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Stocks rise, oil falls amid tech optimism
Wall Street rallies as tech stocks thrive, oil prices decline amid Middle East tensions
Wall Street rallies as tech stocks thrive, oil prices decline amid Middle East tensions
– Wall Street rose while oil prices fell amid concerns over Middle East conflicts and increased tech investor confidence.
– U.S. unemployment claims declined, but home sales dropped as housing prices reached a record high.
Stock market surge
The MSCI global stock index (.MIWD00000PUS) climbed 0.72% despite renewed Middle East conflicts.
The U.S. and Iran reported military strikes as their fragile peace deal deteriorated.
Oil prices fell after an uptick earlier in the week, with U.S. crude down 2.3% to $71.83 per barrel and Brent at $76.05 per barrel.
Investor optimism increased due to reports that China might grant limited access of AI chips from Nvidia to domestic firms.
The upcoming $28 billion U.S. listing from South Korean chipmaker SK Hynix was over seven times oversubscribed.
The Philadelphia SE Semiconductor index (.SOX) gained 3% for the second consecutive day.
U.S. unemployment claims dropped by 2,000 to 215,000, while home sales fell 2.4% as housing prices hit a record high.
The National Association of Realtors reported that limited inventory exaggerated affordability issues for potential buyers.
10-year U.S. Treasury yields declined to 4.547% after peaking at a seven-week high.
The dollar index fell 0.08% to 100.94, while the pound strengthened to $1.3406, reaching a four-week high.
Concerns about inflation were noted in the June FOMC minutes, as the probability of a Fed rate hike rose to about 87%.
New York Fed President John Williams expressed optimism about energy prices despite ongoing regional tensions.
Gold prices increased by 1.1% to $4,121.12 per ounce as oil values diminished.
