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iShares Russell 2000 ETF

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The Fund seeks to track the investment results of the Russell 2000 Index; the Underlying Index, which measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell; the Index Provider or Russell.

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Israel War Cabinet discusses retaliatory strikes

イスラエルの戦争内閣は、イランに「明確かつ力強く」反応することを誓います。G7はテヘランに制裁を検討中：株価は下落し、ゴールドは急騰、WTIは85ドルを上回りました。

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Major indexes are higher amid a drop in Treasury yields.

Major indexes are higher amid continued momentum.

U.S. small-cap stocks have delivered an <a href="https://www.benzinga.com/partner/markets/24/11/42086831/how-the-intersection-of-public-health-and-politics-can-shift-the-societal-landscape">exceptional performance this November</a>, with the iShares Russell 2000 ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NASDAQ">IWM</a>) climbing 8.5% and outpacing the SPDR S&amp;P 500 ETF Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NASDAQ">SPY</a>).
This year's rally for IWM is driven by supportive monetary policy, political developments, and economic resilience. The Federal Reserve's recent rate cuts, including a 25-basis-point reduction in November, have reduced borrowing costs, particularly benefiting small-cap companies that rely heavily on credit.
What To Know: Small-cap companies, which constitute the bulk of the Russell 2000 index, are typically more sensitive to borrowing costs than their larger counterparts.
Unlike large-cap companies, which often have diversified funding sources and international revenue streams, small-caps rely heavily on domestic lending to finance operations, expansion and innovation.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42140842/sp-500-faces-volatile-2025-as-inflation-boom-could-return-bank-of-america-strategist">S&amp;P 500 Faces Volatile 2025 As &#8216;Inflation Boom&#8217; Could Return: Bank Of America Strategist</a>
Lower interest rates directly reduce borrowing costs, improving profit margins for small-cap firms. Additionally, cheaper credit can enable these businesses to invest more aggressively in growth initiatives, such as hiring, capital expenditures and research and development.
Rate cuts also typically encourage a rotation into riskier assets like small caps, as the lower yields on fixed-income securities push investors to seek higher returns in equities. This shift in investor sentiment is another factor behind the strong performance of IWM during periods of monetary easing.
What Else: Optimism surrounding the Republican sweep in the 2024 elections has further bolstered small caps, as investors anticipate <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41772701/trumps-historic-return-7-ways-his-second-term-could-impact-the-us-economy">regulatory rollbacks</a>.
Economic fundamentals have added fuel to the rally. The U.S. economy remains strong, with <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41631465/us-gdp-rises-2-8-in-q3-but-can-the-momentum-last-what-6-top-economists-are-saying">steady GDP growth</a> and a robust labor market supporting consumer confidence and domestic demand, key drivers for small-cap stocks.
Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42141413/us-business-activity-soars-to-31-month-highs-in-november-small-caps-rally-dow-tops-44000">US Business Activity Soars To 31-Month Highs In November: Small Caps Rally, Dow Tops 44,000</a>
<h2 class="wp-block-heading">IWM Performance After Recent Elections</h2>
Historical data from <a href="https://www.benzinga.com/pro/register?gspk=bHVrZWphY29iaTUzNDg&amp;gsxid=EfCj4A0Ti3Vk">Benzinga Pro</a> suggests that the performance of small caps, including IWM, often reflects broader market sentiment driven by post-election policies, economic expectations and seasonal trends.
<ul>
<li>November 2020 (Post-Biden Election): Following the election of Joe Biden, IWM experienced a sharp rally, increasing by 18.24% in November 2020. This surge was largely driven by investor optimism surrounding the COVID-19 vaccine and the possibility of new fiscal stimulus​.​ </li>
<li>November 2016 (Post-Trump Election): After Donald Trump won the election in November 2016, IWM rose by approximately 6.5%. This was fueled by expectations of pro-business policies, including tax cuts and deregulation​. </li>
<li>November 2012 (Post-Obama Re-election): In November 2012, after President Obama was re-elected, IWM saw more modest growth, rising by about 1.5%. This reflected investor expectations of stability under Obama's second term​. </li>
<li>November 2008 (Post-Obama's First Election): Following Barack Obama's first election, small-cap stocks faced challenges in the aftermath of the financial crisis. IWM declined by approximately 5% in November 2008 as the market struggled amid the global economic downturn​.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/tech/24/11/42140450/doj-targets-google-chrome-poll-shows-64-oppose-alphabet-breakup-youtube-seen-as-top-prize">DOJ Targets Google Chrome, Poll Shows 64% Oppose Alphabet Breakup: YouTube Seen As Top Prize</a>

News

What's Driving Small-Cap Success For iShares Russell 2000 ETF (IWM) In November?

