

First Trust Industrials/Producer Durables AlphaDEX Fund

iShares S&P Global Clean Energy Index Fund

ICLN

IDRV

IFRA

iShares S&P Global Infrastructure Index Fund

iShares Dow Jones US Aerospace & Defense Index Fund

KARS

NFRA

PAVE

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

EXCLUSIVE: Expert Predicts 'Double-Digit Growth' In 2 Sectors Thanks To Major Federal Investments (CORRECTED)

A fresh unexpected surge in inflation blindsided markets, shattering hopes for imminent Fed rate cuts and sending stocks down across the board. In March 2024, the annual Consumer Price Index (CPI) inflation rate surged to 3.5%, up from February&#8217;s 3.2%, surpassing <a href="https://www.benzinga.com/markets/commodities/24/04/38181302/inflation-rises-more-than-expected-to-3-5-in-march-derails-june-rate-cut-hopes">expectations set at 3.4%. </a>
Adding to concerns, core inflation, which excludes energy and food, also exceeded expectations, reaching 3.8% compared to the anticipated 3.7%, dismissing any justifications solely attributed to higher gasoline price pressures. 
Consequently, investors sharply revised down their expectations for Fed rate cuts, now anticipating the commencement of any easing policy no earlier than September, with less than two rate cuts expected by year-end.
<h3 class="wp-block-heading">What&#8217;s Hot/Cold In The CPI Basket?</h3>
Expenditure categories witnessing the highest month-over-month seasonally adjusted price increase in March were: 
<ul>
<li>Motor vehicle insurance: +2.6%</li>
<li>Motor vehicle maintenance and repair: +1.7%</li>
<li>Gasoline (all types): +1.7%</li>
<li>Hospital services: +1%</li>
<li>Meats, poultry, fish, and eggs: +0.9%</li>
</ul>
Those showing the lowest monthly inflation were: 
<ul>
<li>Fuel oil: down 1.3%</li>
<li>Used cars and trucks: down 1.1%</li>
<li>Cereals and bakery products: down 0.9%</li>
<li>Other food at home: down 0.5%</li>
<li>Airline fares: down 0.4%</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Sector Performance </h3>
By midday trading in New York, losses were broad-based within indices. 
<ul>
<li>454 out of S&amp;P 500 stocks traded in the red</li>
<li>93 Nasdaq 100 stocks were negative</li>
<li>1,783 out of Russell 2000 stocks were negative</li>
<li>898 out of Russell 1000 stocks were negative</li>
</ul>
No sectors managed to evade daily losses, with rate-sensitive pockets of the markets, such as real estate, feeling the brunt more acutely than others.
Energy managed to hold almost steady, as rising gasoline prices improved the outlook for oil companies. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>1-Day %Chg</th>
</tr>
</thead>
<tbody>
<tr>
<td> Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>-0.15%</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>-0.75%</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>-0.92%</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>-0.93%</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>-1.07%</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>-1.17%</td>
</tr>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>-1.35%</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>-1.44%</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>-1.54%</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>-1.93%</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>-3.85%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated At 11:40 a.m. ET</figcaption></figure>
Nine real-estate stocks tumbled by more than 7%: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Opendoor Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NYSE">OPEN</a>)</td>
<td>-10.04%</td>
</tr>
<tr>
<td>Global Net Lease, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNL#NYSE">GNL</a>)</td>
<td>-9.83%</td>
</tr>
<tr>
<td>Peakstone Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKST#NYSE">PKST</a>)</td>
<td>-9.26%</td>
</tr>
<tr>
<td>Hudson Pacific Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPP#NYSE">HPP</a>)</td>
<td>-8.82%</td>
</tr>
<tr>
<td>Anywhere Real Estate Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOUS#NYSE">HOUS</a>)</td>
<td>-8.36%</td>
</tr>
<tr>
<td>Piedmont Office Realty Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PDM#NYSE">PDM</a>)</td>
<td>-7.77%</td>
</tr>
<tr>
<td>RE/MAX Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RMAX#NYSE">RMAX</a>)</td>
<td>-7.75%</td>
</tr>
<tr>
<td>eXp World Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPI#NYSE">EXPI</a>)</td>
<td>-7.63%</td>
</tr>
<tr>
<td>Douglas Emmett, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DEI#NYSE">DEI</a>)</td>
<td>-7.44%</td>
</tr>
<tr>
<td>Office Properties Income Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OPI#NYSE">OPI</a>)</td>
<td>-7.31%</td>
</tr>
</tbody>
</table>
</figure>
Looking at different industries, regional banks and solar stocks fell the most. 
<ul>
<li>The SPDR S&amp;P Regional Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) fell 4.7%, on track for the worst day since late January. </li>
<li>The Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) fell 4.5%</li>
</ul>
Eight regional bank stocks tumbled more than 7% Wednesday: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Lakeland Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LBAI#NYSE">LBAI</a>)</td>
<td>-8.96%</td>
</tr>
<tr>
<td>Provident Financial Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFS#NYSE">PFS</a>)</td>
<td>-8.84%</td>
</tr>
<tr>
<td>Valley National Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLY#NYSE">VLY</a>)</td>
<td>-8.44%</td>
</tr>
<tr>
<td>ServisFirst Bancshares, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SFBS#NYSE">SFBS</a>)</td>
<td>-7.81%</td>
</tr>
<tr>
<td>New York Community Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>)</td>
<td>-7.61%</td>
</tr>
<tr>
<td>OceanFirst Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCFC#NYSE">OCFC</a>)</td>
<td>-7.58%</td>
</tr>
<tr>
<td>Flushing Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIC#NYSE">FFIC</a>)</td>
<td>-7.53%</td>
</tr>
<tr>
<td>Eagle Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGBN#NYSE">EGBN</a>)</td>
<td>-7.50%</td>
</tr>
</tbody>
</table>
</figure>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38186082/this-puts-the-fed-in-quite-a-tricky-position-7-economists-weigh-in-on-march-inflati">&#8216;This Puts The Fed In Quite A Tricky Position&#8217;: 7 Economists Weigh In On March Inflation Report</a>
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Real Estate, Regional Bank Stocks Tank, Energy Cushions The Blow: March Inflation Rates Shake Up Sectors

