Closing Bell Movers: Trex up 6% after positive Q2 pre-announcement
Fast-unraveling ceasefire between Iran and U.S. amid continued dispute over the control of transit through the Strait of Hormuz has reverberated across the asset classes in a predictable fashion on Monday. WTI Crude Oil spiked about 10% toward $80 per barrel - the highest level in nearly a month - as traders repriced the assumption of US-Iran truce. In turn the higher inflation expectations feedback loop punished the Treasury markets, with the benchmark 10-year yield topping 4.6% for the first time since late May and CME FedWatch tool showing swaps markets repricing the probability of a Fed rate hike as soon as this month at a near coin flip. Higher funding costs then weighed on the large-cap growth areas of the equity market, with AI-buildout positive sectors - i.e. semiconductors, semiconductor equipment, hardware, and communications stocks - punished and the more-defensively geared Utilities and Consumer Staples being rewarded. Energy, which is still the best performing sector in the S&P 500 this year, also saw outsized gains as the best performing sector in the index, with State Street Energy Select Sector SPDR ETF (XLE) rising 3% to its best level in a month. In the opening.
Fast-unraveling ceasefire between Iran and U.S. amid continued dispute over the control of transit through the Strait of Hormuz has reverberated across the asset classes in a predictable fashion on Monday.
WTI Crude Oil spiked about 10% toward $80 per barrel - the highest level in nearly a month - as traders repriced the assumption of US-Iran truce.
In turn the higher inflation expectations feedback loop punished the Treasury markets, with the benchmark 10-year yield topping 4.6% for the first time since late May and CME FedWatch tool showing swaps markets repricing the probability of a Fed rate hike as soon as this month at a near coin flip.
Higher funding costs then weighed on the large-cap growth areas of the equity market, with AI-buildout positive sectors - i.e. semiconductors, semiconductor equipment, hardware, and communications stocks - punished and the more-defensively geared Utilities and Consumer Staples being rewarded.
Energy, which is still the best performing sector in the S&P 500 this year, also saw outsized gains as the best performing sector in the index, with State Street Energy Select Sector SPDR ETF (XLE) rising 3% to its best level in a month.
In the opening.