Risk appetite remained robust in the final trading session of the week, with all major U.S. indices poised to close the week in positive territory. Small-cap stocks outperformed their large-cap counterparts, continuing their <a href="https://www.benzinga.com/news/small-cap">recent streak of dominance</a>.
Fresh business surveys highlighted a notable health in the U.S. economy, with private sector activity recording its strongest expansion in over two and a half years. The services sector, in particular, showed remarkable growth, maintaining its rapid pace of expansion.
The Russell 2000, a benchmark for small-cap equities, surged 1.7% on Friday, building on a 1.5% gain from the previous session. The S&amp;P 500 edged higher, heading for a five-day winning streak, and the Dow Jones Industrial Average climbed past the 44,000 mark, moving tantalizingly close to record highs. Technology stocks posted more modest gains.
The U.S. Dollar Index, tracked via the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), extended its rally for an eighth consecutive week—the longest streak in 14 months—surpassing the 107 level to hit a two-year high. The dollar's strength was fueled by a mix of robust U.S. economic data <a href="https://www.benzinga.com/news/econ-s/24/11/42138717/dollar-hits-2-year-highs-as-europes-recession-signals-spark-euro-pound-sell-offs">and economic malaise in Europe.</a>
In commodities, gold climbed for a fifth straight session, advancing 5.6% for the week, its best weekly performance since March 2023.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also maintained its bullish momentum, soaring past $99,000 and edging closer to the highly anticipated $100,000 milestone. 
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,401.00</td>
<td>1.7%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>44,211.20</td>
<td>0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,969.01</td>
<td>0.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,768.99</td>
<td>0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:05 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111924&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.4% to $595.75.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.8% to $442.49.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.2% up to $506.20.</li>
<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.8% to $238.61.</li>
<li>The&nbsp;Consumer Discretionary Sector Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, rising 1.6%. The&nbsp;Utilities Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 0.1%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) fell 4.4% in reaction to quarterly earnings. </li>
<li>Other stocks reacting to earnings reports were Copart Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPRT#NASDAQ">CPRT</a>), up 9.8%, Ross Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROSS#NASDAQ">ROSS</a>), up 3.1%, and NetApp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>), down 2.7%. </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42140842/sp-500-faces-volatile-2025-as-inflation-boom-could-return-bank-of-america-strategist">S&amp;P 500 Faces Volatile 2025 As &#8216;Inflation Boom&#8217; Could Return: Bank Of America Strategist</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Equities

Econ #s

Tech

CPRT

INTU

NTAP

ROSS

PowerShares DB US Dollar Index Bullish Fund

Select Sector SPDR-Consumer Discretionary

Small Caps Rally, Gold Poised For Best Week Since March 2023, Bitcoin Tops $99,000: What's Driving Markets Friday?

The U.S. private sector activity posted its fastest pace of expansion in more than two and a half years in November, driven by exceptional growth in the services sector, which continues to far exceed even the most <a href="https://www.benzinga.com/news/econ-s">optimistic forecasts by economists.</a>
Business sentiment indicators in both the services and manufacturing sectors, as measured by S&amp;P Global&#8217;s Purchasing Managers&#8217; Index (PMI), improved in November. The services sector recorded its strongest growth since March 2022, while manufacturing saw a slower pace of contraction.
<h3 class="wp-block-heading">US November S&amp;P Global&#8217;s PMI Report: Key Highlights</h3>
<ul>
<li>The Flash Composite PMI rose from 54.1 in October to 55.3 in November, marking the strongest growth since April 2022. </li>
<li>The Flash Services PMI also soared from 55 to 57, surpassing estimates of 57.2 as tracked by TradingEconomics. </li>
<li>The Flash Manufacturing PMI inched up from 48.5 to 48.8, matching expectations. </li>
<li>Companies&#8217; outlook for the year ahead rose to their highest levels since May 2022, fueled by optimism over potential interest rate cuts, stronger economic growth, and more favorable business policies anticipated by the new administration in 2025.</li>
<li>Employment declined for the fourth consecutive month, while output price inflation eased to its lowest level since June 2020.</li>
<li>While growth remained concentrated in the services sector, increased optimism and renewed hiring in manufacturing signaled the potential for a broader recovery in the months ahead.</li>
</ul>
&#8220;The rise in the headline flash PMI indicates that economic growth is accelerating in the fourth quarter, while at the same time inflationary pressures are cooling,&#8221; said Chris Williamson, chief business economist at S&amp;P Global Market Intelligence.
According to Williamson, the survey&#8217;s price index for goods and services suggests that consumer inflation is running significantly below the Federal Reserve&#8217;s 2% target.
Williamson also highlighted the increasing optimism for next-year output from goods-producing businesses. &#8220;The promise of greater protectionism and tariffs has helped lift confidence in the U.S. good producing sector, which is already feeding through to higher factory employment,&#8221; he said.
<h3 class="wp-block-heading">Market reactions: Stocks rise, dollar holds at 2-year highs</h3>
A new round of strong economic data fueled a rally in U.S. stocks, particularly among those most sensitive to domestic economic momentum.
Small-cap stocks, tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), rallied 1.2% on Friday, aiming for their fifth consecutive session of gains.
Blue-chip stocks also posted solid performances, with the Dow Jones, represented by the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), climbing 0.5% and surpassing the 44,000 mark.
The U.S. dollar index (DXY), tracked via the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), held steady with a 0.6% gain after touching fresh two-year highs<a href="https://www.benzinga.com/news/econ-s/24/11/42138717/dollar-hits-2-year-highs-as-europes-recession-signals-spark-euro-pound-sell-offs"> earlier in the session.</a>
Meanwhile, Treasury yields remained flat, and gold advanced 1.1%, also targeting its fifth straight session of gains.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42137929/2025-us-economy-outlook-cloudier-than-normal-jpmorgan-says-boom-bust-scenarios">2025 US Economy Outlook &#8216;Cloudier Than Normal,&#8217; JPMorgan Says: Boom, Bust Scenarios</a></li>
</ul>
Photo: Shutterstock

Analyst Color

US Business Activity Soars To 31-Month Highs In November: Small Caps Rally, Dow Tops 44,000

