U.S.-Iran Conflict Boosts Oil Prices, Weighs on Tech Stocks
A flare-up in the U.S.-Iran conflict involving retaliatory strikes by Tehran targeting U.S. bases in Kuwait and Bahrait has goosed oil prices, weighed on equities, dented the retreat in Treasury yields, and propped up the Vix fear gauge. Defensive sectors - Healthcare and Consumer Staples - were the two best performing sectors of the S&P 500 today, closely followed by Energy. Meanwhile, Basic Materials and Technology - the best areas of the market over the past week - saw some profit-taking as the two worst performers on the benchmark. Among notable individual movers, the recent high-flyers Lumentumand IBMsaw some of the biggest declines in the S&P 500, even though certain AI-buildout winners such as Western Digitaland Sandiskremained firmly bid.Cautious sentiment continues in the evening session, with U.S. equity futures seeing S&P e-minis down 0.5% and Nasdaq 100 contracts down 0.7%. Post-earnings weakness from Broadcomand Crowdstrikeis not helping the tech-heavy indices. In commodities, strong US Dollar has weighed on precious metals with Gold seeing a 1-week low of $4450 earlier and Silver sliding below $73 per ounce. The cautious sentiment has likewise permeated the crypto arena, where Bitcoin has fallen below $65K for the first time since March.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Tilly'sup 22.1%ChargePointup 2.6%C3.aiup 1.4%DOWN AFTER EARNINGS -Netskopedown 20.3%PVH Corp.down 19.5%Broadcomdown 14.9%Petco Health and Wellnessdown 11.8%Five Belowdown 11.1%CrowdStrikedown 11.1%Veeva Systemsdown 5.7%
