Equity Handover: US Stocks Shrug Off Middle East Tensions
Matt Weller, CFA, CMT June 13, 2019 4:08 PM
- US indices closed marginally higher, shrugging off geopolitical tensions in the Middle East.
- Crude oil spiked 4% after an attack on two ships in the critical Strait of Hormuz, though it pared the gains to under 2% by the end of the day.
- Energy stocks (XLE) were still the strongest sector on the day; Health Care (XLV) was the weakest.
- In terms of macroeconomic events, traders are looking ahead to a series of economic reports out of China, as well as US retail sales tomorrow.
- Stocks on the move:
- Walt Disney (DIS) rose 4% on an upgrade from Morgan Stanley
- Retailer RH (RH) surged 18% after reporting better-than-expected earnings
- DryShips (DRYS) rallied 23% on news that it received a buyout offer from SPII Holdings
- CrowdStrike (CRWD) gained another 19% to trade near $69 on its second day of trading, leaving shares up nearly 100% from yesterday’s IPO price of $34.
*There are no high-impact corporate announcements expected during tomorrow’s Asian session.*
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
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