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Wall Street Edges Higher, Small Caps Eye Best Month In 3 Years, Bitcoin Rebounds: What's Driving Markets Wednesday?

Published 20/12/2023, 18:47
Updated 20/12/2023, 20:10
© Reuters.  Wall Street Edges Higher, Small Caps Eye Best Month In 3 Years, Bitcoin Rebounds: What's Driving Markets Wednesday?

Benzinga - by Piero Cingari, Benzinga Staff Writer.

Stocks inched higher during midday trading in New York on Wednesday, with the momentum carrying over from the previous day when the tech-heavy Nasdaq 100 achieved fresh record highs.

The percentage of S&P 500 stocks trading above the 50-day moving average has surged to 90%, reaching its peak for the year.

Small-cap stocks, as tracked by the iShares Russell 2000 ETF (NYSE:IWM), continue to outperform large-cap counterparts, boosting their month-to-date performance to 12.5%, the strongest since November 2020.

Treasury yields remained relatively stable, with the 10-year yield at 3.9% and the 30-year yield hovering around 4%. The dollar has seen a 0.2% increase.

Among commodities, gold dipped by 0.4%, while silver gained 1%. WTI crude oil remained flat at $74.

The standout performer of the day is Bitcoin (CRYPTO: BTC), which saw a 3.5% increase. James Seyffart, an ETF research analyst at Bloomberg Intelligence, reported BlackRock updated its S-1 filing with the SEC.

Chart of The Day: 90% Of S&P 500 Stocks Above 50-Day Average

Wednesday Performance In Major US Indices, ETFs

Major Indices & ETFs Price % Change
Russell 2000 2,038.78 0.9%
Dow Jones 37,642.65 0.2%
Nasdaq 100 16,839.46 0.2%
S&P 500 4,775.07 0.1%

The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.1% higher to $475.53, the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) was 0.2% higher to $376.20 and the Invesco QQQ Trust (NASDAQ:QQQ) inched 0.2% up to $409.80, according to Benzinga Pro data.

Sector-wise, the Energy Select Sector SPDR Fund (NYSE:XLB) and the Communication Services Select Sector SPDR Fund (NYSE:XLC) outperformed, both up 0.8%. Staples, as tracked by the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) lagged behind, down 0.9%.

Among industries, miners and oil and gas, as tracked by the SPDR Metal and Mining (NYSE:XME) and the VanEck Oil Services ETF (NYSE:OIH), outperformed, up 1%. The iShares Biotechnology ETF (NYSE:IBB) was the underperformer, down 1%.

S&P Sector ETFs % Change
Energy +0.9%
Communications +0.8%
Real Estate +0.4%
Technology +0.2%
Consumer Discretionary +0.1%
Industrials +0.1%
Health Care 0.0%
Materials -0.1%
Financials -0.1%
Utilities -0.4%
Consumer Staples -0.9%

Wednesday’s Stock Movers

  • The Toro Company (NYSE:TTC) rose 9% on better-than-expected quarterly results.
  • FedEx Corp. (NYSE:FDX) fell over 10% on disappointing quarterly results.
  • DXC Technology Company (NYSE:DXC) traded over 8% lower after the company disclosed a management change.
  • Exact Sciences Corp. (NASDAQ:EXAS) rose by 4% after surging by 7.5% a day earlier, after Guggenheim initiated coverage on Exact Sciences with a Buy rating and announced a price target of $90.
  • Aon plc (NYSE:AON) tumbled 6% after the company announced a deal to buy property and casualty insurance broker NFP for $13.4 billion, to be financed by cash and share issuances, as it looks to expand in segments such as risk, benefits, wealth, and retirement plan advisory.
Read now: Long-Duration Treasury Bonds Enter Bull Market: What Lies Ahead In 2024?

Photo via Shutterstock.

© 2023 Benzinga does not provide investment advice. All rights reserved.

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