“Magnificent Seven” Stocks Down while Bitcoin Up

Posted on March 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

STATE OF THE UNION EVENING

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  • Markets: Stocks rose yesterday as investors watched Jerome Powell tell lawmakers that he still expects to cut interest rates this year, just not right away.
  • Stock spotlight: Troubled regional lender New York Community Bancorp, which fell 40% before soaring back up after announcing it’s getting $1 billion from investors, including ex-Treasury Secretary Steven Mnuchin’s firm.

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Meanwhile, Stocks tumbled on Tuesday as several of the “Magnificent Seven” tech giants shed some of their gains from earlier this year, dragging the entire market with them. One of those companies was Apple, which fell about 3% after a report suggested that iPhone sales in China have plunged in the first six weeks of 2024.

And, Bitcoin set a new record yesterday, briefly jumping past $69k before falling back down to ~$62k. The rally highlighted the crypto’s seemingly rapid recovery from the nail-in-the-coffin that was FTX’s demise in 2022.

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DAILY UPDATE: Stock Markets Unchanged

Posted on February 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks rose yesterday as investors mulled earnings reports that beat expectations from companies like Palantir and Spotify. But not every company had good news to share: Snap plunged after hours when it reported less revenue than expected and said the Middle East conflict was a headwind to growth. Meanwhile, New York Community Bancorp fell to its lowest since 1997, and Moody’s downgraded it to junk.

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 11.42 points (0.2%) to 4,954.23; the Dow Jones Industrial Average® (DJI) gained 141.24 points (0.4%) to 38,521.36; the NASDAQ Composite® (COMP)added 11.32 points (0.1%) to 15,609.00.
  • The 10-year Treasury note yield (TNX) fell about 7 basis points to 4.089%.
  • The CBOE Volatility Index® (VIX) dropped 0.60 to 13.07.

Transportation shares were among the strongest performers Tuesday behind strength in United Parcel Service (UPS), which jumped 4.8% following an analyst upgrade. The Dow Jones Transportation Average (DJT) rose 2.1% to end at its highest level since late December. Energy shares also firmed as WTI Crude Oil (/CL) futures gained 1%. 

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