It looked like all systems go for the market Thursday after the U.S. Labor Department reported more initial jobless claims than expected. The data was construed as a signal that the labor market is cooling down, conducive to the Fed's goal of lowering inflation. All indices opened the day higher, with the tech sector and the Invesco QQQ Trust Series (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NYSE">QQQ</a>) leading the way, at one point trading up more than 1% and <a href="https://www.benzinga.com/topic/wall-street">eyeing a record close.</a> But, before the day was over, various Fed speakers appeared tentative about the notion of cutting interest rates too early, sending stocks into a freefall. 
The Price Action: The stocks that got hammered the hardest on Thursday came primarily from interest-rate-sensitive sectors like semiconductors and clean energy stocks. These companies are more prone to sell-offs on hawkish Fed policy, as they typically are borrowing money to help pay for growth. When interest rates stay higher for longer, it makes borrowing money more expensive, hurting profits. NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Super Micro Computer (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) and other chip names dropped significantly on the hawkish Fed Speak. The Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), which tracks companies in the solar and clean energy space, fell more than 3% intraday on the interest rate fears. Other sectors that got hit include regional banks, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) dropping more than 2%, and the biotech industry, with the SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) dropping more than 2% intraday.
<h2 class="wp-block-heading">Comments From Fed Officials</h2>
On Thursday, Federal Reserve Bank of Richmond President Thomas Barkin said that the Fed should &#8220;take its time&#8221; cutting interest rates, and that data so far in 2024 has been less encouraging <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/04/38099441/hawkish-fed-voices-lead-to-market-slide-its-possible-fed-wont-cut-this-year-if-inflati">in regards to slowing inflation. </a>
Then, less than an hour later, Chicago Fed President Austan Goolsbee said that housing inflation will need to come down to bring inflation to the Fed's 2% target. Other Fed officials that spoke Thursday raised doubts to if the central bank will be able to cut rates at all this year, let alone three times, like Chairman Jerome Powell laid out just a couple of weeks ago.
Now Read: <a href="https://www.benzinga.com/24/04/38098087/from-mouse-to-marvel-disney-stock-rockets-50-as-ceo-bob-iger-attempts-turnaround-plan">From Mouse To Marvel: Disney Stock Rockets 50% As CEO Bob Iger Attempts Turnaround</a>
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Clean Energy, Semiconductors Among Interest-Rate-Sensitive Sectors Hammered Thursday Afternoon On Rate Cut Concerns

Thursday saw U.S. equities embracing a risk-on sentiment, with major averages all showing gains as investors anticipated a potentially slowing labor market pace in March, which could bolster the case for rate cuts starting in June.
Data released this morning revealed a surge in last week&#8217;s unemployment claims, exceeding predictions at 221,000 compared to the expected 214,000. Economists anticipate a moderation in nonfarm payrolls from 274,000 in February to 200,000 in March, along with a further easing in average hourly earnings growth from 4.3% <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38095071/march-jobs-report-preview-could-fridays-data-steer-the-fed-toward-rate-cuts">to 4.1% year-on-year.</a>
At midday trading in New York, the S&amp;P 500 surged by 0.8% to 5,250 points, poised to achieve a record-high close. Similarly, the Nasdaq 100 rose by 1% to 18,350 points, also on track for a record closing. All S&amp;P 500 sectors traded in the green. 
AI-related stocks outperformed, evidenced by the Global X Artificial Intelligence &amp; Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIQ#NYSE">AIQ</a>) climbing 1.3% to reach fresh all-time highs. 
Magnificent Seven witnessed the strongest session in nearly a month, as the Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>) rallied 1.7%, buoyed by robust gains from Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). 
Gold paused for a breather, down 0.5%, after hitting $2,300/oz. overnight, while Bitcoin rebounded by 2.9%, on track for the best session in more than a week.
<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major U.S. 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>Nasdaq 100</td>
<td>18,350.04</td>
<td>1.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,092.88</td>
<td>1.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,252.37</td>
<td>0.8%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,318.12</td>
<td>0.5%</td>
</tr>
</tbody>
</table>
</figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.8% higher to $523.50, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.5% higher to $393.11 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was 1.1% higher to $446.84, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) and the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.1%, while the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) was the laggard, up 0.1%.
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
<ul>
<li>Solar stocks rallied Thursday, with the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) up over 3%. Industry heavyweight First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) and Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) were up 5.8% and 6.5%, respectively, representing the top performers in the S&amp;P 500 index for the day.</li>
<li>Lamb Weston Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>) fell over 18% as the company missed both earnings and revenue projections last quarter. </li>
<li>Other companies reacting to earnings were Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>), up 16%, RPM International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPM#NYSE">RPM</a>) down 5.4%, BlackBerry Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) up 10%, ConAgra Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAG#NYSE">CAG</a>), up 5.5%. </li>
<li>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) rose by 12% after the company produced 43 hydrogen-electric trucks in the first quarter, surpassing the production level for all of 2023 in a single quarter. </li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38091433/ai-revolution-is-underway-yet-its-economic-impact-is-several-years-off-goldman-sach">AI Revolution Is Underway, Yet Its Economic Impact Is &#8216;Several Years Off&#8217;: Goldman Sachs</a>
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S&P 500, Nasdaq 100 Eye Record Close As Magnificent 7 Rally, Bitcoin Rebounds: What's Driving Markets Thursday?

