The market is pricing in hope for the end of the war and the blockade of Hormuz and that led to a second day of gains for equities. Early in the day, it looked like the same kind of powerful strength that we saw yesterday but the enthusiasm faded later in the day
Closing changes:
- S&P 500 +0.7%
- Nasdaq Comp +1.1%
- Russell 2000 +0.85%
- Dow Jones Industrial Average +0.5%
- Toronto TSX Comp +0.6%
Memory names have come storming back after last week’s worries about a new Google architecture and the potential cancellation of OpenAI orders.
- Western Digital led the S&P 500 up 10.0%
- Micron +9.5%
- INTC 9.3%
- Seagate +8.5%
Miners and travel names were also strong:
- NEM +5.2%
- FCX +4.8%
- AAL +4.0%
Big cap tech wasn’t far behind:
- GOOG +2.8%
- TSLA +2.5%
- META +1.2%
- AMZN +1.1%
The big loser on the day was Nike, as it crashed 15% on lowered guidance. Home furnishing store RH was also crushed, down 19.3% as the housing market slump continues. Notably, oil companies continued to act like peace is coming with Exxon down 5.2%.
This article was written by Adam Button at investinglive.com.
