Stock climb on US-Iran peace deal; semiconductors rally
This morning, President Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding aimed at ending the war.
The S&P 500, Nasdaq 100, and Russell 2000 rose after President Trump and Iranian President Pezeshkian signed a memorandum of understanding aimed at ending the war.
Information technology was the best-performing sector, followed by consumer discretionary as airlines and cruise lines surged on the prospect of cheaper fuel costs, while energy was today’s worst performer.
Stocks that moved higher:
Intel surged after Trump announced the company struck a deal with Apple to design and make chips in the US, while Apple also climbed on the news.
Marvell Technology surged as KeyBanc boosted its price target to $385 from $260.
Tower Semiconductor jumped after saying it shipped over 5 million coherent photonic integrated circuits as part of its partnership with Marvell.
Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and Frontier surged as falling oil prices cut one of the biggest costs for airlines.
Royal Caribbean, Norwegian Cruise Line, and Carnival surged alongside airlines as cheaper fuel boosted the entire travel sector.
Micron, Western Digital, and Sandisk climbed after outgoing Apple CEO Tim Cook said price hikes are "unavoidable" due to a memory supply shortage.
Energy Fuels spiked after receiving a $725 million conditional loan commitment from the Department of Defense for rare earths processing.
Butterfly Network jumped on a medical imaging partnership with Midjourney.
NuScale jumped after peer Oklo struck an enriched uranium deal with Centrus Energy.
Amazon climbed after its AI chief said the company is in talks to sell its custom Trainium AI chips to other customers.
D-Wave Quantum rose after announcing the release of an "error aware" quantum computing simulator.
Stocks that moved lower:
Accenture posted its biggest one-day loss on record after unveiling disappointing Q4 sales guidance along with its ho-hum Q3 results.
Exxon, Chevron, ConocoPhillips, Occidental Petroleum, Devon Energy, Phillips 66, and CF Industries fell as oil prices dropped on the US-Iran peace deal and the reopening of the Strait of Hormuz.
