Stocks Set To Snap Worst Losing Streak In Nearly 2 Years, Gold Sinks, Bitcoin Reclaims

U.S. stocks are poised to break a six-day losing streak, marking the end of the longest downward trend since September 2022.

At noon trading in New York on Monday, major indices all traded higher, indicating modest gains, as investors prepare for a week jam-packed with pivotal earnings reports from major corporations, including Visa Inc. (NYSE:V), Tesla Inc. (NASDAQ:TSLA), Meta Platforms Inc. (NASDAQ:META), Microsoft Corp. (NYSE:MSFT), and Alphabet Inc. (NASDAQ:GOOGL)(NASDAQ:GOOG).

Easing geopolitical tensions in the Middle East bolstered market sentiment but exerted downward pressure on key global commodities.

Gold plunged 2.5% to $2,330 per ounce, marking its most significant single-day decline since June 2022, while silver tumbled 5%, poised for its worst daily performance since last October.

Oil prices were broadly steady, erasing early session losses, with the West Texas Intermediate (WTI) light crude trading at $82 a barrel.

Treasury yields saw no movements, amid lack of rate-sensitive data.

Positive risk sentiment aided Bitcoin (CRYPTO: BTC), with the largest cryptocurrency rising above $66,000, on track for its highest close in more than a week.

Monday’s Performance In Major U.S. Indices, ETFs

Updated at 1:30 p.m. EDT

The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 1% to $500.03, the SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.8%% to $383.02 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rallied 1% to $417.03, according to Benzinga Pro data.

Small caps, as tracked by the iShares Russell 2000 ETF (NYSE:IWM), soared 1.2%.

Sector-wise, the Financials Select Sector SPDR Fund (NYSE:XLF) outperformed, up 1.4%, followed by the Industrials Select Sector SPDR Fund (NYSE:XLI), up 1%. The Materials Select Sector SPDR Fund (NYSE:XLB) was the major laggard, up 0.2%.

Monday’s Stock Movers

• Ford Motor Co. (NYSE:F) rose over 5%, emerging as the top performer within the S&P 500, potentially driven by heightened anticipation surrounding the automaker’s forthcoming quarterly results scheduled for unveiling this Wednesday.

• Wolfspeed Inc. (NYSE:WOLF) surged nearly 10% following reports that activist investor Jana Partners is pushing the world’s largest silicon carbide manufacturer to explore various avenues to enhance shareholder value, including the possibility of a sale.

• Informatica Inc. (NYSE:INFA) saw a decrease of over 8% as the company confirmed it is not presently involved in any acquisition discussions.

• Coinbase Global Inc. (NASDAQ:COIN) rose over 5% amid the broader cryptocurrency market rebound.

• Cardinal Health Inc. (NYSE:CAH) experienced a 5% decline following the company’s announcement that its pharmaceutical distribution contracts with UnitedHealth Group Inc.‘s (NYSE:UNH) OptumRx unit will not be renewed after expiring at the end of June.

• Newmont Corporation (NYSE:NEM) tumbled over 3%, as gold prices fell.

Story continues

Read Now: S&P 500 Trades At Two-Month Low: Where Is The Next Support?

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This article Stocks Set To Snap Worst Losing Streak In Nearly 2 Years, Gold Sinks, Bitcoin Reclaims $66,000: What’s Driving Markets Monday? originally appeared on Benzinga.com

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