The state of California has vowed to have 100% clean power by 2045, but recent data showed that it was already reaching that goal, at least for a few hours each day.
Data posted by the California Independent System Operator (ISO) revealed that in recent weeks, power supply generated through wind, water and solar exceeded total demand for up to six hours daily.
California ISO is one of the country's largest power grids and handles around 80% of California's power supply.
Data <a href="https://www.linkedin.com/feed/update/urn:li:activity:7178573879336923136/">shared</a> by Stanford professor Mark Z. Jacobson illustrated that in 18 out of the last 19 days, power from wind, water and solar exceeded demand for at least a few minutes and up to six hours during daytime when power consumption is at its lowest and solar generation at its highest.
At night hours, wind-water-solar represented about 50% of the grid's supply. On the whole-day average, renewables represent 70% of the state's power supply, with the rest being provided by other sources such as natural gas and nuclear.&nbsp;
While burning natural gas produces carbon emissions, nuclear energy is considered clean but still faces <a href="https://www.benzinga.com/news/23/05/32355261/elon-musk-and-bill-gates-agree-on-something-how-public-support-for-nuclear-power-could-be-moving-for">massive opposition due to poor public perception</a>.
Also Read: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/03/37992135/bullish-sentiment-technical-analysis-point-toward-higher-prices-for-copper-as-green-ener">Bullish Sentiment, Technical Analysis Point Toward Higher Prices For Copper As Green Energy Transition Accelerates</a>
The news was significant for the state's environmental campaign, but there's a caveat: these numbers were achieved in spring, when mild weather allows for most people to go without the need for heating or cooling systems.
In Germany, a similar milestone was achieved in 2018, when the entire grid was covered by renewable energy for the first time, <a href="https://www.cleanenergywire.org/news/renewables-cover-about-100-german-power-use-first-time-ever">as per</a> Clean Energy Wire. The country has set the goal for 100% renewable energy for 2035.
Late last year, strong wind generation and low demand during the Christmas season took electricity prices below zero in the European country, Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-12-27/strong-wind-generation-turns-european-power-prices-negative">reported</a>.
In 2022, California Gov. Gavin Newsom signed the Clean Energy, Jobs and Affordability Act of 2022 which made it a state policy to achieve 90% zero-carbon power by 2035 and a completely clean grid by 2045.
Now Read: <a href="https://www.benzinga.com/news/24/03/37447950/worlds-top-energy-authority-admits-ev-sales-dented-oil-demand-last-year-but-emissions-rose-anyway-du">World&#8217;s Top Energy Authority Admits EV Sales Dented Oil Demand Last Year, But Emissions Rose Anyway Due To &#8216;Exceptional&#8217; Shortfall From Climate Crisis</a>
ETFs covering the alternative energy sector have seen better days, but have had a minor uptick this week.
The panorama for the clean energy sector continued uncertain <a href="https://www.benzinga.com/news/24/03/37951135/trump-vs-biden-2024-election-shaping-up-to-be-nail-biting-showdown-reveals-latest-poll-heres-the-mos">facing the 2024 presidential election which will likely set the course for climate policy in the U.S.</a> for the next term. President Joe Biden pushed extensively on climate policy by setting new carbon emission goals and <a href="https://www.benzinga.com/government/23/08/33883306/the-inflation-reduction-act-turns-1-year-old-biden-says-he-aims-to-rekindle-american-dream">signing the Inflation Reduction Act, which invests hundreds of billions in clean energy</a>, electric vehicles, and environmental justice.
A win by Donald Trump would likely scrape off much of Biden's climate policies through executive orders. The former president has consistently expressed disbelief for climate action and proposed massive cuts to climate policy during his time in the Oval Office.
iShares Global Clean Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLN#NASDAQ">ICLN</a>), the largest ETF in its category by total assets, is down 25% since last year and is up 1.4% this week.
Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) which is focused on the solar energy subsector, has lost 37% of its value in the last year, yet it has ticked up 2.3% this week.
Some individual stocks in the sector are doing better but are still recovering from price drops during the latter half of 2023. NextEra Energy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>), one of the largest producers of wind and solar energy worldwide, is up 16% in the last month, but continues to be 15% under its last-year price.
Solar panel manufacturer First Solar Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) is up 12% in the last month and down 20% in the last year.
Clean energy provider Clearway Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWEN#NYSE">CWEN</a>) is up 4% in the past month and down 25% in the last year.
Now read: <a href="https://www.benzinga.com/news/24/03/37447950/worlds-top-energy-authority-admits-ev-sales-dented-oil-demand-last-year-but-emissions-rose-anyway-du">World&#8217;s Top Energy Authority Admits EV Sales Dented Oil Demand Last Year, But Emissions Rose Anyway Due To &#8216;Exceptional&#8217; Shortfall From Climate Crisis</a>
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2 Of The Top 5 World Economies Can Now Run 100% On Renewable Energy

Treasury Secretary Janet L. Yellen is poised to voice concerns about <a href="https://www.benzinga.com/topic/clean-energy">China&#8217;s green energy exports</a> in a speech scheduled for Wednesday, March 27. 
What Happened: According to the <a href="https://www.nytimes.com/2024/03/27/business/yellen-china-green-technology.html">New York Times</a>, which obtained a copy of Yellen&#8217;s speech, the Treasury Secretary will address potential market distortions caused by China&#8217;s aggressive export strategy, especially in the context <a href="https://www.benzinga.com/money/best-green-energy-stocks">of subsidized green technology.</a>
China's overcapacity not only disrupts global prices and production trends, but it also &#8220;hurts American firms and workers, as well as firms and workers around the world,&#8221; Yellen says. 
The backdrop for Yellen&#8217;s critical observations is her visit to Norcross, Georgia, where she is showcasing the reopening of a U.S. solar-cell facility, Suniva Inc. 
The manufacturing plant was once shuttered due to the influx of cheap imports.
See Also: <a href="https://www.benzinga.com/money/best-renewable-energy-stocks">Best Renewable Energy Stocks</a>
Why It Matters: Yellen says China&#8217;s industrial policy has broad implications. Historically, these policies have led to overinvestment in sectors like steel and aluminum, adversely affecting global industries. 
A similar pattern may emerge in &#8220;new&#8221; industries, such as solar energy, electric vehicles (EVs), and lithium-ion batteries — sectors crucial for the green energy transition but now threatened by China&#8217;s aggressive expansion.
The performance of U.S. green energy stocks has been rather disappointing over the past years. Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) is still 66% lower compared to its record highs hit in early 2021. Similarly, the iShares Global Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICLN#NYSE">ICLN</a>) has lost 60% of its value since January 2021. 
Chart: Green Energy ETFs Have Been On Sharp Downtrend Since 2021
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27095604/image-58-1024x495.png" alt="" class="wp-image-267362" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27095604/image-58-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27095604/image-58-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27095604/image-58-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27095604/image-58-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27095604/image-58.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
What&#8217;s Next: Yellen is expected to visit China to meet with members of the country's senior leadership in April.
The visit also highlights the Biden administration&#8217;s commitment to strengthening the U.S.&#8217;s renewable energy industry. 
Reviving American companies like Suniva underscore the strategic pivot towards green energy investments, backed by substantial clean power investment announcements exceeding $200 billion since President Joe Biden signed the Inflation Reduction Act in 2022. 
Conversely, China&#8217;s response to the U.S.&#8217;s green energy push includes a recent World Trade Organization complaint, labeling the U.S. EV subsidy policies as discriminatory, especially those affecting vehicles with components manufactured in China and other specified countries.
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Yellen Issues Warnings On China's Green Energy Exports: It 'Hurts American Firms And Workers'

