Stocks Pause As Traders Reassess Interest Rate Path, Gold Makes New Highs, Bitcoin Rebounds: What's Driving Markets Thursday?
Portfolio Pulse from Piero Cingari
U.S. equity indices were steady as traders reassessed interest rate cut expectations following comments from Fed Governor Christopher J. Waller. The U.S. GDP for Q4 was revised up to 3.4%, and gold reached new highs at $2,225 per ounce. Bitcoin rebounded beyond $70,700. The iShares Russell 2000 ETF outperformed large-cap indices. Stocks like Newmont Corp., Barrick Gold Corp., and Agnico Eagle Mines rallied with gold prices. Nikola Corp. surged on short squeeze rumors, and Estée Lauder rose after announcing a distribution deal with Amazon.
March 28, 2024 | 5:49 pm
News sentiment analysis
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POSITIVE IMPACT
Agnico Eagle Mines Ltd. increased by 2.7% due to the surge in gold prices.
The increase in Agnico Eagle Mines Ltd.'s stock price is a direct result of the surge in gold prices, indicating a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Estée Lauder rose over 6% after announcing a distribution deal with Amazon.
The significant rise in Estée Lauder's stock price following the announcement of a distribution deal with Amazon indicates a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Barrick Gold Corp. saw a 2.2% increase alongside rising gold prices.
Barrick Gold Corp.'s stock price increase is closely linked to the performance of gold prices, suggesting a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
iShares Russell 2000 ETF outperformed large-cap indices, indicating strong performance in small caps.
The outperformance of small caps as tracked by the iShares Russell 2000 ETF suggests a positive short-term outlook for IWM.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Newmont Corp. rallied 2.8% as gold prices reached new highs.
The rally in Newmont Corp. is directly tied to the surge in gold prices, indicating a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Nikola Corp. surged over 11% on rumors of a short squeeze.
The surge in Nikola Corp.'s stock price due to short squeeze rumors suggests a positive but potentially volatile short-term impact.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80