U.S. small-cap stocks are delivering a standout performance in November, aligning with a well-established seasonal trend that often paves the way <a href="https://www.benzinga.com/news/small-cap">for a strong December.</a>
Historically, small caps tend to excel in the final two months of the year, with November&#8217;s impressive gains often rolling into December as part of the so-called &#8220;Santa Rally.&#8221;
The Russell 2000 index, the leading benchmark for small-cap equities, has climbed an impressive 8% this November, on track for the second-best monthly performance of the year.
See Also: <a href="https://www.benzinga.com/tech/24/11/42123646/google-anthropic-deal-in-jeopardy-as-us-justice-department-looks-to-snap-online-search-monopoly">Google, Anthropic Deal In Jeopardy As Regulators Look To Break Up Search Monopoly</a>
Data spanning more than two decades shows that November delivered the highest average returns for small-cap stocks.
From the year 2000 onward, the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), has averaged a 2.6% gain in November, marking it as the strongest month of the year. 
What's even more striking is the reliability of this trend—79% of the time, the month ends with small-cap stocks in the green. 
The Russell 2000 has ended November in negative territory only four times:
<ul>
<li>A decline of 9.97% in 2000, </li>
<li>6.97% in 2007, </li>
<li>11.93% in 2008, and </li>
<li>4.33% in 2021.</li>
</ul>
In all other years, small-cap stocks have delivered gains during the month. The strongest rally occurred in November 2020, when the Russell soared 18.24% buoyed by the discovery of the Covid-19 vaccine.
Yet, history suggests this isn't the time to cash out just yet. Investors tempted to take profits after November's gains might reconsider, as December historically ranks as the second-best month for small caps. 
On average, the Russell 2000 rose 1.46% in December, with 67% of years showing positive performance. The combination of these two months often gives small-cap investors a powerful year-end boost.
<h3 class="wp-block-heading">Russell 2000 Monthly Seasonality: November And December Show The Highest Average Gains</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="449" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233-1024x449.png" alt="" class="wp-image-659736" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233-1024x449.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233-300x131.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233-768x336.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233-1536x673.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Why Are Small Caps Outperforming in November 2024?</h2>
As of late November, the Russell 2000's 8% rally far surpasses the 4% rise of the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>). This outperformance is being driven by three major catalysts:
<h3 class="wp-block-heading">1. Federal Reserve Rate Cuts</h3>
The Federal Reserve has shifted into rate-cut mode, lowering rates by 25 basis points in November following a 50-basis-point reduction in September. Policymakers have signaled that further cuts are likely, albeit at a slower pace, as long as inflation continues to decelerate.
Lower interest rates disproportionately benefit small-cap companies, which rely more heavily on bank financing than their larger-cap counterparts. With borrowing costs falling, small businesses are better positioned to invest, grow, and improve profitability, giving them a significant tailwind compared to multinational firms.
<h3 class="wp-block-heading">2. Political Tailwinds From 2024 Elections</h3>
The outcome of the 2024 U.S. elections — a Republican trifecta (presidency, Senate and House of Representatives) — has fueled optimism among small-cap investors expecting the Trump administration to roll back regulations. 
Additionally, the potential reintroduction of trade tariffs could act as a buffer for small-cap businesses by reducing competition from international firms facing higher regulatory or import costs. Financial services and industrial stocks, heavily represented in small-cap indices, have been among the top beneficiaries of this shift.
<h3 class="wp-block-heading">3. Economic Resilience</h3>
The U.S. economy is showing remarkable resilience by delivering strong GDP growth rates. The Atlanta Fed's GDPNow estimate pegs fourth-quarter real GDP growth at 2.6%, following robust gains of 3.0% and 2.8% in the second and third quarters, respectively.
The labor market, a key indicator of economic health, also remains resilient. Despite disruptions from strikes and hurricanes affecting October payrolls data, jobless claims have fallen to their lowest levels in seven months in mid-November, indicating a tight labor market and sustained consumer confidence. These factors collectively underpin the performance of small-cap stocks, which are often more sensitive to domestic economic trends.
<h3 class="wp-block-heading">What's Next For Small Caps?</h3>
With November's gains already in the books, historical patterns suggest that small caps could keep their momentum into December. Whether fueled by seasonal trends, macroeconomic tailwinds, or political optimism, small-cap stocks are positioning themselves as a standout opportunity for year-end trading.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42118286/7-us-natural-gas-stocks-to-watch-as-henry-hub-prices-surge-50-in-november">7 US Natural Gas Stocks To Watch As Henry Hub Prices Surge 50% In November</a></li>
</ul>
Image: Shutterstock

Small Cap

November Small-Cap Surge Could Carry Into December's Santa Rally, Historical Trends Suggest