An inflation report showing higher-than-anticipated figures in February 2024, following a similarly hot January report, failed to unsettle investors on Tuesday morning trading. 
The consumer price index (CPI) for February rose by 3.2% compared to the previous year, slightly exceeding both prior and anticipated rates of 3.1%. Monthly data aligned with expectations, <a href="https://www.benzinga.com/markets/equities/24/03/37615483/inflation-rises-more-than-expected-to-3-2-rebuffs-expectations-of-june-fed-rate-cut">showing a 0.4% increase.</a>
However, the core CPI index, which excludes volatile components such as energy and food items, surpassed expectations by registering a 3.8% annual increase, compared to the anticipated 3.7% predicted by economists.
Despite these developments, market expectations for a rate cut in June remained largely unchanged, with a 70% probability. Traders remained attentive to the possibility of four potential rate cuts by the year&#8217;s end.
Following the opening bells, immediate responses indicate a steady positive sentiment in risky assets, as major U.S. indices kept premarket gains.
<h3 class="wp-block-heading">Tuesday&#8217;s ETF Movers Following CPI Report</h3>
<ul>
<li>Bonds fall: Treasury yields moved higher after the higher-than-expected CPI report. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), reflecting the performance of longer-dated Treasury securities, fell 0.7% at 10:00 a.m. in New York, on track for the fourth straight days of losses. </li>
<li>Precious metal falls: Rate-sensitive commodities such as gold and silver fell. The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) fell 0.9%, on track to snap a nine-day winning streak. </li>
<li>Stocks keep premarket gains: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) traded 0.3% higher for the session, erasing premarket gains. The top-performing stock within the S&amp;P 500 was Oracle Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NASDAQ">ORCL</a>), up 11%, while Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) was the main laggard, down 13%. The tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was 0.4% higher. </li>
<li>Among sectors, the Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, up 0.4%. The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) fell 0.4%, lagging behind. </li>
<li>Industry-wise, the worst performers were the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) and the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), down 3.2%, 2.9% and 2.1%, respectively.</li>
<li>Semiconductors, as tracked by the VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>), rose 0.9%, attempting to rebound following Monday&#8217;s 1.7% decline. Among chipmakers, Taiwan Semiconductor Manufacturing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSMC#NYSE">TSMC</a>) rose 3%, followed by Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) up 2.7%. </li>
</ul>
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Market Vectors ETF Trust Market Vectors Gold Miners

JETS

ORCL

iShares Trust Barclays 20+ Year Treasury Bond Fund

TSMC

Stocks Hold Gains As Traders Opt To Challenge Fed On Hot Inflation Data; Bonds, Gold Fall: 10 ETFs Moving Tuesday

U.S. stocks broadly surged on Thursday, marking a two-day rebound after the Tuesday market turmoil triggered by a stronger-than-expected inflation report. Investors honed in on robust corporate earnings data while drawing positive insights from a disappointing January retail sales report, reigniting speculation about <a href="https://www.benzinga.com/markets/equities/24/02/37156844/retail-sales-sink-in-january-manufacturing-indicators-improve-jobless-claims-fall-thursdays-econ">potential Fed interest rate cuts.</a>
The S&amp;P 500 surged back above 5,000 points, while the Nasdaq 100 paused for a breather at 17,800. 
Small caps outshined large caps, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallying 1.4% on top of Wednesday&#8217;s 2.4% surge. 
The dollar moved slightly lower, causing commodities to regain some ground. Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), surged back above $2,000, while silver rallied 2.3%. 
Crude oil prices, as tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), rose 1.9% to $78 a barrel. 
<h2 class="wp-block-heading">Thursday&#8217;s Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>1-day %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,020.13</td>
<td>1.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,620.08</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,011.47</td>
<td>0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,784.05</td>
<td>-0.1</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.3% higher to $500 the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.6% to $386.34 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) held at $433.15, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), outperformed, up 2.2%, while the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) was the laggard, down 0.5%. 
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose 4% amid rising optimism that the Biden administration could enact proposed Environmental Protection Agency regulations next month that might speed up the electric vehicle transition. </li>
<li>Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) rose over 6% after the bank announced the the Office of the Comptroller of the Currency concluded a 2016 consent order over its sales practices misconduct. </li>
<li>CBRE Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBRE#NYSE">CBRE</a>) rallied 8% on stronger-than-expected fourth-quarter results. </li>
<li>Shares of Deer &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) fell 6% as the company unveiled a disappointing outlook for the first quarter. </li>
<li>Other companies reacting to earnings are Antero Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AR#NYSE">AR</a>), up 10%, Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>), down 2.5%, Zebra Technologies Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZBRA#NYSE">ZBRA</a>), up 11%, West Pharmaceuticals Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WST#NYSE">WST</a>), down 14%, Twilio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>), down 15%, AppLovin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APP#NYSE">APP</a>), up 21%, Pegasystems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEGA#NASDAQ">PEGA</a>), up 31%, YETI Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YETI#NASDAQ">YETI</a>), down 15%, Penn Entertainment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>), down 14% and Tripadvisor Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRIP#NASDAQ">TRIP</a>), up 10%. </li>
</ul>
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Illustration created using artificial intelligence via MidJourney.

