Energy and Tech Sectors Perform Strong Amid Middle East Tensions
Tech and Energy sectors in the S&P 500 have rarely tracked together over the past few months, with headlines related to Middle East tensions driving up inflation fears, which were then felt through upward pressure in Treasury yields while discouraging inflows into higher-beta areas of the market. On Monday, however, Energy and Tech were the best two sectors in the S&P 500 amid sustained escalation between US and Iran as well as a bounce-back in Semiconductors and Computer Hardware names following Friday's rout. In turn, the less-cyclical Utilities was the worst performing sector today and also bears the distinction of the biggest loser since the U.S.-Iran war began in early March, as yield-seeking funds opted for higher fixed income allocations.In the opening hour of the evening session, NASDAQ 100 contract and S&P E-minis are both down by a decimal. In commodities, WTI crude oil remains above $91 per barrel despite comments from President Trump in a press interview promising the end of Iran war in two weeks. Metals have also remained under pressure following Friday's sell-off - gold trades at $4,350 and silver is staying well below $70 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Gloo Holdingsup 5.1%ALSO HIGHER -Applied Digitalup 8.4% after announcing new long-term lease agreement at Delta Forge 2DOWN AFTER EARNINGS -Mission Producedown 5.0%Vail Resortsdown 4.2%ALSO LOWER -IDEAYA Biosciencesdown 7.8% after equity offering
