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The Federal Reserve's third consecutive interest rate cut boosted investor sentiment, leading to gains in high-beta stocks like clean energy and crypto mining. Cipher Mining's stock is near recent highs. The Russell 2000 index surged 1% to 2,550 points, benefiting small-cap stocks due to lower borrowing costs. Dow Jones, S&P 500, and Nasdaq 100 saw slight gains.
The S&P 500 dropped 100 points amid tech sell-offs, with Broadcom, Nvidia, Microsoft, and Google facing declines. Despite calm appearances, capital is shifting to financials, Walmart, Boeing, and Tesla. Bond market stress and tech weakness may end this rotation, risking broader market declines. A bearish position in XLF was taken, awaiting higher correlation before further trades. Triple witching next Friday could trigger significant market movements.
Asian stock markets saw gains, with NIKKEI 225 up 1.37%, Shanghai up 0.41%, Hang Seng up 1.75%, ASX 200 up 1.23%, SENSEX up 0.53%, and Nifty50 up 0.57%. European markets declined, with CAC 40 down 0.21%, FTSE 100 down 0.56%, and DAX 30 down 0.45%. US markets also fell, with DJIA down 0.51%, S&P 500 down 1.07%, NASDAQ down 1.69%, and Russell 2000 down 1.51%. Oil prices and most commodities declined, while bonds showed mixed results.
Best Buy Co. Inc.'s stock fell 2.01% to $73.46 on Friday, underperforming compared to competitors like Apple and Home Depot. The stock is 19.87% below its 52-week high of $91.68. Trading volume was below the 50-day average. The S&P 500 and Dow Jones also fell, marking a grim trading session.
Genuine Parts Co. stock fell 1.80% to $131.55 on Friday, underperforming compared to competitors like Aptiv PLC, Cummins Inc., and LKQ Corp. The stock closed 8.31% below its 52-week high, snapping a two-day winning streak. Trading volume was significantly below its 50-day average. The S&P 500 and Dow Jones also fell during the session.
