Closing Bell Movers: Celestica jumps 8% on earnings beat
Headline-driven risk regarding the uncertainty in the standoff between the US and Iran over the Strait of Hormuz passage, as well as the magnitude of AI investment being made by Tech megacaps, continues to play out in Monday's trading. Energy was the worst performing sector in the S&P 500 as the US has paused its military activity in Iran with a new focus on diplomacy. Industry giants such as Chevron (CVX) and Exxon Mobil (XOM) were down by 1%-2% while Devon Energy (DVN) fell over 4%. In the Tech space, investors sneered at Nvidia (NVDA) for announcing $750B in total spend between its $250 backstop for OpenAI and a $500B joint investment with South Korea's SK Group, sending the stock down by 5% to three-week lows. Other semiconductors and semiconductor equipment names traded lower in sympathy while the "anti-AI trade" - enterprise software - was generally strong. Traders also piled into the Consumer Defensive sector as Walmart (WMT) and Costco (COST) continued their bounce for the second day in a row. In the opening hour of the evening session S&P e-minis are trading flat while the NASDAQ 100 contract is down 0.2%. WTI crude oil remains under pressure, trading closer to $82% per.
Headline-driven risk regarding the uncertainty in the standoff between the US and Iran over the Strait of Hormuz passage, as well as the magnitude of AI investment being made by Tech megacaps, continues to play out in Monday's trading.
Energy was the worst performing sector in the S&P 500 as the US has paused its military activity in Iran with a new focus on diplomacy.
Industry giants such as Chevron (CVX) and Exxon Mobil (XOM) were down by 1%-2% while Devon Energy (DVN) fell over 4%.
In the Tech space, investors sneered at Nvidia (NVDA) for announcing $750B in total spend between its $250 backstop for OpenAI and a $500B joint investment with South Korea's SK Group, sending the stock down by 5% to three-week lows.
Other semiconductors and semiconductor equipment names traded lower in sympathy while the "anti-AI trade" - enterprise software - was generally strong.
Traders also piled into the Consumer Defensive sector as Walmart (WMT) and Costco (COST) continued their bounce for the second day in a row.
In the opening hour of the evening session S&P e-minis are trading flat while the NASDAQ 100 contract is down 0.2%.
WTI crude oil remains under pressure, trading closer to $82% per.