Oil Spikes 7%, Nasdaq 100 Sinks Before Fed: Stock Market Today
A deepening sell-off gripped Wall Street midday Wednesday as crude oil spiked on a fresh U.S.-Iran escalation just hours before the Federal Reserve’s rate verdict, dragging the S&P 500 to four-week lows and knocking the Nasdaq 100 down more than 10% from prior records. President Donald Trump threatened strikes against Iran in response to attacks on U.S. targets in Jordan. The threat landed alongside a new round of Treasury sanctions aimed at what officials called Iran’s Strait of Hormuz “monetization.” That was enough to reignite the energy trade and drain risk appetite. • State Street Energy Select Sector SPDR ETF shares are advancing steadily. Why is XLE stock trading higher? West Texas Intermediate crude surged 6.7% to $84.58 a barrel, bringing its one-month gain to roughly 22%, while Brent jumped 7.4% to $90.27. An outsized inventory draw amplified the oil...
-Iran escalation just hours before the Federal Reserve’s rate verdict, dragging the S&P 500 to four-week lows and knocking the Nasdaq 100 down more than 10% from prior records. S. targets in Jordan. ” That was enough to reignite the energy trade and drain risk appetite.
• State Street Energy Select Sector SPDR ETF shares are advancing steadily. Why is XLE stock trading higher? 27. S.
2 million barrels last week — against expectations for a build — leaving commercial inventories excluding the Strategic Petroleum Reserve at their lowest since September 2018. m. ET. 75%, but with inflation still running near 4% and several officials penciling in hikes this year, dissents are the wild card.
Polymarket puts 74% odds on no change and a 25% chance of a quarter-point hike. 6%, to 51,887. 5% to 27,349 and is now off nearly 10% in July as the AI-capex rethink deepens. Microsoft Corp.
(NASDAQ: MSFT ) and Meta Platforms Inc. 5% ahead of their after-the-bell reports. The CBOE Volatility Index jumped nearly 10% to the 20 mark, reflecting hedging demand into the Fed announcement and tonight’s megacap earnings. S.
m. 9%. 6%. 5%.
4%. 2%. 7%. XLK is now down nearly 12% in July.
3%, deepening a brutal 23% monthly slide. Earnings Movers Earnings drove the single-stock tape. Manhattan Associates, Inc. 8 million expected.
Garmin Ltd. 94 billion, while ExlService Holdings, Inc. 4 million. Lithia Motors, Inc.
71 expected, and Avantor, Inc. 69 billion in revenue and raising full-year organic growth and profit guidance. The software and IT-services glow spread wide: Cognizant Technology Solutions Corp. 2%.
Morning beats also lifted Automatic Data Processing Inc. 59 estimate, and Amphenol Corp. 16. Mondelez International Inc.
9% on last night’s beat, and Visa Inc. (NYSE: V ) rebounded 1% after posting quarterly revenue growth. The losers’ column was uglier. Parsons Corp.
58 billion missed estimates, the company swung to a $15 million net loss on roughly $118 million of contract and joint-venture charges, and management slashed full-year adjusted EBITDA guidance to $500 million-$560 million from $615 million-$675 million. Lennox International Inc. 55 billion consensus despite an EPS beat. Peer Watsco, Inc.
2%, and fellow HVAC name AAON, Inc. (NASDAQ: AAON ) dropped 8%. F. Corp.
1% after posting a wider-than-expected quarterly loss of 27 cents per share versus a 22-cent loss consensus. 38 billion consensus and management blamed “minor timing shifts” tied to supply-chain congestion on large data-center deployments, feeding the AI-capex angst that also hit chip equipment. On that front, KLA Corp. 5% in the fallout from SK Hynix Inc.
(NASDAQ: SKHY ) ‘s downbeat report, which triggered a record rout in Seoul, with Micron Technology Inc. (NASDAQ: MU ), Applied Materials In