2 minutes ago
Gold mining stocks rise this week as metal prices hit new intraday record
Shares of gold mining companies rose this week as the price of gold reached new highs.
Gold hit an intraday record high of 2,487.4 on Wednesday. Despite falling in the premarket on Wednesday, the VanEck Gold Miners ETF (GDX) was up about 2.5% for the week, buoyed by gains of at least 7% in Harmony Gold, DRD Gold and SSR Mining.
The ETF is up more than 26% in 2024.
— Alex Harring and Gina Francola
28 minutes ago
Small caps set to fall after five days of big gains
Small-cap stocks are set to pull back on Wednesday after five days of incredible gains. The iShares Russell 2000 ETF (IWM), which tracks the small-cap benchmark, fell 0.7% in premarket trading.
The Russell 2000 Index has risen more than 1% for five consecutive days, just the fifth time since 1979. In Tuesday’s trading, the index hit its highest level since January 2022, according to Bespoke Investment Group.
Last week, small-cap stocks took the baton from large technology stocks and led the bull market on hopes that lower interest rates will broaden the economic recovery and favor small caps.
The small-cap index has risen 12.8% over the past month, triple the S&P 500’s gain.
See the chart…
iShares Russell 2000 ETF
55 minutes ago
Novo Nordisk, Eli Lilly and Roche fall after encouraging drug data
Shares in Novo Nordisk and Eli Lilly fell in pre-market trading on Wednesday after Roche published promising early-stage trial data for its latest obesity treatment candidate.
Shares of Novo and Eli Lilly, the maker of the drug Wegobee and Zepbound, both fell more than 3% in premarket trading.
Switzerland’s Roche said in the first phase that the experimental once-daily pill led to an average 6.1 percent weight loss within four weeks, when adjusted for a placebo, in obese patients without type 2 diabetes. The drug candidate grew out of the company’s acquisition of Calmot Therapeutics, which closed earlier this year.
— Alex Harring and Karen Gilchrist
1 hour ago
Semiconductor stocks under pressure
13 hours ago
If elected, President Trump will allow Federal Reserve Chairman Jerome Powell to serve out his term, Bloomberg reported.
Republican presidential candidate Donald Trump said in an interview with Bloomberg Businessweek that he would allow Federal Reserve Chairman Jerome Powell to complete his term if elected in November.
“I would let him serve out his term, especially if I think he’s doing the right thing,” Trump told Bloomberg. Powell is serving his second four-year term as Fed chair, which ends in early 2026.
Powell first became Fed chair in 2018 and has long faced criticism from then-President Trump over his interest rate policy.
As recently as February, President Trump told Fox Business that he had no intention of reappointing Powell as Fed chair.
Darla Mercado
13 hours ago
The Russell 2000 had a historic performance on Tuesday, according to Bespoke Investment Group.
A rally in small-cap stocks on Tuesday helped make the Russell 2000 the most overbought daily of the major U.S. stock indexes, according to Bespoke Investment Group.
“History was made today. The Russell 2000 Index closed 4.4 standard deviations above its 50-day moving average. No other major US index (Dow since 1900, S&P 500 since 1928, Nasdaq since 1971) has closed at such extreme levels,” the company said in a post on X.
The Russell index rose 3.5% during Tuesday’s trading session, marking a fifth straight day of gains, as investors flocked to small-cap stocks on hopes that interest rate cuts would improve borrowing conditions for small caps.
Pia Singh
14 hours ago
