Weekend Market Watch by TradeXYZ | Two Consecutive Weeks of TACO
For two consecutive weekends, market focus has centered on the US-Iran situation. This weekend began with escalating tensions, as reports emerged of a US-ordered military strike and alleged Iranian drone attacks. However, on Sunday morning, the US called off the planned action, citing requests from regional nations and conditional on a swift agreement.
On TradeXYZ, oil contracts (WTI) reacted sharply, plummeting from around $85.5 to below $79, a drop exceeding 8%, as war risk premiums unwound. In contrast, the S&P 500 index rose about 0.8%, trading on the de-escalation. However, uncertainty remains as the specifics of any shipping corridor agreement for the Strait of Hormuz are unresolved.
Precious metals saw initial gains, with spot gold briefly surpassing $4080, but those gains narrowed after futures market open. In equities, the weekend saw a broad rally. The tech-heavy "Mag 7" group advanced, though Apple underperformed peers due to concerns over its service growth and China market. The memory chip sector was notably strong.
Overall, markets initially priced in the reduced immediate conflict risk, pressuring oil and supporting stocks. However, traders remain cautious, leaving room for volatility if geopolitical signals shift again.
marsbitВчора 08:16
