Key Takeaways
- U.S. equities rose and oil futures fell at midday on hopes the fighting between Israel and Iran will ease.
- Airline and cruise line shares advanced on optimism fuel prices won’t jump because of the Middle East fighting.
- Tumbling oil prices sent shares of oil producers lower.
U.S. equities jumped and oil prices plunged at midday on optimism the fighting between Israel and Iran will be contained. The Dow Jones Industrial Average, S&P 500, and Nasdaq all added 1%.
Shares of United Airlines (UAL), Carnival Corp. (CCL), and others in the airline and cruise line industries took off on hopes an easing of Middle East tensions will help keep fuel costs from rising.
Advanced Micro Devices (AMD) was the best-performing stock in the S&P 500 when Piper Sandler boosted the price target, pointing to enthusiasm for its latest product launches, especially its Helios server.
Shares of Dish Network owner EchoStar (SATS) soared following a report that President Donald Trump had intervened to try to settle an issue that threatened the satellite TV provider’s valuable spectrum licenses.
MGM Resorts International (MGM) stock gained as BetMGM, which it co-owns with London-traded Entain, raised its full-year outlook. Shares of rival casino operators Las Vegas Sands (LVS) and Wynn Resorts (WYNN) also advanced.
A potentially limited conflict in the Middle East that drove down crude prices sent shares of APA (APA) and rival oil producers lower. Also falling were shares of defense contractors Lockheed Martin (LMT) and Northrop Grumman (NOC).
Sarepta Therapeutics (SRPT) shares plunged after the biotech company reported a second patient with Duchenne muscular dystrophy who was taking its Elevidys treatment died of acute liver failure (ALF).
Gold futures fell. The yield on the 10-year Treasury note was little changed. The U.S. dollar lost ground to the euro and pound, and was little changed against the yen. Major cryptocurrencies traded higher.
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