New ETFs

Retail Sales

Intraday Update

CBRE

CSCO

PEGA

PENN

TRIP

TWLO

YETI

ZBRA

S&P Reclaims 5,000 As Disappointing Retail Sales Put Fed Cuts Back On Track, Small Caps Shine: What's Driving Markets Thursday?

The U.S. stock market attempted a rebound following Tuesday&#8217;s declines, which were sparked by a higher-than-expected inflation report in January, as investors <a href="https://www.benzinga.com/calendars/earnings">refocused on corporate earnings.</a>
More than two-thirds of S&amp;P 500 companies reported thus far, with 75% of them exceeding earnings-per-share expectations and 65% reporting positive revenue, according to Factset data.
Wednesday&#8217;s recovery impacted nine out of eleven S&amp;P 500 sectors, with energy and consumer staples lagging behind. 
The S&amp;P 500 was up 0.4% as of noon trading in New York, while the tech-heavy Nasdaq 100 surged by 0.5%.
Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), rallied by 1.7% after experiencing a 4% drop on Tuesday.
Treasury yields were lower across all maturities amid dovish Fed remarks. The 10-year yield dropped 7 basis points to 4.25% after Chicago Fed President Austan Goolsbee stated that even if inflation comes in a bit higher over next few months, it would still be consistent with the path back to the 2% target. 
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to dominate headlines, as the largest cryptocurrency surpassed a $1 trillion market value, with its price climbing above $51,000.
In the commodities market, U.S. natural gas prices declined for the eighth consecutive day amid milder weather forecasts and elevated stocks, reaching lows last observed in July 2020.
<h2 class="wp-block-heading">Wednesday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,995.83</td>
<td>1.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,681.96</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,971.29</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,273.13</td>
<td>0.0%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.4% higher to $495.55, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) held steady at $382.73 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.5% to $430.34, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
The Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>), outperformed, up 1.1%, while the Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) was the laggard, down 0.6%. 
Industry-wise, solar stocks, as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), rallied by 3.5%, after dropping nearly 6% on Tuesday. 
<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>
<ul>
<li>Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) surged 11% on stronger-than-expected results last quarter, claiming the top performance for the day among S&amp;P 500 stocks. </li>
<li>Akamai Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) fell 9% as revenue missed the Street&#8217;s forecasts. The company was Wednesday&#8217;s worst performer within the S&amp;P 500. </li>
<li>Other companies reacting to earnings were MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>), down 8%, IQVIA Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IQV#NYSE">IQV</a>), up 10.5%, Charler River Laboratories International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRL#NYSE">CRL</a>), up 9.2%, The Kraft Heinz Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NYSE">KHC</a>), down 5.9%, Welltower Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WELL#NYSE">WELL</a>), up 7%, Airbnb Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NYSE">ABNB</a>), down 2.7%, Lyft Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>), up 33%, QuidelOrtho Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>), down 30%. </li>
<li>Crypto-related stocks such as Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) and Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) rallied, 13%, 10% and 9% respectively. </li>
</ul>
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$BTC

ABNB

AKAM

COIN

LYFT

MARA

QDEL

RIOT

UBER

WELL

Stocks Rebound As Investor Focus Shifts To Earnings, Bitcoin Tops $1 Trillion Value: What's Driving Markets Wednesday?

Wall Street witnessed one of the worst sessions since the beginning of the year, with widespread declines across the board as stocks were hit by the impact of a <a href="https://www.benzinga.com/news/econ-s/24/02/37092707/us-inflation-rate-runs-hot-in-january-puts-fed-rate-cut-bets-in-jeopardy">higher-than-expected inflation report.</a>
The Consumer Price Index (CPI) rose at a 3.1% annual rate in January, down from December&#8217;s 3.4% but surpassing expectations of 2.9%. Core inflation, which excludes energy and food prices, unexpectedly remained steady at 3.9%, failing to meet the anticipated decline to 3.7%. Monthly fluctuations also exceeded expectations, causing ripples in interest rate forecasts.
Traders swiftly adjusted their positions, lowering their expectations for rate cuts in 2024. March is now completely off the table, with the likelihood of the first cut by June at 76%, and almost fully priced by July. The anticipated number of rate cuts for 2024 has been reduced to four, down from nearly six just a couple of weeks ago.
Treasury yields surged across the board, with the 2-year yield rising by 15 basis points to 4.60%, and the 10-year yield by 10 basis points to 4.29%. The widely followed iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) plummeted 1.3%, reaching lows last seen in early December 2023.
Essentially, every major asset except the U.S. dollar saw declines on Tuesday. Volatility spiked once again, with the CBOE Volatility Index or VIX rising by 8%. Small-cap stocks were hit hardest, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) dropping over 3%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slumped by 1.5% after reaching $50,300 overnight, while gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), fell below $2,000 an ounce for the first time in two months.
<h2 class="wp-block-heading">Tuesday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,953.69</td>
<td>-1.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,218.67</td>
<td>-1.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,611.80</td>
<td>-1.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,944.94</td>
<td>-3.5%</td>
</tr>
<tr>
<td>CBOE VIX</td>
<td>15.05</td>
<td>8.0%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 1.4% lower to $493.76, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 1.5% to $382.25 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) dropped 1.6% to $436.72, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
None of the eleven sectors comprising the S&amp;P 500 experienced gains on Tuesday. The Real Estate SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) recorded the largest decline, dropping by 2.7%, closely followed by the Utilities SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), down 2.2%. 
Industry-wise, gold miners, tracked by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), and solar stocks, monitored through the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), were the underperformers, declining by 5.5% and 5%, respectively.
<h2 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h2>
<ul>
<li>Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) fell 7.5% after the company missed both earnings and revenue estimates last quarter. </li>
<li>SSR Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSRM#NASDAQ">SSRM</a>) fell 60%, marking the worst performance among Russell 1000 stocks, on suspension of operation at a mine in Turkey. </li>
<li>Other companies reacting to earnings were Waste Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WM#NYSE">WM</a>), Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>), down 1.7%, Moody&#8217;s Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCO#NYSE">MCO</a>), down 7.6%, Marriot International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>), down 6.3%, Zoetis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZTS#NYSE">ZTS</a>), down 6%, Ecolab Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>), up 8.8%, Datadog Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>), down 4.3%. </li>
<li>Companies reporting after the closing bell are Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>), American International Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIG#NYSE">AIG</a>), Welltower Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WELL#NYSE">WELL</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37099227/economists-sound-alarm-on-inflations-stubborn-grip-no-chance-inflation-will-return-">Economists Sound Alarm On Inflation&#8217;s Stubborn Grip: &#8216;No Chance Inflation Will Return To 2%&#8217; Without New Rate Hikes</a>
Photo: Shutterstock

BIIB

DDOG

SSRM

Markets Tumble, VIX Up 8% On Hot Inflation Data, Dollar, Yields Jump As Traders Unwind Rate Cut Bets: What's Driving Markets Tuesday?