Wall Street witnessed a positive momentum on Thursday as investor risk appetite remained resilient despite escalating geopolitical tensions in Europe. The market brushed off concerns following a Russian missile strike on a Ukrainian military facility overnight, which came in response to Ukrainian missile <a href="https://www.benzinga.com/24/11/42113449/natural-gas-prices-spike-to-over-1-year-highs-oil-surges-to-70-as-russia-fires-intercontinental-ballistic-missile-to-ukraine">attacks earlier this week. </a>
Russian President Vladimir Putin, in a televised address on Thursday, stated that after the use of long-range missiles from Ukraine, &#8220;the regional conflict gained elements of global one.&#8221;
Major U.S. indices traded higher by midday trading in New York, with standout performances among blue-chip stocks and small-cap equities. 
The Dow Jones Industrial Average surged 500 points, reaching 43,965, marking a 1.3% gain and its strongest session in over two weeks.
The Russell 2000 outperformed with a 1.7% jump, setting up its best day since the post-election rally. 
In contrast, the Nasdaq 100 lagged slightly, rising 0.5%. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), despite higher-than-expected earnings, failed to spark broader optimism in the tech sector. Meanwhile, shares of Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) tumbled nearly 6% after the Department of Justice (DOJ) mandated the sale of Google Chrome aimed at curbing Google&#8217;s dominant position in search and digital advertising.
Geopolitical uncertainties drove strong gains in the commodities market. <a href="https://www.benzinga.com/news/global/24/11/42118286/7-us-natural-gas-stocks-to-watch-as-henry-hub-prices-surge-50-in-november">Natural gas Henry Hub prices </a>soared 5%, bringing year-to-date gains to over 50% and marking the best monthly performance since July 2022. Crude oil prices also climbed 0.9%, supported by supply concerns.
Gold extended its winning streak, rising 0.7% for its fourth consecutive session of gains as investors sought safe-haven assets.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued its rally, rising over 3% and hitting an intraday high of $98,367. The largest cryptocurrency now hovers tantalizingly close to the $100,000 milestone. 
<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>Russell 2000</td>
<td>2,365.25</td>
<td>1.7%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,965.39</td>
<td>1.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,949.37</td>
<td>0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,739.86</td>
<td>0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111924&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.6% to $593.78.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 1.3% to $439.81.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.3% to $504.89.</li>
<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soared 1.7% to $234.91.</li>
<li>The&nbsp;Financial Sector Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, rising 1.6%. The&nbsp;Communication Services Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) lagged, down 0.5%.</li>
</ul>
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
<ul>
<li>Nvidia Corp. fell 0.6% despite surpassing Street&#8217;s consensus estimates on both earnings per share and revenue during the third quarter. Analysts have raised price targets with Wedbush at $175, Baird at $195 and Barclays at $160.</li>
<li>Despite the dismal reaction by Nvidia, semiconductor stocks, as tracked by the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) rose 1.9%. Major gainers on Thursday were Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), up 4.7%; Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>), up 3.9% and Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>), up 3.7%.</li>
<li>PDD Holdings Inc. &#8211; ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) tumbled nearly 10% after missing earnings and revenue estimates.</li>
<li>Other stocks reacting to earnings included Deere &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>), up 8.8%; Warner Music Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WMG#NASDAQ">WMG</a>), down 8%; Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), up 1.4% and Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>), up 32%.</li>
<li>Companies slated to report their earnings after the close include Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>), Copart Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPRT#NASDAQ">CPRT</a>), Ross Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROSS#NASDAQ">ROSS</a>) and NetApp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>). </li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/news/global/24/11/42118286/7-us-natural-gas-stocks-to-watch-as-henry-hub-prices-surge-50-in-november">7 US Natural Gas Stocks To Watch As Henry Hub Prices Surge 50% In November</a></li>
</ul>
Photo: Shutterstock

Earnings

Large Cap

Specialty ETFs

Eurozone

AMAT

GOOG

GOOGL

MRVL

NVDA

PANW

Citigourp Global Markets 2% Protected Notes Linked To The Djia

SNOW

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Small Caps Rally, Alphabet Plummets, Bitcoin Flirts With $100,000: What's Driving Markets Thursday?

Major indexes are lower. Weakness in retail following Target's guidance cut may be weighing on market sentiment. Investors also await Nvidia's earnings report.

Investor sentiment remained subdued on Wednesday as escalating geopolitical tensions weighed on risk assets ahead of the week&#8217;s most anticipated event: Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) third-quarter earnings report, set to be <a href="https://www.benzinga.com/tech/24/11/42093025/will-nvidia-deliver-a-blowout-beat-in-q3-poll-says-maybe-not-but-over-half-see-stock-clearing-150">released after market close.</a>
The market mood deteriorated further after multiple outlets confirmed Ukraine&#8217;s deployment of U.K.-made Storm Shadow missiles into Russian territory, a day after launching U.S.-supplied ATACMS missiles.
The CBOE Volatility Index (VIX), widely regarded as a barometer of market anxiety, spiked over 9%, underscoring rising apprehension among investors. 
Major U.S. indices were in the red, with the tech-heavy Nasdaq 100 leading losses as technology stocks bore the brunt of the sell-off.
The U.S. dollar resumed its upward trajectory, with the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), a proxy for the greenback&#8217;s strength, climbing 0.7%. Safe-haven demand also bolstered gold, which advanced 0.7%, reflecting investors&#8217; flight to safety.
Meanwhile, natural gas emerged as the standout performer among commodities, surging over 6% on the day.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) defied the risk-off sentiment, climbing over 2% to hit a fresh intraday all-time high of $94,989. This propelled its year-to-date gains to an astonishing 123%. 
<h1 class="wp-block-heading">Wednesday&#8217;s Performance In Major Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices </td>
<td>Price</td>
<td>1-day % chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,198.51</td>
<td>-0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,886.96</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,311.30</td>
<td>-0.6%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,544.18</td>
<td>-0.7%</td>
</tr>
<tr>
<td>CBOE VIX</td>
<td>17.94</td>
<td>9.7%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111924&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.5% to $587.21.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.2% to $432.04.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.6% to $500.28.</li>
<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.5% to $229.57.</li>
<li>The&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, falling 1%. The&nbsp;Consumer Staples Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, down 1%.</li>
</ul>
<h1 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h1>
<ul>
<li>Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) fell 22% in reaction to a negative earnings report. </li>
<li>Other stocks reacting to earnings included Keysight Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEYS#NYSE">KEYS</a>), up 5.7%; XP Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XP#NASDAQ">XP</a>), down 6%; Dolby Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLB#NYSE">DLB</a>), up 14%; TJX Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>), down 0.3% and Williams-Sonoma Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>), up 30%.</li>
<li>Apart Nvidia, other large-cap tech companies releasing earnings results after the call are Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) and Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>). </li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/11/42094649/nvidia-stock-historically-drops-in-december-after-q3-earnings">Nvidia Stock Historically Drops In December After Q3 Earnings</a></li>
</ul>
Photo: Shutterstock

Politics

Forex

KEYS

TSX:XL

Stocks Fall Ahead Of Nvidia Earnings, Dollar Resumes Gains, Bitcoin Reaches New Record Highs: What's Driving Markets Wednesday?

