The S&P 500 Index ($SPX) (SPY) today is up +0.46%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.14%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.86%. September E-mini S&P futures (ESU26) are up +0.43%, and September E-mini Nasdaq futures (NQU26) are up +0.78%.
Stock indexes are mostly higher today amid a rebound in chipmakers. Short covering emerged in chipmakers and AI-infrastructure stocks ahead of earnings results of megacap technology stocks this week, beginning with Alphabet on Wednesday. Stocks also found support after crude oil prices fell from their highs on signs that diplomatic efforts to end the US-Iran war were ongoing. Weakness in software stocks today is limiting the overall market's upside.
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Geopolitical risks continue, as the US conducted a ninth straight day of airstrikes on Iran in an attempt to reopen the Strait of Hormuz, bombing military targets and communications networks. Iran retaliated by launching drones and missiles at US bases in Kuwait, Jordan, Bahrain, and Iraq and attacking tankers transiting the Strait of Hormuz. The New York Times reported today that the US is sending more warplanes to the Middle East, including F-35 and F-16 fighter jets, a possible sign that US military operations could expand in the coming days.
Also, signs that the conflict in the Middle East is widening are supporting crude oil after Houthi rebels said they will impose a maritime blockade on Saudi Arabia in retaliation for what they say is the kingdom's siege on the Yemeni capital, a potential threat to Saudi Arabian crude exports through the Red Sea.
However, WTI crude oil (CLQ26) prices fell from their highs after Iran said it wouldn't abandon diplomacy and that Qatar and Pakistan had reached out to mediate an end to the conflict, proposing a 10-day cessation of strikes between the US and Iran. Crude prices initially climbed to a 5-week high today as the resumption of hostilities between the US and Iran has reduced traffic through the Strait of Hormuz to a near standstill, tightening global oil supplies.
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