Wall Street kicked off the week on a high note, with the S&amp;P 500 and Nasdaq 100 reaching new highs in anticipation of the January inflation report <a href="https://www.benzinga.com/economics/macro-economic-events/24/02/37075035/january-inflation-expected-to-fall-to-3-year-low-how-will-markets-react">scheduled for this Tuesday.</a>
Last week, both indices celebrated their fifth straight week of gains, culminating in an impressive run of 14 out of the last 15 weeks finishing in positive territory.
The Russell 2000&#8217;s small caps outshone their large-cap counterparts on Monday, echoing the sentiment from Friday.
A survey by the New York Fed on consumer sentiment revealed relatively stable inflation expectations and optimistic forecasts regarding household finances.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) grabbed headlines, as the leading cryptocurrency soared to an intraday high of $50,333 on strong ETF inflows, reaching levels not seen since late December 2021.
Meanwhile, chipmaking behemoth NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) overtook Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), climbing to the fourth spot in market capitalization rankings.
The VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) has already surged more than 20% since the year&#8217;s beginning.
<h2 class="wp-block-heading">Monday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day (%)</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,049.37</td>
<td>2.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,905.35</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,046.59</td>
<td>0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,022.49</td>
<td>0.4%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.4% higher to $503.14, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.6% to $389.24 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.4% to $436.72, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Materials SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 1.2%, followed by the Energy SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and Communication Services SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>), up 1.1%. 
Industry-wise, the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) surged over 5%, after rallying by nearly 8% last week. 
<h2 class="wp-block-heading">Monday&#8217;s Stock Movers</h2>
<ul>
<li>V.F. Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VF#NYSE">VF</a>) saw its stock climb nearly 15% following CEO Bracken Darrell&#8216;s announcement of purchasing 65,360 company shares last week.</li>
<li>Enphase Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) experienced a nearly 8% increase, continuing its upward trajectory after last week&#8217;s 20% surge.</li>
<li>Companies slated to report earnings after the market closes include Arista Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NASDAQ">ANET</a>), Cadence Design Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>), Waste Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WM#NYSE">WM</a>), and Principal Financial Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFG#NASDAQ">PFG</a>).</li>
</ul>
Now Read: <a href="https://www.benzinga.com/general/sports/24/02/37076429/super-bowl-commercials-2024-complete-list-of-super-bowl-lviii-ads-and-companies-behind-them">Super Bowl Commercials 2024: Complete List Of Super Bowl LVIII Ads And Companies Behind Them</a>
Photo: Shutterstock

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ANET

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Wall Street Extends Record Highs Ahead Of Key Inflation Report, Bitcoin Hits $50,000, NVIDIA Surpasses Amazon: What's Driving Markets Monday?

Wall Street is poised to wrap another week of gains, with the S&amp;P 500 index surpassing the 5,000 mark and the Nasdaq approaching 18,000 points. For the two indices, this marks the fifth consecutive week in the green, the 14th positive week out of the last 15, indicative of the impressive rally fueled by <a href="https://www.benzinga.com/topic/artificial-intelligence">optimism surrounding artificial intelligence.</a>
Shares of NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) are already up nearly 50% since the beginning of the year, with the semiconductor giant surpassing the $1.8-trillion market capitalization mark.
Overall, the Magnificent Seven rose to a combined market cap of $13.2 trillion, almost half the size of the rest of the 493 stocks within the S&amp;P 500.
The Russell 2000 index of small caps has again reached the 2,000 mark, outperforming large-cap peers. 
Data-wise, no major headline emerged from the Consumer Price Index revision Friday, with the fourth-quarter 2023 numbers remaining broadly unchanged.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) took the spotlight, with the major cryptocurrency rising more than 5% to over $47,000 in its biggest weekly rally in four months. Newly launched Bitcoin spot ETFs have accumulated over 200,000 coins worth $9.56 billion since their debut.
<h2 class="wp-block-heading">Friday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,000.69</td>
<td>1.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,943.59</td>
<td>0.9%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,019.03</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,643.24</td>
<td>-0.2%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.4% higher to $500.44, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) eased 0.2% to $386.53 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.8% to $436.72, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Technology SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.3%, while the Energy SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged, down 1.4%. 
Industry-wise, the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) surged 1.9%, while the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) rocketed 3.3%. 
<h2 class="wp-block-heading">Friday&#8217;s Stock Movers</h2>
<ul>
<li>Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) rose over 6%, capitalizing on a bullish momentum following the company&#8217;s positive outlook for 2024. Peer First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) also rose by nearly 6%. </li>
<li>New York Community Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>) rallied 11% after company executives and board members bought nearly $1 million of the battered stock.</li>
<li>Expedia Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NYSE">EXPE</a>) tumbled nearly 20%, despite beating both revenue and profit estimates last quarter. The move was sparked by a downgrade by Bank of America amid softer-than-expected fourth-quarter bookings and first-quarter 2024 expected growth rate. </li>
<li>Cloudfare Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>) rose over 20%, following stronger-than-expected results last quarter. </li>
<li>Other companies reacting to earnings were PepsiCo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>), down 2.7%, Pinterest Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>), down 12%, Bill Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BILL#NYSE">BILL</a>), down 11% and Take-Two Interactive Software Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>), down 7%. </li>
</ul>
Photo via Pixabay.

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S&P 500 Claims 5,000 As Tech Soars, Bitcoin Rockets Above $47,000: What's Driving Markets Friday?