Wall Street managed to recover from a red start caused by heightened geopolitical tensions stemming from the <a href="https://www.benzinga.com/topic/russia">ongoing Russia-Ukraine conflict.</a>
Ukraine launched its first U.S.-made missile strike on a Russian city, while Russian President Vladimir Putin adjusted the nation's nuclear doctrine to broaden scenarios for a potential response. Yet, Russian Foreign Minister Sergei Lavrov sought to assuage fears of a nuclear escalation, stating that a nuclear war is not something Russia is considering.
Amid the geopolitical noise, investors remained focused on corporate earnings. Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), often regarded as a bellwether of consumer health, surpassed expectations for the recent quarter. The retailer&#8217;s stock surged 4%, hitting fresh all-time highs and boosting market sentiment.
At midday, both the S&amp;P 500 and Nasdaq 100 posted marginal gains, while blue-chip stocks showed a slight deceleration and small caps held steady.
In fixed income, longer-dated bond yields dipped, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) climbing 0.5%. The U.S. dollar gained 0.1%, attempting to rebound after two consecutive sessions of losses.
Geopolitical risks lifted demand for commodities, with gold and oil rebounding 0.8% and 0.5%, respectively. Natural gas prices – as closely tracked by the United States Natural Gas Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>) – extended the rally, adding 2.6% after a 5.3% jump on Monday and hitting the highest levels since June. 
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to display extraordinary strength, with the cryptocurrency breaking to a new all-time high of $93,931, underscoring robust market interest despite broader macro uncertainties.
<h2 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,610.47</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,907.68</td>
<td>0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,309.75</td>
<td>0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,316.79</td>
<td>-0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 13:10 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111924&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.2% to $589.41.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.3% to $433.10.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged 0.4% higher to $502.08.</li>
<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.3% to $229.50.</li>
<li>The&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, rising 0.5%. The&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.7%.</li>
</ul>
<h2 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h2>
<ul>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) surged 22% after appointing BDO US as its auditor and submitting a compliance plan to Nasdaq, signaling a proactive effort to address delisting concerns. The news bolstered investor confidence in the company&#8217;s governance and market stability.</li>
<li>United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) climbed 3.5%, reaching its highest level since December 2019, following a bullish call from TD Owen, which raised the stock's price target from $100 to $110.</li>
<li>Incyte Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NYSE">INCY</a>) plummeted over 14% after announcing that data from its Phase 2 clinical study failed to support further development, disappointing investors hoping for progress in its pipeline.</li>
<li>Valvoline Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VVV#NYSE">VVV</a>) dropped 8% in reaction to a weaker-than-expected earnings report, as the market digested concerns over the company&#8217;s growth trajectory and profitability.</li>
<li>Vertive Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>) rallied 11.7% in reaction to price target raises from investment banks such as Deustsce Bank and Oppenheimer.</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42069891/sp-500-to-reach-6500-by-end-of-2025-analysts-predict-could-it-spark-ma-revival">S&amp;P 500 To Reach 6,500 By End Of 2025, Analysts Predict: Could It Spark M&amp;A Revival?</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Bonds

INCY

SMCI

iShares Trust Barclays 20+ Year Treasury Bond Fund

Stocks Move Higher, Walmart Hits Record High, Natural Gas Reaches 5-Month Peak: What's Driving Markets Tuesday?

Risk sentiment edged higher on Monday, rebounding after two consecutive losing sessions and the worst week for the U.S. stock market since early September, as pressures from dollar <a href="https://www.benzinga.com/news/econ-s">and Treasury yields faded.</a>
All 11 sectors of the S&amp;P 500 traded in positive territory, with consumer discretionary stocks outperforming, thanks to a 7% surge in Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). 
The electric vehicle maker's rally followed reports the incoming Donald Trump administration plans to prioritize a federal framework for fully autonomous vehicles. According to <a href="https://www.bloomberg.com/news/articles/2024-11-17/trump-team-said-to-want-to-ease-us-rules-for-self-driving-cars">Bloomberg</a>, the Department of Transportation could soon place this framework at the top of its agenda.
The tech-heavy Nasdaq 100 outperformed both the S&amp;P 500 and the Dow Jones Industrial Average on Monday. Gains in commodities also stood out, as gold, crude oil natural gas prices all posted strong rebounds amid escalating geopolitical tensions between <a href="https://www.benzinga.com/news/econ-s/24/11/42038707/gold-natural-gas-prices-rally-us-russia-tensions-escalate-over-ukraines-long-range-strikes">the U.S. and Russia. </a>
The U.S. dollar paused its recent rally after marking seven consecutive weeks of gains through Friday. Treasury yields, meanwhile, were flat, as the session lacked significant economic data or fresh comments from Federal Reserve officials to provide market direction.
The cryptocurrency market remained on fire, with Bitcoin (CRYPTO: BTC) surging 1.5% past the $92,000 mark and setting the stage for a potential record-high close. Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) also advanced, rising 3% on the day. 
<h1 class="wp-block-heading">Monday&#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>20,547.68</td>
<td>0.8%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,315.20</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,897.81</td>
<td>0.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,504.83</td>
<td>0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111824&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.4% to $587.87.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;flattened at $434.49.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.7% to $499.91.</li>
<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.5% to $229.72.</li>
<li>The&nbsp;Consumer Discretionary Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, rising 1.2%. The&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, up 0.1%.</li>
</ul>
<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>
<ul>
<li>Redfin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NASDAQ">RDFN</a>) fell 3.7% after<a href="https://www.benzinga.com/real-estate/reit/24/11/42044923/goldman-sachs-turns-bearish-on-redfin-affordability-could-weigh-on-a-housing-recovery"> Goldman Sachs downgraded</a> the stock from &#8220;Neutral&#8221; to &#8220;Sell.&#8221;</li>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) rallied 18% after the company announced plans to submit a compliance proposal to Nasdaq by Monday to avoid delisting.</li>
<li>Affirm Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) rose 9.3% on Monday after the company revealed an expanded partnership with online travel agency Priceline, under which Affirm will serve as the pay-over-time provider for Priceline Partner Solutions.</li>
<li>Uber Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>) dropped more than 7% as concerns over potential regulations on fully autonomous vehicles raised questions about the company's business model.</li>
<li>Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) declined 5% due to profit-taking after an 11% rally on Friday, which had pushed the AI-defense company's year-to-date gains to nearly 290%.</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42042411/inflation-could-surge-to-3-if-trump-applies-universal-tariffs-goldman-sachs">Inflation Could Surge To 3% If Trump Applies Universal Tariffs: Goldman Sachs</a></li>
</ul>
Photo: Shutterstock

