Stocks close lower after fluctuating as traders digest war updates
Stocks pared steeper losses on hopes of US-Iran talks, but were unable to maintain gains on reports that the US is deploying 3,000 troops to the Middle East.
The S&P 500 fell, paring steeper losses after a midday report that Iran is willing to listen to proposals to end the war, but stocks were unable to keep their momentum as traders digested news that the US is deploying 3,000 troops to the Middle East. The Nasdaq 100 also closed lower, while the Russell 2000 gained.
Communications was the worst-performing sector, dragged down by losses in Meta and Alphabet, while energy was the best-performing sector as oil gained.
Moving higher:
The Fundrise Innovation Fund surged as retail investors clamored to get exposure to high-growth private companies.
Jefferies jumped on reports that Japan’s Sumimoto Financial Group is exploring a potential takeover.
NTGR soared after the FCC banned foreign-made routers over national security concerns.
AI build-out stocks Seagate Technology Holdings, Coherent, Sterling Infrastructure, MasTec, Western Digital, Ciena Corp., HP Enterprise, Corning, Lumentum, and Dell rose, shrugging off the broader market’s Iran war slump.
Moving lower:
Coinbase and Circle plunged on reports of proposed legislation that would limit platforms from offering yield on stablecoins.
Software stocks HubSpot, Atlassian, Adobe, and Figma fell on news that Anthropic’s Claude can control computers via phone prompts.
Ares Management dipped on reports that it’s limiting withdrawals from a private credit fund.
The Trade Desk sank after AdAge reported that Omnicom is commissioning an audit of The Trade Desk’s fees.
Estée Lauder fell sharply on yesterday’s news that the company is in talks to purchase Puig Brands, a Spanish competitor with a market value of over $10 billion.
