US stock-index futures dropped more than 1% on Thursday as President Donald Trump’s hardline speech undermined hopes for an early reopening in the Strait of Hormuz and a resolution of the conflict in the Middle East. Futures on the S&P 500 Index declined 1.4% as of 7:32 a.m. in New York, while contracts on the Nasdaq 100 Index fell 1.9% as mega-cap tech stocks weighed on the index. Brent crude oil...
US stock-index futures dropped more than 1% on Thursday as President Donald Trump’s hardline speech undermined hopes for an early reopening in the Strait of Hormuz and a resolution of the conflict in the Middle East. Futures on the S&P 500 Index declined 1.4% as of 7:32 a.m. in New York, while contracts on the Nasdaq 100 Index fell 1.9% as mega-cap tech stocks weighed on the index. Brent crude oil prices climbed above $109 per barrel while the Cboe Volatility Index also advanced to about 27. The yield on 10-year US Treasuries rose to 4.37%. In a prime-time speech, Trump vowed that there would be more military attacks in coming weeks. However, he fell short of committing to reopening of the Strait of Hormuz, telling oil-importing countries to purchase crude from the US instead. Read More: Trump Stirs Market, Political Angst With Vague Timeline for Iran “For today, I think we see resetting of some hedges and maybe some short-term bearish bets as it is difficult to identify positive catalysts which could occur over the holiday weekend,” Andrew Tyler , JPMorgan Chase & Co.’s head of global market intelligence, wrote in a note to clients. Before Thursday’s regular trading started, the S&P 500 was on course for its first weekly gain after the longest streak of losses in years. Since the war began, US stocks have followed a pattern of selling off starting on Thursday after starting the week on a stronger note. The S&P 500 was on the brink of correction territory on Monday before bouncing back strongly on Tuesday and Wednesday on reports that the US and Iran want to end the conflict soon. “Stocks rallied for the past days driven on hope — hope alone — that there would be tidy and speedy end to the conflict in the Gulf,” said Mark Malek , chief investment officer at Muriel Siebert & Co. “Unfortunately, that view, while possible, was not highly probable, at least at the moment.” Investors were also likely to sell equities heading into the long weekend “because everything is a...
(RTTNews) - Freight Technologies Inc. (FRGT), a logistics company, on Thursday said it is accelerating its transition to a software-first, AI-driven business and is exploring strategic alternatives, including a potential sale, for its online brokerage unit.
(RTTNews) - Freight Technologies Inc. (FRGT), a logistics company, on Thursday said it is accelerating its transition to a software-first, AI-driven business and is exploring strategic alternatives, including a potential sale, for its online brokerage unit.
The market is beginning to rotate away from the so-called artificial intelligence ( AI ) winners, as AI labs such as OpenAI scale back their chip spending commitments. Prices for memory chips, in particular, have been soaring in the last few months due to concerns about supply shortages, sending shares of Micron Technology up 282% in the last 12 months alone. Now, it's 27% off its highs, perhaps i...
The market is beginning to rotate away from the so-called artificial intelligence ( AI ) winners, as AI labs such as OpenAI scale back their chip spending commitments. Prices for memory chips, in particular, have been soaring in the last few months due to concerns about supply shortages, sending shares of Micron Technology up 282% in the last 12 months alone. Now, it's 27% off its highs, perhaps indicating that the supply shortage is over. One stock that could benefit from this rotation and a reduced price for memory chips is Nintendo (OTC: NTDOY) , which had seen its stock fall over fears of rising input costs. With input cost concerns easing, Nintendo looks like an ultra-cheap stock ready to produce improved earnings growth over the next few years. Here's why you should consider rotating into Nintendo as a perfect growth stock to own over the next decade. Continue reading
President Trump addressed the nation last night, making his case for war with Iran. And, the Supreme Court majority seemed inclined to rule against the Trump administration on birthright citizenship. (Image credit: Pool)
President Trump addressed the nation last night, making his case for war with Iran. And, the Supreme Court majority seemed inclined to rule against the Trump administration on birthright citizenship. (Image credit: Pool)