Here Are Tuesday’s Best Wall Street Analyst Research Calls: Apple, Bloom Energy, Circle Internet Group, First Solar, Halliburton, IBM, Intuit, Newmont, SK hynix, and More Quick Read – Trump’s missile strikes on Iran and seizure of the Strait of Hormuz sent Brent Crude surging 9%…
d pushed the Nasdaq down 2% Monday. – KeyBanc cut AAPL to Underweight while Mizuho slashed CRCL’s price target from $85 to $40, reflecting sharp bearish turns on tech and crypto. – Pre-Market Stock Futures: Futures are trading mixed as it looks like it’s “game on” again with Iran, as they made what appears to be a tactical mistake by firing on ships in the Gulf, so President Trump returned the favor with some massive missile attacks. In addition, he said the U.S. was taking control of the Strait of Hormuz to ensure ships could pass safely, and restarting the blockade on Iran
All of this led sellers returning on Monday to start hitting bids before the market opened, and all of the major market indices finished the day lower, with chips and technology taking the biggest hits. The Nasdaq closed down 1.55% at 25,873, while the Russell 2000 small-cap index closed down 0.86% at 2,952. The S&P 500 finished the day at 7,515, down 0.79%, and once again, the legacy Dow Jones Industrial Average finished the best on Monday, down 0.26% at 52,498.
Treasury Bonds: The sellers returned to the Treasury complex on Monday, as yields were higher across the entire curve. The restart of fighting immediately sparked concerns of higher energy prices, bringing Wall Street and investors back to the potential impact on inflation. That, in turn, shifted the focus back to potential rate hikes before the end of the year, with some even suggesting a rate hike this month.