The Nasdaq added triple digits as tech stocks continue their revival
Wall Street spent the day cheering the dried ink from the official U.S.-Iran peace deal. Earlier in the session, Iran posted the fully executed memorandum of understanding, giving investors enough optimism to overshadow inflation fears at home. Three Saudi supertankers have already reportedly crossed the reopened Strait of Hormuz.
All three major indexes finished near session highs to wrap the holiday-shortened week. The Nasdaq added 496 points, with the tech-heavy latter building some separation from 26,000 thanks to an outsized move from Intel (INTC) and the semiconductor sector. All three indexes secured back-to-back weekly wins.
Continue reading for more on today's market, including:
- Alphabet stock support is piling up.
- Satellite stocks face the new SpaceX reality.
- Plus, avoiding summer doldrums; and two sectors enjoying broad-market tailwinds.
5 Things to Know Today
- Prediction markets are getting in on the Fed's rate hike dot plot. (CNBC)
- Is a Russia-Ukraine resolution next? Not so fast. (New York Times)
- Now is the time for contrarian traders to strike.
- An oil price slump is just what Delta stock needed.
- Intel buzz lifts memory stock leader.
Crude Craters to Steep Weekly Loss
Crude prices were mostly flat today, as supply concerns remain despite the Strait of Hormuz was declared reopen. July-dated West Texas Intermediate (WTI) slipped 0.2%, or 2 cents to close at $76.60 per barrel. For the week, black gold shed 10.9%.
Gold futures fell as the U.S. dollar rose in response to the hawkish Fed rhetoric yesterday. August-dated gold futures lost 3.1%, last seen at $4,245.90. For the week, the safe-haven asset finished flat.