Gold Hits $4,270, Bitcoin Plunges Below $110,000: Markets Today – VanEck Gold Miners ETF (ARCA:GDX)

In an otherwise cautious session on Wall Street, gold and silver stole the spotlight once again, with both precious metals pushing to fresh record highs — gold touching $4,270 per ounce and silver climbing to $53.90.

• GDX is reaching significant price levels. See what is driving the movement here.

Thursday’s 1.5% gain in gold positions it to close its 14th positive session out of the past 16, extending its year-to-date rally to 63%, putting it well on track for the best annual performance since 1979.

Gold miners are riding the wave higher. The VanEck Gold Miners ETF (NYSE:GDX) rose another 4% Thursday, after gaining 3.9% the day before. That brings the fund’s weekly gain to 12%, while its year-to-date return now sits at a staggering 150%, outperforming every other equity industry tracked on Wall Street.

By comparison, the Global X Artificial Intelligence & Technology ETF (NYSE:AIQ) — a popular vehicle for AI-focused names — is up just 30% year-to-date.

Fueling Thursday’s rally in precious metals were dovish comments from Federal Reserve Gov. Christopher Waller, who expressed support for another rate cut at the upcoming Federal Open Market Committee (FOMC) meeting.

“Based on all of the data we have on the labor market, I believe that the FOMC should reduce the policy rate another 25 basis points,” Waller said, adding that policy should move toward a “neutral level,” which he estimates is 100 to 125 basis points lower than current levels.

The S&P 500, Nasdaq 100 and Dow Jones Industrial Average all hovered near unchanged levels Thursday, while the Russell 2000 slipped 1%, reflecting weakness in small caps.

Semiconductor stocks stood out on the upside after Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) beat earnings forecasts and delivered upbeat guidance. Micron Technology Inc. (NASDAQ:MU) jumped nearly 6%, while NVIDIA Corp. (NASDAQ:NVDA) and Broadcom Inc. (NASDAQ:AVGO) each added around 1%.

Meanwhile, the crypto market turned lower again. Bitcoin (CRYPTO: BTC) fell more than 2% to $108,000, marking its third consecutive daily loss and bringing it close to its lowest level since July. Ethereum (CRYPTO: ETH) dropped 2.7%, while Solana (CRYPTO: SOL) plunged nearly 4%.

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

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) flattened at $610.87.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.1% lower to $462.05.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) edged 0.2% higher to $603.54.
• The iShares Russell 2000 ETF (NYSE:IWM) fell 1% to $247.83.
• The Real Estate Select Sector SPDR Fund (NYSE:XLRE) outperformed, up 0.5%; the Financials Select Sector SPDR Fund (NYSE:XLF) lagged, down 1.3%.

Thursday’s Earnings Movers

Stocks moving on earnings reports included:

• Charles Schwab Corporation (NYSE:SCHW) up 0.9%
• Marsh & McLennan Companies, Inc. (NYSE:MMC) down 5.6%
• Bank of New York Mellon Corp (NYSE:BK) up 0.4%
• U.S. Bancorp (NYSE:USB) up 0.5%
• Kinder Morgan, Inc. (NYSE:KMI) down 0.9%
• Travelers Companies, Inc. (NYSE:TRV) down 2.6%
• United Airlines Holdings, Inc. (NASDAQ:UAL) down 9.4%
• M&T Bank Corporation (NYSE:MTB) down 2.6%
• KeyCorp (NYSE:KEY) down 3.7%
• Snap-on Incorporated (NYSE:SNA) up 4.3%
• J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) up 19.7%
• Rexford Industrial Realty, Inc. (NYSE:REXR) up 1.9%
• First Industrial Realty Trust, Inc. (NYSE:FR) up 1.4%
• Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) down 2.7%
• MarketAxess Holdings Inc. (NASDAQ:MKTX) down 0.8%
• Synovus Financial Corp. (NYSE:SNV) down 2.7%

Stocks slated to report after the close include CSX Corp. (NASDAQ:CSX), Interactive Brokers Group, Inc. (NASDAQ:IBKR), Watsco, Inc. (NYSE:WSO) and MarketAxess Holdings Inc. (NASDAQ:MKTX).

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