Government

Regulations

AFRM

PLTR

RDFN

TSLA

UBER

US Stocks Rebound, Tesla Rallies, Bitcoin Soars Above $92,000: What's Driving Markets Monday?

Risk aversion dominated Wall Street in the final session of the week, driving <a href="https://www.benzinga.com/markets">sharp losses across major indices</a>.
Investors grappled with growing uncertainties surrounding the economic impacts of Donald Trump's policies and the <a href="https://www.benzinga.com/topic/interest-rates">Federal Reserve&#8217;s next moves.</a>
Fed Chair Jerome Powell's remarks from the previous day weighed heavily on risk assets. Powell signaled no need to lower rates, citing the economy's resilience and emphasizing the importance of fully finishing the inflation jobs. 
Boston Fed President Susan Collins added to the uncertainty on Friday, stating she needs to see additional data before deciding on further rate cuts at the Federal Reserve&#8217;s upcoming policy meeting.
Expectations for a 25-basis-point rate cut in December were significantly scaled back, with odds falling to 59%, down from 82% just a day earlier.
U.S. indices are poised to end the week in negative territory, as optimism fueled by Trump's win fizzled. Tech stocks were hit hardest, with the Nasdaq 100 plunging 2.5%, wiping out its post-election gains. 
Chipmakers tumbled across the board, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) reaching a 2-month low, as Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) released a disappointing outlook.
The surge in rate-cut uncertainty and broader economic concerns pushed the CBOE Volatility Index (VIX) up by more than 17%, reflecting heightened market fear.
Treasury yields edged lower, indicating a flight to safe-haven bonds. The drop in yields supported the Japanese yen, which ended a four-day losing streak.
The U.S. dollar eased but remains on track for its seventh consecutive week of gains, marking its longest winning streak since September 2023.
Gold prices remained flat despite falling yields and a softer dollar, failing to act as a hedge in a turbulent session. Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) defied the risk-off sentiment, rising 2.5% to $89,600 in a surprising show of strength.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,416.20</td>
<td>-0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,869.72</td>
<td>-1.3%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,302.85</td>
<td>-1.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,391.40</td>
<td>-2.4%</td>
</tr>
<tr>
<td>CBOE VIX</td>
<td>16.79</td>
<td>17.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111424&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 1.4% to $585.28.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.8% to $434.08.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 2.5% to $496.12.</li>
<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tumbled 1.4% to $228.75.</li>
<li>The&nbsp;Utilities Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, rising 0.8%. The&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged, down 2.7%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) skyrocketed 8.4%, on news that the AI-champion will be included in the Nasdaq 100 index. </li>
<li>Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) rose over 4%, fueling stock momentum after the 6.2% gain on Thursday amid stronger than expected earnings. </li>
<li>Alcoa Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) rallied over 8% after China announced to end its export-tax rebate for aluminum from Dec. 1. </li>
</ul>
Stocks reacting on earnings reports were: 
<ul>
<li>Globant S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLOB#NYSE">GLOB</a>), down 11%. </li>
<li>AST SpaceMobile Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>), down 13.8%, </li>
<li>Post Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/POST#NYSE">POST</a>), down 2.8%. </li>
</ul>
Now Read:
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<li><a href="https://www.benzinga.com/government/regulations/24/11/42013424/trumps-musk-ramaswamy-doge-plan-what-it-means-for-defense-and-it-stocks">Trump&#8217;s DOGE Plan: Goldman Sachs Says Defense Stocks Face Risks, IT Firms Could Win</a></li>
</ul>
Image: Shutterstock

ASTS

GLOB

POST

Stocks Tumble As Traders Rethink Fed's Action, VIX Spikes 17%, Nasdaq Erases Post-Trump Gains: What's Driving Markets Friday?

Major indexes are lower amid weakness in chip and pharma stocks and as investors assess president-elect Trump's nominees.