One of the largest office buildings in the world is going solar, a move that could help provide a boost in interest<a href="https://www.benzinga.com/topic/solar-stocks"> in solar stocks.</a>
What Happened: While clean energy continues to be a topic among politicians, investors and analysts, the sector saw declines over the past year with<a href="https://www.benzinga.com/markets/equities/23/12/36138172/solar-energy-broke-records-in-2023-why-are-shares-tumbling"> solar stocks getting hit hard.</a>
Recent news involving the Pentagon, which is one of the world's largest office buildings, could put a spotlight on solar and cost savings.
The U.S. Department of Defense is set to install rooftop solar panels for the Pentagon in Washington, D.C., as part of a new clean energy plan from the Biden administration, as reported by <a href="https://electrek.co/2024/01/18/the-pentagon-one-of-the-worlds-largest-buildings-is-getting-rooftop-solar/">Electrek</a>.
The new plan hopes to "reestablish the federal government as a sustainability leader."
Along with the rooftop solar panels, the Pentagon is also installing solar thermal panels and a heat-recovery heat pump system.
According to the report, the new solar initiatives could help the Pentagon see an annual cost reduction of $1.36 million.
The Pentagon, which is more than 6.6 million square feet, will have 95% of space heating and hot water heating powered by solar initiatives.
"By rethinking how we generate, distribute, and use energy, DoD is making our installations more resilient, better securing our critical infrastructure, and saving money — a win for warfighters and taxpayers alike," Deputy Secretary of Defense Kathleen Hicks said.
Electrek notes that Jimmy Carter had solar water panels installed on the White House when he was President. Ronald Reagan later had them removed when he was president.
Related Link: <a href="https://www.benzinga.com/news/23/03/31387298/a-house-equipped-with-tesla-solar-roof-earns-350-a-month-for-owner">A House Equipped With Tesla Solar Roof Earns $350 A Month For Owner</a>
Why It's Important: The U.S. Department of Energy's Assisting Federal Facilities with Energy Conservation Technologies (AFFECT) program will see 31 federal facilities receive $104 million in grants for clean energy projects, including the Pentagon.
While no companies have been named to work with the Pentagon on the solar energy initiative at this time, the sector could see a lift from the attention and more federal government projects involving solar.
Here's a look at some of the top solar stocks and their one-year price change:
First Solar Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>): -13%
SunPower Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPWR#NASDAQ">SPWR</a>): -82%
SolarEdge Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>): -76%
Sunrun Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>): -50%
Enphase Energy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>): -54%
Solar ETFs have also fallen sharply over the past year with the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) down 45% and the Global X Solar ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RAYS#NASDAQ">RAYS</a>) down 48%.
Known best for its electric vehicles, Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is also a leading solar company and could be one to watch with increased attention put on the sector. The company deployed 49 MW of solar in <a href="https://www.benzinga.com/news/earnings/23/10/35318136/tesla-q3-earnings-highlights-revenue-miss-eps-miss-cybertruck-launch-set-for-november-and-more">the third quarter.</a>
Tesla is exploring ways to use its solar panels to help other countries <a href="https://www.benzinga.com/news/23/04/32091804/can-tesla-solar-help-low-income-housing-new-european-test-will-find-out">and low-income housing</a>. The company could look to take advantage of a surge in demand for solar initiatives from the U.S. government. 
While the Biden administration and Tesla CEO Elon Musk haven't always been friendly, the company is still one to watch for increased solar deployment in the country.
Read Next: <a href="https://www.benzinga.com/markets/equities/23/10/35160316/palantir-seals-whopping-deal-with-pentagon-for-ai-expansion">Palantir Seals Whopping Deal With Pentagon For AI Expansion</a>

SPWR

Pentagon Roof Is Going Solar: Could The Move By Department Of Defense, Biden Help Boost Solar Stocks?

During midday Thursday trading in New York, U.S. stocks displayed mixed performance, with the technology sector outperforming others as investors maintained a bullish outlook on artificial intelligence, temporarily setting aside <a href="https://www.benzinga.com/topic/interest-rates">concerns about interest rates</a>. 
Additionally, economic data released Thursday morning revealed a robust labor market, with unemployment benefits registering well below expectations <a href="https://www.benzinga.com/economics/macro-economic-events/24/01/36680349/strong-data-dampens-rate-cut-expectations-lifts-dollar-and-spurs-treasury-yields-">for the last week.</a>
Atlanta Fed President Raphael Bostic stated his preference for the start of the rate reduction cycle in the third quarter, emphasizing the importance of avoiding premature cuts that could reignite demand and price pressures, aligning with recent comments made by his colleagues. He mentioned a willingness to initiate rate cuts before July should compelling evidence suggest faster-than-expected inflation deceleration.
The U.S. dollar index (DXY) moved higher, on track to close at its highest level since Dec. 12. Treasury yields also kicked higher, with the 10-year yield rising to 4.14% and the 30-year yield reaching 4.38%. Bonds tumbled, with the iShares 20+ Year Treasury Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NYSE">TLT</a>), falling 1%. 
Oil prices, as tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), experienced a 1.9% upswing after the IEA adjusted its 2024 oil demand growth forecast to 1.24 million bpd, reflecting a 180,000-bpd increase. The revision attributed this boost to improved economic growth and reduced crude prices in the fourth quarter. Furthermore, ongoing geopolitical tensions in the Middle East and between Iran and Pakistan contributed to the continued support for crude prices.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) experienced a sharp 3% decline, dropping below the $42,000 threshold. This cryptocurrency has witnessed a significant 15% decrease since last week&#8217;s surge fueled by speculation about the potential approval of a spot Bitcoin ETF.
<h2 class="wp-block-heading">Thursday&#8217;s Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>%</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq 100</td>
<td>16,848.75</td>
<td>0.7%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,746.44</td>
<td>0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,210.41</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,903.12</td>
<td>-0.4%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.2% to $473.23, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.1% down to $372.38 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was trading 0.7% higher to $410.20, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Technology Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.2%, followed by the Communication Services Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>). 
The Utilities Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) was the laggard, down 1.4%, while the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) witnessed another 1% decline.
On an industry level, the VanEck Semiconductors ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) rose the most, up 2.2%. Clean energy stocks underperformed, with the Invesco Wilderhill Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBW#NYSE">PBW</a>) down 2.1%. 
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul>
<li>NovoCure Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVCR#NASDAQ">NVCR</a>) surged 21% as the FDA accepted its application to use Tumor Treating Fields therapy with standard systemic treatments for non-small cell lung cancer.</li>
<li>Hertz Global Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) gained nearly 9% following Morgan Stanley&#8217;s upgrade from Equal-weight to Overweight, prompted by the rental car company&#8217;s reduction of its electric vehicle fleet.</li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) declined by 2.6% as Barclays lowered its price target from $260 to $250 while maintaining an Equal weight rating on the stock.</li>
<li>Medium and smaller-sized chipmakers, in comparison to NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), emerged as top daily performers on the Nasdaq 1000 exchange. Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>), QUALCOMM Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>), Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) and ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) all recorded gains ranging between 3% and 4% for the day.</li>
<li>Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) and KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) fell by 10% and 5.8%, respectively, after both companies missed last quarter&#8217;s earnings estimates. </li>
<li>Other companies reacting to earnings are Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) (up 5.9%), Truist Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>) (down 1%) and M&amp;T Bank Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) (flat).</li>
</ul>
Read now: <a href="https://www.benzinga.com/federal-reserve/24/01/36679977/office-real-estate-market-braces-for-tough-times-as-540-billion-debt-repayment-looms-in-2024">Half A Trillion Dollars: Office Real Estate Owners Are About To Face Huge Debt Payment, New Data Shows 2024 Is A Critical Year</a>
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AI Drives Tech Rebound, Oil Soars, Bitcoin Tumbles: What's Driving Markets Thursday?

