Russell 2000 stocks jumped early Monday to rebound from a tough week last week — the indexes biggest weekly drop since the start of the year. Metals exchange A-Mark jumped to lead precious metals and gold miner stocks, which slipped after posting modest gains Monday morning. Meanwhile, bitcoin miners Marathon Digital, CleanSpark and Riot Platforms, reversed lower following an early advance as bitcoin topped $72,000.
On the heels of last week's decline, the Russell 2000 posted a 1.8% for the year through Friday. However, it trails the Nasdaq's 8.2% rise and the S&P 500's 9.1% advance
Gold Stocks Climb
A-Mark Precious Metals leapt 19.3% Monday morning with gold prices near record highs. The precious metals exchange owns sliver.com and acquired the gold.com domain on March 11 through its subsidiary JM Bullion.
Gold prices have soared around 12% this year so far and topped $2,300 per troy ounce. Meanwhile, The June gold delivery contract sits near a record high, topping $2,300. Gold futures have gained about 27% since the Oct. 6 low.
AMRK stock jumped 6.5% Friday to push above its 200-day moving average. Shares advanced 29% in 2024, but remain about 4% below their closing high set last year in July.
Barrick Gold, Newmont, Franco-Nevada and Agnico-Eagle Mines faded between 0.6% and 1.8% Monday after climbing about 1% in early trade.
The SPDR Gold Shares ETF ticked up 0.6% Monday. GLD shares are extended above a buy zone following a March 1 breakout from a double-bottom base. The SPDR Gold ETF rallied 13.3% so far this year and is trading at record highs.
Bitcoin Sparks Miner Rally
Elsewhere, bitcoin surged about 4.2% over the past 24 hours to jump to $72,300 Monday morning, prompting a brief rally for bitcoin miners. Bitcoin eased back to $71,500 by Monday afternoon. The cryptocurrency on March 14 hit a new all-time high of $73,798 but has struggled to maintain that level.
Marathon Digital slid 2.6% Monday to mark six straight daily declines. MARA stock gained 6.7% early Monday. Shares have fallen about 47% from their Feb. 28 high of 34.09.
IBD 50 member CleanSpark fell 1.5% Monday after spiking 8.2% in the morning. The move put CLSK stock below its 50-day moving average after declining the past nine trading sessions. Still, CleanSpark rallied more than 39% year-to-date.
Riot Platforms reversed to post a 1.5% decline Monday after advancing 5.6% in early trade. RIOT stock tumbled 35% so far this year and is trading below its key moving averages.
Meanwhile, the upcoming halving event scheduled for around April 20 should drive bitcoin higher in 2024.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
