US Stocks Pause, Alphabet Falls on Gemini Issues, Tesla and Bitcoin Rise: What's Driving Markets on Monday? – Coinbase GLP (NASDAQ:COIN)

Wall Street showed a weak trend at the start of the week, with major indexes showing little change in midday trading outside New York.

Investors are anticipating a series of important economic data expected in the coming days.

the Standard & Poor's 500 The index saw a marginal decline of 0.2% to 5,080 points, reflecting that the market is holding its breath for clearer signals. Meanwhile, technology heavy Nasdaq 100 It found some support, rising by 0.2%, supported by a notable performance from the semiconductor sector.

Small-cap stocks have emerged as the distinct sector, with iShares Russell 2000 ETF (NYSE:IWM) rose 0.3%. The performance of blue-chip stocks remained largely unchanged.

Treasury yields trended higher across different maturities as traders continued to reduce their expectations for interest rate cuts from the Federal Reserve. Expectations have been trimmed to just 80 basis points of cuts for 2024, which translates to just over three full rate cuts currently.

the iShares 20+ Year Treasure Bond ETF (NASDAQ:TLT) fell by 0.7%, while the dollar stabilized. The precious metals sector witnessed a decline, as gold fell by 0.3% and silver lost 2% of its value.

Crude oil It showed resilience, with the price of West Texas Intermediate crude rising 1.8% to $78 a barrel, recouping almost all of the losses incurred last Friday.

In the field of cryptocurrencies, Bitcoin (CRYPTO: BTC) showed strength, gaining 3.5% to cross the $53,000 mark, indicating a strong start to the week for the digital asset.

Monday's performance in major indices and ETFs

the SPDR S&P 500 ETF (NYSE:SPY) fell 0.2% to $507.17 SPDR Dow Jones Industrial Average (NYSE:DIA) stock fell 0.1% to $391.08. Invesco QQQ Trust (NASDAQ:QQQ) rose 0.2% to $437.56, according to Benzinga Pro Data.

the Services Select the SPDR sector box (NYSE:XLU) was a notable underperformer, down 1.7%, while… Power box for selected sector SPDR (NYSE:XLE) was the biggest gainer, rising by 1.7%.

Stock movers on Wall Street on Monday

• Tesla company (NASDAQ:TSLA) rose nearly 4% amid a broader electric vehicle rally, supported by positive investor sentiment after Lee Automotive Company(NASDAQ:LI) reported excellent quarterly results. Their peers like New Company – ADR (NASDAQ:NEW), Rivian Automotive Company (NASDAQ: REVN), and Lucid Group Company (NASDAQ:LCID) also saw gains, rising 3.4%, 5.7%, and 2%, respectively.
• Crypto related stocks Marathon Digital Holdings Company (NASDAQ:MARA), Coinbase International Company (Nasdaq: Cowen) and Riot control platforms company (NASDAQ:RIOT) rose 20%, 14%, and 15%, respectively, as Bitcoin rose to $53,000.
• Palo Alto Networks Inc (NASDAQ:PANW) rose nearly 10%, recording the strongest performance among the S&P 500 and Nasdaq 100 indexes.
• Alphabet company (NASDAQ:GOOGL) fell 4% after analysts warned some Gemini ai Inaccuracy of the tool while creating images.
• R1 RCM Company (NASDAQ:RCM) rose 28% as a group of majority shareholders considered taking the healthcare provider private.
• Freshpet Company (NASDAQ:FRPT) rose 17% after the company reported better-than-expected results.
• Other companies were reacting to earnings Domino's Pizza Company. (NYSE:DPZ), up more than 5%; devotion National Information Services Company (NYSE:FIS), up 3%; Fakhr Al Hajjaj Company. (NYSE:PPC), up 7%; ITRON a company. (NASDAQ:ITRI), up more than 20% Public Service Institutions Group Limited (NYSE:PEG), down 1.9%.
• Companies reporting after closing are: Labor Day Company (NASDAQ:WDAI), UNIOC Company (NYSE: OKI), Zoom Video Communications Company (NASDAQ: ZM) and SBA Communications Company (NASDAQ:SPACK).

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