Crypto Updates

S&P 500 Flirts With 5,000 As Magnificent 7 Tops $13 Trillion, NYCB Sinks: What’s Driving Markets Wednesday?

Veteran Trader Peter Brandt Asks Macro Guru If Bitcoin Bull Has Finally Awoken From Deep Slumber

Wednesday is a bullish day on Wall Street, with major large-cap indices extending record highs, aided by robust corporate earnings. Despite the overall market optimism, concerns linger within segments such as regional banks, highlighting investor caution.

The S&P 500 surged to an intraday high of 4,995 points, inching up 0.6%, while the tech-centric Nasdaq 100 slightly outpaced it with a gain of 0.8%. Small-cap stocks experienced a modest dip, declining by 0.3%.

The so-called Magnificent Seven — Apple Inc. (NASDAQ:AAPL), Microsoft Corp. (NYSE:MSFT), Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), Amazon Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META), NVIDIA Corp. (NASDAQ:NVDA) and Tesla, Inc. (NASDAQ:TSLA) — collectively exceeded a market capitalization of $13 trillion, underscoring their dominant market presence.

Market movements were relatively muted in both Treasury yields and the dollar, even as Federal Reserve officials Neel Kashkari, Ariana Kugler and Susan Collins made statements Wednesday, reinforcing the message that the central bank is not poised to cut rates in the immediate future.

New York Community Bancorp (NYSE:NYCB) saw a further 8% decline following downgrades by Moody’s and Fitch to its credit rating, accompanied by Bank of America and JPMorgan adjusting their stock recommendations from Overweight to Neutral.

In the cryptocurrency space, Bitcoin (CRYPTO: BTC) advanced 1.3% to $43,600, positioning itself for the highest close since Jan. 12.

Wednesday’s Performance In Major Indices, ETFs

Index Price Change (%)
Nasdaq 100 17,727.93 0.9%
S&P 500 4,989.72 0.7%
Dow Jones 38,676.39 0.4%
Russell 2000 1,947.92 -0.4%

The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.7% higher to $497.13, the SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.4% to $386.51 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rose 0.8% to $430.97, according to Benzinga Pro data.

Sector-wise, the Consumer Discretionary SPDR Select Sector Fund (NYSE:XLY) outperformed, up 0.9%, followed by the Technology SPDR Select Sector Fund (NYSE:XLK), up 0.8%.

The Energy SPDR Select Sector Fund (NYSE:XLE), down 0.2%, was the laggard.

Wednesday’s Stock Movers

Emerson Electric (NYSE:EMR) rose over 11% after reporting stronger-than-expected earnings.
Snap Inc. (NYSE:SNAP) fell 35% after missing revenue…

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