Federal Reserve Chair Jerome Powell faced sharp criticism from prominent economist Mohamed El-Erian following a Dallas Chamber event Thursday, where Powell&#8217;s cautious stance on rate cuts <a href="https://www.benzinga.com/news/treasuries/24/11/41993899/powells-hawkish-remarks-shake-markets-stocks-fall-dollar-rockets-bitcoin-dips">triggered significant market movements</a>.
What Happened: El-Erian, Chief Economic Advisor at Allianz, critiqued Powell&#8217;s performance on social media platform X, noting that the Fed chair &#8220;struggled with smart questions&#8221; and &#8220;confused the economics of different possible scenarios.&#8221; 
El-Erian suggested Powell might avoid similar interview formats in the future, particularly highlighting the chair&#8217;s unclear response regarding new monetary frameworks.
During the Dallas event, Powell emphasized the <a href="https://www.benzinga.com/news/treasuries/24/11/41993899/powells-hawkish-remarks-shake-markets-stocks-fall-dollar-rockets-bitcoin-dips">U.S. economy&#8217;s exceptional strength</a> while maintaining a careful position on potential rate cuts. &#8220;Inflation is running much closer to our 2% longer-run goal, but it is not there yet. We are committed to finishing the job,&#8221; Powell stated, indicating no rush to lower rates despite market expectations.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I doubt Fed Chair Powell will do another interview like this anytime soon. He struggled with some of the smart questions, often deflecting with historical explanations, and he confused the economics of different possible scenarios. His response to the question on a new monetary… <a href="https://t.co/x0qpYzWDUz">https://t.co/x0qpYzWDUz</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1857165803444965755?ref_src=twsrc%5Etfw">November 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/24/11/41998258/cathie-wood-keeps-betting-on-amazons-haul-play-ark-loads-up-6m-worth-of-shares">Cathie Wood Keeps Betting On Amazon&#8217;s &#8216;Haul&#8217; Play: Ark Loads Up $6M Worth Of Shares</a>
Why It Matters: The Fed chair pointed to increased productivity as a key factor in recent economic performance, noting that productivity growth over the past five years has outpaced the two decades before the pandemic. This strength, Powell suggested, allows for a more measured approach to monetary policy decisions.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the benchmark S&amp;P 500 index, fell 0.64% as investors recalibrated their rate cut expectations. Technology stocks felt the pressure, with the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), representing the Nasdaq-100 index, declining 0.69%. Small-cap stocks bore the brunt of the selling, as evidenced by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) dropping 1.35%, according to <a href="https://www.benzinga.com/pro/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Powell&#8217;s remarks triggered a sharp <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">repricing</a> in rate cut expectations, with the CME FedWatch Tool showing the probability of a December rate reduction falling to 58.9% from nearly 80%. This shift came after Powell emphasized the economy&#8217;s remarkable strength and indicated no urgency to lower rates.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/41998381/tesla-earnings-will-be-hit-hardest-if-7500-ev-credit-is-cut-warns-gary-black-citing-80-dependence-on-ev-sales-please-do-the-math">Tesla Earnings Will Be Hit Hardest If $7.5K EV Credit Gets Cut By Trump, Warns Gary Black: &#8216;Do The Math&#8217;</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Federal Reserve

Markets

Mohamed El-Erian Criticizes Fed Chair Powell's Interview Performance: 'He Struggled With Some Of The Smart Questions'

Federal Reserve Chair Jerome Powell's unexpectedly hawkish remarks on Thursday sent markets into a tailspin. Major U.S. equity indices closed in the red, and the dollar soared for <a href="https://www.benzinga.com/topic/interest-rates">a fifth consecutive session</a>.
In a speech to Dallas business leaders, Powell highlighted the remarkable strength of the U.S. economy, indicating that there's no need for the Fed to &#8220;be in a hurry to lower rates.&#8221;
He reiterated the central bank's commitment to reaching its 2% inflation target, stressing the need for careful decision-making as inflation remains above desired levels.
He highlighted productivity gains, which he said have &#8220;grown faster over the past five years than at any point in the two decades preceding the pandemic,&#8221; positioning the U.S. economy as &#8220;the best-performing among major economies.&#8221;
Addressing the October <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41971830/producer-inflation-rises-more-than-expected-in-october-should-traders-rethink-interest-rate-cut-path">producer price index (PPI) uptick</a>, Powell labeled it &#8220;more than an upward bump&#8221; but maintained confidence in the trajectory toward the 2% inflation goal.
<h3 class="wp-block-heading">Markets Reassess Interest Rate Path: Traders Are Less Confident On A December Cut</h3>
Powell&#8217;s comments impacted the interest-rate market, with fed futures now reflecting a reduced likelihood of a 25-basis-point cut in December. 
The CME FedWatch tool shows the odds of such a move dropped to 58%, sharply down from around 80% earlier in the day.
The S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), closed down 0.6%, fully erasing gains from last week&#8217;s rate cut. Energy was the only sector in positive territory, rising 0.4%, while industrials and health care led declines, each down 0.7%.
Top performers in the S&amp;P 500 included Tapestry Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPR#NYSE">TPR</a>), Wynn Resorts Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>), and First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), which rose 12.8%, 8.7%, and 7.2%, respectively. Among the laggards were Leidos Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LDOS#NYSE">LDOS</a>) and Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), down 13.6% and 11.4%, respectively.
Tech stocks, as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), declined 0.7%, marking a fourth consecutive loss. Blue chips followed by the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) slipped 0.5%, while small caps in the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) underperformed, falling 1.3%.
The dollar continued to attract liquidity, with the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) logging a fifth consecutive gain, reaching levels last seen in late October 2023.
Treasury yields also rose, with the 10-year yield closing at 4.46%. Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), marked its fifth straight loss.
In crypto markets, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 1.7% lower in the past 24 hours to $88,013 at 5:21 p.m. ET, on track for its worst day in November.
Read Next:
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41984852/trumps-red-wave-pushes-emerging-market-stocks-to-2-month-lows-volatility-expected-to-remain-elevated">Trump&#8217;s Red Wave Pushes Emerging Market Stocks To 2-Month Lows: Volatility &#8216;Expected To Remain Elevated&#8217; </a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Currency ETFs

Treasuries

FSLR

LDOS

WYNN

Powell's Hawkish Remarks Shake Markets: Stocks Fall, Dollar Rockets, Bitcoin Dips

Trading Ideas

LBRDA

MCHP

Soros Fund Management 13F Shows Added Put Position In SPDR S&P 500 ETF With 2,123,000 Shares; Added Stake In Smurfit Westrock With 6,896,971 Shares; Added Put Position In Ishares Russell 2000 ETF With 800,000 Shares; Added Stake In Microchip Technology Convertible Notes With $130.3M In Principal;  Added Stake In Liberty Broadband Corp With 1,119,893 Shares; Added Stake In AstraZeneca With 2,652,771 Shares

