Investor Sentiment Affected by Middle East, S&P 500 Declines 0.4%
Investor sentiment continues to hinge on developments out of the Middle East, and the market is still not buying the latest salvo from President Trump that U.S. negotiators are in "serious discussions" to end the war. After opening broadly higher, indices ended the day mixed, with S&P 500's decline of 0.4% bringing the benchmark index within a percentage point of an official correction territory. While the Vix retreated modestly, it remains above the 30 handle, and while Treasury yields saw a sharp reversal from the steel ascend since the start of the Iran campaign, the 10-year is still over 30bps higher as traders remains concerned by the inflationary slowdown as a result of rising energy prices. Cyclical Industrials and Technology sectors were the worst performers, while defensively-oriented Staples and Utilities outperformed. In the evening hours, futures are little changed, though commodities are showing continued strain, with WTI Crude Oil futures up for fourth straight session, topping $104 per barrel.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Spruce Powerup 6.0%Progress Softwareup 1.3%DOWN AFTER EARNINGS -Phreesiadown 22.0%CVD Equipmentdown 10.8%Lantern Pharmadown 6.9%ALSO LOWER -PepGendown 44.4% after Phase 2 Freedom trial data