Another day of losses shook up Wednesday&#8217;s stock trading session <a href="https://www.benzinga.com/topic/wall-street">on Wall Street</a>.
All major U.S. stock indices in the red, as investors expressed concerns that the Federal Reserve is not in a rush to reduce <a href="https://www.benzinga.com/topic/interest-rates">interest rates early this year.</a>
Market-implied probabilities of a rate cut by the Fed in March have declined to as low as 50%, down from over 70% at the beginning of the week, following recent hawkish statements from the Fed officials and <a href="https://www.benzinga.com/markets/equities/24/01/36659850/annual-retail-sales-surge-by-5-6-in-december-hit-10-month-high-showcase-robust-consumer-demand">stronger-than-expected economic data.</a>
On Thursday, retail sales figures for December exceeded expectations, rising by 0.6% month-over-month, surpassing the predicted 0.4%, and showing a year-over-year surge of 5.6%, marking the highest annual growth since January 2023.
Treasury yields inched higher, with the 10-year benchmark reaching 4.10%, and the dollar reached a monthly high. Virtually every sector recorded losses, with the most significant declines occurring in rate-sensitive sectors, specifically within real estate, consumer discretionary, and technology stocks. 
The Nasdaq 100 declined by 1%, while small-cap stocks, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), continued to underperform, falling by 1.6%.
Gold dropped by 1%, silver fell by 1.5%, and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was down by 1.9%.
The CBOE Volatility Index, also known as &#8216;VIX&#8217;, rose over 8%, indicating rising investor fear <a href="https://www.benzinga.com/markets/equities/24/01/36660611/vix-at-2-month-high-fears-mount-as-markets-re-assess-rate-cut-premium">in the stock market. </a>
<h2 class="wp-block-heading">Wednesday&#8217;s Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>US Major Indices</th>
<th>Price</th>
<th>Chg</th>
<th>%</th>
</tr>
</thead>
<tbody>
<tr>
<td>Dow Jones</td>
<td>37,251.06</td>
<td>-110.06</td>
<td>-0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,733.64</td>
<td>-32.34</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,666.90</td>
<td>-163.81</td>
<td>-1.0%</td>
</tr>
<tr>
<td>Russell 2000 ETF</td>
<td>1,905.17</td>
<td>-2.08</td>
<td>-1.1%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.7% to $471.65, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.3% down to $372.65 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was 1% lower to $405.66, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, almost all S&amp;P 500 sectors recorded losses, with the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) sharply underperforming, down 2.3%. 
The Utilities Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), Consumer Discretionary Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) and the Technology Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) followed suit, down 1.6%, 1.2% and 0.9% respectively. 
The Health Care Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) was the only one flat for the day. 
On an industry level, the SPDR S&amp;P Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIE#NYSE">KIE</a>) rose 0.2%. Solar stocks, as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) and gold miners, as monitored through the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) continued to underperformed, down 3.4% and 2.5% respectively. 
<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>
Real estate stocks Boston Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BXP#NYSE">BXP</a>) and Healthpeak Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEAK#NYSE">PEAK</a>) recorded the largest losses within the S&amp;P 500 index, down 4.5% and 4.2% respectively, amid rising risks that the Federal Reserve could postpone the start of its rate-cut cycle. 
Other sector players, such as Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) and Kilroy Realty Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRC#NYSE">KRC</a>), fell 5.6% and 4.7%, respectively. 
Maplebear Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CART#NASDAQ">CART</a>)&#8217;s Instacart spiked over 8% after Wolfe Research upgraded the online grocery shopping company from peer performance to outperform. Wolfe Research analyst Deepak Mathivanan also speculated over a potential takeover bid from Uber Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>).
Shares of low-cost airline Spirit Airlines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) tumbled by over 20% Thursday, after falling as much as 47% Wednesday after a U.S. judge blocked the airline&#8217;s $3.8 billion merger with JetBlue Airways Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NYSE">JBLU</a>). The latter fell over 8% Thursday.
Meanwhile, EV-related stocks tumbled:
<ul>
<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) fell over 8% after Deutsche Bank downgraded the company&#8217;s stock from buy to hold and cut its price target from $29 to $19. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell 2.8%, after UBS cut its price target from $250 to $229. </li>
<li>Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) fell 5%, on track for its 13th negative session out of the last 14. </li>
<li>Plug Power Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) tumbled over 10%.</li>
</ul>
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