Federal Reserve Chair Jerome Powell indicated Thursday the remarkable strength of the U.S. economy is not sending any signals that policymakers &#8220;need to be in a <a href="https://www.benzinga.com/topic/interest-rates">hurry to lower rates.&#8221;</a>
Powell&#8217;s remarks came at an event organized by the Dallas Regional Chamber on Thursday, just a week after his press conference following the November Federal Reserve meeting.
&#8220;Inflation is running much closer to our 2% longer-run goal, but it is not there yet. We are committed to finishing the job,&#8221; Powell said. 
The Fed chair hinted that interest rates may be moving &#8220;to a more neutral setting,&#8221; but stressed that &#8220;the path for getting there is not preset.&#8221;
<h3 class="wp-block-heading">Powell Hints At Economic Strength, Warns About Risk Of Tariff Retaliations</h3>
Powell described the U.S. economy&#8217;s recent performance as &#8220;by far the best of any major economy in the world.&#8221; He attributed this strength in part to increased productivity.
&#8220;Productivity has grown faster over the past five years than its pace in the two decades before the pandemic, increasing the productive capacity of the economy and allowing rapid economic growth without overheating,&#8221; he said.
This resilience in the economy, according to Powell, gives the Federal Reserve the flexibility to &#8220;approach our decisions carefully,&#8221; though he underscored that the future path of interest rates would depend on how incoming data and economic forecasts evolve.
Powell expressed confidence that, with careful adjustments to the Fed's policy stance, the strength of both the economy and the labor market could be preserved, while inflation trends back down to the Fed&#8217;s 2% target.
Regarding the labor market, Powell downplayed the significance of the October jobs report, noting it was influenced by temporary factors such as hurricanes and labor strikes.
He also indicated no urgency to change Fed policy in response to potential shifts in fiscal policy under the new Trump&#8217;s administration.
&#8220;It takes quite a long time to get a bill through Congress. We have time to make assessments about what the net effects of policy changes will be on the economy before we work with policy,&#8221; he said.
Powell reiterated his concern over the U.S. fiscal trajectory, calling it &#8220;unsustainable.&#8221; 
&#8220;We have a very large deficit at a time when we&#8217;re at full employment,&#8221; Powell said, adding that he and recommended addressing it &#8220;sooner rather than later.&#8221;
When asked about the impact of higher trade tariffs on monetary policy, Powell was cautious but said scenarios involving retaliatory measures from other countries would require close monitoring by the Fed.
<h3 class="wp-block-heading">Market Reactions</h3>
Powell's cautious remarks about the path for interest rates led to a sharp repricing of December rate cut expectations. 
According to the CME FedWatch tool, the probability of a 25-basis-point rate cut in December has dropped, with Fed futures now indicating a 62% chance, down from prior estimates of nearly 80%.
In response, the U.S. dollar rallied, extending its winning streak to five sessions. Treasury yields also reversed course, with significant gains across the curve as investors adjusted their rate expectations. The yield on the two-year Treasury note, which is particularly sensitive to Fed policy shifts, jumped 6 basis points to 4.34%.
Equity markets reacted negatively to Powell's tone. Major U.S. indices turned lower, with the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), down 0.7%. The tech-heavy Nasdaq-100, represented by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), slipped 0.8%.
Small-cap stocks suffered the most, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) dropping 1.3%, signaling broader risk aversion among investors. 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Dallas Regional Chamber: Global Perspectives with Federal Reserve Chair Jerome Powell" width="500" height="281" src="https://www.youtube.com/embed/vhbdv8jXmvQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Read Next:
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41971830/producer-inflation-rises-more-than-expected-in-october-should-traders-rethink-interest-rate-cut-path">Producer Inflation Rises More Than Expected In October: Should Traders Rethink Interest Rate Cut Path?</a></li>
</ul>
Photo: Jerome Powell at the Nov. 7 FOMC press conference. Photo courtesy of the Federal Reserve.

Powell: With Strong US Economy, Fed Has 'No Need To Be In A Hurry To Lower Rates'

ETSY

MTCH

Elliott Investment Management 13F Shows Increased Put Position In Select Sector SPDR Energy ETF From 14,500,000 To 22,600,000 Shares; Increased Stake In Match Group By 3% From 11,705,013 To 12,054,832 Shares; Etsy By 11% From 4,500,000 To 5,000,000 Shares; Put Position In Ishares Russell 2000 ETF By 25% From 1,000,000 To 1,250,000 Shares; Liberty Broadband Corp By 9% From 2,192,858 To 2,384,481 Shares; Western Digital Corp By 90% From 1,185,000 Shares To 2,250,000 Shares

JETS

Elliott Investment Management 13F Shows Added Put Position In SPDR S&P 500 ETF With 7,200,000 Shares; Added Stake In XLU With 1,460,000 Shares; Added Call Position In Arm Holdings With 800,000 Shares; Added Call Position In Texas Instruments With 500,000 Shares; Added Stake In IWM Put Position With 1,250,000 Shares; Added Stake In JETS Put Position With 12,800,000 Shares; Added Stake In Marriott International Put Position With 200,000 Shares

Major indexes are lower following Oct. PPI data.

The Federal Reserve Has Engineered A Recess Of Its Asset Hemorrhaging

This weekly Extreme Positions report highlights the Most Bullish and Most Bearish Positions for the speculator category. Extreme positioning in these markets can foreshadow strong moves in the underlying market.

Speculator Extremes: Ultra T-Bonds, AUD, 5-Year & USD Index Lead Bullish & Bearish Positions

Major US equity indices experienced a gap-up breakout on November 6, after it became apparent that the presidential election from the previous day was won by Donald Trump. Last week, those breakouts were successfully retested.

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Markets Do Cartwheels In Response To Traditional Pick For U.S. Treasury Secretary

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