Thursday’s US Equity Market Update: Mixed Performance and Latest Economic Data
WHAT YOU SHOULD KNOW
- The SPDR S&P 500 ETF Trust (SPY) rose 0.3%, while the SPDR Dow Jones Industrial Average ETF (DIA) increased by 0.2%. The Invesco QQQ Trust (QQQ) showed the strongest performance, rising 0.7%.
- First Solar Inc. (FSLR) rose 6% following a solar module deal with Energix. AT&T Inc. (T) dropped about 5% due to a recent decline following a Wall Street Journal investigation.
- The Technology Select Sector SPDR Fund (XLK) and Financial Select Sector SPDR Fund (XLF) outperformed, both gaining 1%.
Major US equity ETFs displayed mixed performance in Thursday’s midday trading. The SPDR S&P 500 ETF Trust (SPY) increased by 0.3% to $450.66, while the SPDR Dow Jones Industrial Average ETF (DIA) rose 0.2% to $345.85. The Invesco QQQ Trust (QQQ) performed the strongest, with a 0.7% increase to $381.57. The Technology Select Sector SPDR Fund (XLK) and the Financial Select Sector SPDR Fund (XLF) outperformed, both rising by 1%. On the other hand, the Real Estate Select Sector SPDR Fund (XLRE) and the Energy Select Sector SPDR Fund (XLE) underperformed, declining by 0.6% and 0.5% respectively.
Several stocks garnered attention during the trading session. First Solar Inc. (FSLR) experienced a 6% increase, driven by a solar module deal with Energix. AT&T Inc. (T) faced a decline of about 5%, on track for its lowest close in 30 years following a Wall Street Journal investigation. Apellis Pharmaceuticals Inc. (APLS) fell by 21%, its largest one-day percentage decline since September 2021, as doctors reported intraocular inflammation (IOI) after treatment with its Syfovre product. Tesla witnessed a 2.5% rise in premarket trading, driven by the production of its first Cybertruck and anticipation for its upcoming earnings report. Additionally, Activision Blizzard, Inc. (ATVI) rallied over 3% after the Federal Trade Commission’s failed appeal to block the company’s deal with Microsoft Corp. (MSFT).
In the commodities and bonds market, crude oil fell 1% to $74.40 per barrel, while Treasury yields experienced slight fluctuations. The US dollar index (tracked by the Invesco DB USD Index Bullish Fund ETF UUP) declined by 0.1%, and the EUR/USD pair (tracked by the Invesco CurrencyShares Euro Currency Trust FXE) increased by 0.1% to 1.1234. European equity indexes closed positively, except for the SPDR DJ Euro STOXX 50 ETF (FEZ), which fell by 0.4%. Gold remained steady at $1,955/oz, the SPDR Gold Trust (FEZ) remained flat at $177, and silver declined by 0.4% to $24.80. Bitcoin (BTC/USD) experienced a slight 0.1% decrease, trading at $30,207.
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