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Live Nasdaq Composite: Markets Hold Steady, Oil Price Soars Amid Mideast Escalation
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Key Points
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The markets are trading resiliently after the U.S. completed successful strikes on Iranian nuclear sites. Meanwhile, the oil price has risen to multi-month highs.
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Tesla’s beta rollout of robo-taxis in Texas is today. The stock is higher.
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Oil Price
President Trump in a post on Truth Social has urged the world to keep oil prices lower or risk playing into the “hands of the enemy.” Meanwhile, Goldman Sachs has published a report saying the oil price could rise even further amid the threat of the closure of the Strait of Hormuz. The price of WTI oil is now hovering at $73.58. The Nasdaq Composite is up 0.34%.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are in wait and see mode. The U.S. destroyed Iranian nuclear sites, raising the likelihood that the Middle Eastern nation is set to target key energy assets or move to close the Strait of Hormuz. The price of Brent oil soared to almost $80 per barrel, a level it hasn’t seen in months amid the escalating Middle East conflict. The U.S. dollar is increasing against other currencies on Monday.
Big Tech stocks are mostly lower with the exception of Tesla (Nasdaq: TSLA), which is gaining 4.7% amid the beta rollout of robo-taxis in Texas. Meanwhile, Bank of America predicts that the price of gold could soar as high as $4,000 per ounce in the coming year, owing to the debt crisis and geopolitical uncertainty.
Another IPO is making its stock market debut today. Cement maker Amrize (NYSE: AMRZ), the U.S. division of Swiss parent Holcim, began trading on the NYSE. The stock’s market capitalization rose to $28.3 billion in early morning trading. Separately, home sales data is due out later this morning.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 24.97 (+0.06%)
Nasdaq Composite: Up 4.03 (+0.01%)
S&P 500: Up 11.31 (+0.21%)
Market Movers
Novo Nordisk (NYSE: NVO) has reportedly shuttered collaboration with Hims & Hers Health (NYSE: HIMS). As a result, direct access to the popular weight-loss drug Wegovy will no longer be available through Hims & Hers Health, per Reuters. HIMS stock is plummeting by 27.4%.
DoorDash (Nasdaq: DASH) is gaining 3.5% after Wall Street firm Raymond James upgraded the stock to a “strong buy” with a bullish $260 price target attached.
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