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Interest Rate Tailwind
In a week heavy with Fed speakers making the rounds, Federal Reserve Governor Michelle Bowman would support an interest rate cut at next month’s FOMC meeting with the caveat that inflation continues to cool in the economy. Bowman said in prepared statements, “Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market.” Last week, Governor Christopher Waller reportedly shared a similar point of view.
The SPY ETF is now up 0.54%.
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The markets have turned decidedly higher in mid-morning trading, with all three of the major stock market averages seeing green. The U.S. has targeted Iranian nuclear sites, while the Middle Eastern nation threatens to retaliate against key energy assets or close the Strait of Hormuz. In response to this escalating situation, the price of Brent crude oil has surged to nearly $80 per barrel, a level not witnessed in months. Meanwhile, the U.S. dollar is strengthening against other major currencies. The SPDR S&P 500 ETF (SPY) is gaining 0.63%.
Big Tech stocks are now mixed. Tesla (Nasdaq: TSLA) is having a good day, tacking on 4.7% amid the test launch of its robo-taxis in Texas. Adding to the commodity spotlight, Bank of America projects that gold prices could climb as high as $4,000 per ounce in the coming year, citing the ongoing debt crisis and persistent geopolitical uncertainty. On the IPO front, cement maker Amrize (NYSE: AMRZ), the U.S. arm of Swiss parent Holcim, began trading on the NYSE today, seeing its market capitalization swell to $28.3 billion in early morning activity.
Market Movers
Novo Nordisk (NYSE: NVO) has reportedly terminated its collaboration with Hims & Hers Health (NYSE: HIMS). In a blow to the telehealth company, direct access to the popular weight-loss drug Wegovy will no longer be available through the Hims & Hers Health platform, per Reuters. This news has sent HIMS stock plummeting by 27.4%.
On a brighter note, DoorDash (Nasdaq: DASH) is advancing 3.5% after Wall Street firm Raymond James upgraded the stock to a “strong buy” and attached a bullish $260 price target.
The post S&P 500 (NYSEARCA: SPY) Live: Markets Turn Higher in Face of Heightened Mideast Tensions appeared first on 24/7 Wall St..
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Author: Gerelyn Terzo
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