Stocks Edge Up As Producer Inflation Supports Rate Cut Bets, Small Caps, Miners Rally: What's Driving Markets Thursday?
Portfolio Pulse from Piero Cingari
Wall Street saw slight gains on Thursday, with small caps leading the way. The Russell 2000 index surged 1.2%, driven by mixed inflation data and stable jobless claims. Gold and silver prices rose, boosting mining stocks and ETFs like GDX and SIL. Notable stock movements included Newmont Corp. rising 4.5% and Moderna Inc. falling over 14%.
September 12, 2024 | 5:34 pm
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POSITIVE IMPACT
The VanEck Gold Miners ETF surged 4.3% as gold prices hit a new all-time high, driven by macroeconomic factors.
Gold prices reached a new all-time high, boosting mining stocks and ETFs like GDX. This is likely to positively impact GDX in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Medical Properties Trust, Inc rallied over 17% after disclosing a global settlement with tenant Steward Health Care System.
The global settlement with Steward Health Care System is a positive development for MPW, likely boosting its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
Newmont Corp. shares soared 4.5% after BNP Paribas raised its price target from $58 to $65.
The increase in price target by BNP Paribas is a positive signal for investors, likely boosting Newmont's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The Global X Silver Miners ETF rose over 5% as silver prices rallied 3.8%, marking its best session since December 2023.
Silver prices saw a strong uptick, which pushed SIL up by more than 5%. This is likely to positively impact SIL in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Moderna Inc. plunged over 14% after announcing plans to cut annual R&D spending by $1.1 billion starting in 2027, with projected 2025 revenue below expectations.
Moderna's announcement of R&D cuts and lower-than-expected revenue projections is likely to negatively impact its stock price in the short term.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Micron Technology Inc. fell by about 3.5% after Raymond James lowered its price target from $160 to $125.
The reduction in price target by Raymond James is a negative signal for investors, likely impacting Micron's stock price negatively in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85