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Friday Close Change Change % Change Week % Dow Jones 53,559.99 -9.45 -0.02% 0.41% S&P 500 7,711.76 -19.23 -0.25% 0.78% NASDAQ 26,402.42 -138.93 -0.52% 1.41% […]
Just when you think it makes sense to be cautious with equities, you can count on the Yanks on Wall Street to find a silver lining inside a dark cloud. And this sounds like a fair call, with all US stock market indexes heading for a 'green on the screen' Friday finish, though for the week it was an 'in-the-red' story.
US stocks overall are heading for the third winning week in a row, and you can thank the spectacular earnings reports of most companies that have been on 'show-and-tell' over the past three weeks. Given the prevailing concerns about the future because of Iran's impact on oil prices, inflation and interest rates, the fact that FactSet reports that more than 90% of S&P 500 companies have posted second-quarter results, and earnings growth from the year-earlier period is tracking around 50%.
This week, Wall Street took the focus off the unreasonable demands of the Iranian leadership in the Strait of Hormuz unless there is compensation for the damage done to their homeland.
The see-saw-like moves for US stocks have been sustained with companies being smashed one day, only being bought the next day. And the ups and downs have been showing up in more than just share prices.
A once-derided rogue state is doing what Washington and Tehran can't manage on their own: talking peace. Wall Street, not just the Middle East, is watching closely.
Markets have been fighting two wars this week: one in the Middle East and the other between AI bulls and bears on Wall Street. Reporting season might just settle which one matters more.
Bloomberg editor John Authers looked at this week’s big market-moving story, the resumption of hostilities between Iran and Donald Trump over the Strait of Hormuz and renamed the ceasefire MOU and called it a MOM – that is, a “Memorandum of Misunderstanding”!
Looking at this week's market revelations I'm thinking about an R-word. However, it's not for the negative vibe that is a recession but a more positive development, namely rotation.
Markets should have celebrated peace, but a rotation out of big tech into defensives has Peter Switzer asking whether headwinds now outnumber tailwinds. The S&P/ASX 200 fell 0.73% for the week to 8,764 on profit warnings and softer iron ore, copper and gold prices, while a better-than-expected US PCE inflation read eased the pressure for higher rates.
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