Latest news with #JonBrager
Canada News.Net
9 hours ago
- Business
- Canada News.Net
Wall Street rallies for second day in row as Mideast tensions cool
NEW YORK, New York - U.S. stock markest closed sharply higher on Tuesday as a truce entered into between Irsael and Iran after 12 days of hostilities appeared to be taking hold, after early fractures. The ceasefire was entered into following a shock intervention by the U.S. military on the weekend which largely destroyed the 3 key nuclear sites in Iran. "The key event for the market was how quick and limited the U.S. involvement was, as well as the 'weak' response from Iran which was essentially a choreographed fireworks display for domestic consumption," Jon Brager, portfolio manager at Palmer Square Capital Management told CNBC Tuesday. "So even if the ceasefire results in occasional flare ups, the market has decided this risk is now in the rearview mirror and the focus probably returns to tariffs and fiscal policy." The major U.S. indices in the aftermath of the peacemaking efforts, with all three major U.S. indices posting strong gains. U.S. Markets Lead Gains Standard and Poor's 500: Jumped 67.05 points (1.11 percent) to close at 6,092.22, lifted by strong performances across multiple sectors. Dow Jones Industrial Average: Soared 507.24 points (1.19 percent) to 43,089.02, marking its best day in weeks. NASDAQ Composite: Outperformed with a gain of 281.56 points (1.43 percent), closing at 19,912.53 as tech stocks led the charge. Global Forex Markets Show Mixed Movements on Tuesday The foreign exchange market saw the U.S. dollar retreat against many major currencies as hostilities in the Middle East subsided with a broad-based ceasefire agreement enacted between Israel and Iran. Key Currency Pairs EUR/USD (Euro/US Dollar): Rose to 1.1615, up 0.34 percent as the euro strengthened. USD/JPY (US Dollar/Japanese Yen): Fell to 144.73, down 0.95 percent amid a weaker dollar against the yen. USD/CAD (US Dollar/Canadian Dollar): Slipped slightly to 1.3728, declining 0.04 percent as the Canadian dollar held steady. GBP/USD (British Pound/US Dollar): Jumped to 1.3623, gaining 0.76 percent in a strong session for the pound. USD/CHF (US Dollar/Swiss Franc): Dropped to 0.8051, down 0.91 percent as the Swiss franc gained ground. AUD/USD (Australian Dollar/US Dollar): Climbed to 0.6499, rising 0.64 percent on improved risk sentiment. NZD/USD (New Zealand Dollar/US Dollar): Increased to 0.6014, up 0.69 percent alongside broader commodity currency strength. Market Analysis The U.S. dollar faced pressure against European and commodity-linked currencies, while the Japanese yen and Swiss franc also saw notable gains. The British pound was among the top performers, supported by positive economic data. Meanwhile, the Australian and New Zealand dollars benefited from improved market risk appetite. Global Markets Rally on Tuesday with Gains Across Major Indices as Mideast Tensions Fade Global stock markets saw a broad rally on Tuesday, with most major indices closing higher amid positive investor sentiment. following the ceasefire entered into by Israel and Iran following 12 days of hostilities which also brought in the United States military. Canada S&P/TSX Composite: Added 109.26 points (0.41 percent), settling at 26,718.62, supported by gains in energy and financial stocks. UK and Europe FTSE 100 (UK): Rose to 8,758.99, gaining 0.95 points (0.01 percent). DAX (Germany): Jumped 372.57 points (1.60 percent) to 23,641.58. CAC 40 (France): Climbed 78.42 points (1.04 percent) to 7,615.99. EURO STOXX 50: Advanced 75.17 points (1.44 percent) to 5,297.07. BEL 20 (Belgium): Added 49.44 points (1.11 percent) to 4,491.42. Asia and Pacific Hang Seng (Hong Kong): Surged 487.94 points (2.06 percent) to 24,177.07. Nikkei 225 (Japan): Gained 436.47 points (1.14 percent) to 38,790.56. S&P/ASX 200 (Australia): Increased 80.60 points (0.95 percent) to 8,555.50. All Ordinaries (Australia): Rose 86.80 points (1.00 percent) to 8,774.80. KOSPI (South Korea): Soared 89.17 points (2.96 percent) to 3,103.64. TWSE (Taiwan): Rallied 456.74 points (2.10 percent) to 22,188.76. SSE Composite (China): Added 38.98 points (1.15 percent) to 3,420.57. Middle East Other Key Markets S&P BSE SENSEX (India): Inched up 158.32 points (0.19 percent) to 82,055.11. IDX Composite (Indonesia): Gained 82.03 points (1.21 percent) to 6,869.17. EGX 30 (Egypt): Skyrocketed 1,179.80 points (3.76 percent) to 32,598.50. TA-125 (Israel): Increased 42.35 points (1.47 percent) to 2,923.36. Declining Indices Investors remain optimistic as global markets continue to show resilience, with strong performances in Europe and Asia leading the charge.
The Star
12 hours ago
- Business
- The Star
U.S. stocks jump on news of Middle East ceasefire
NEW YORK, June 24 (Xinhua) -- U.S. stocks surged Tuesday as investors welcomed the news of a ceasefire agreement that could bring an end to the Middle East conflict which has unsettled markets in recent weeks. The Dow Jones Industrial Average rose 507.24 points, or 1.19 percent, to 43,089.02. The S&P 500 added 67.01 points, or 1.11 percent, to 6,092.18. The Nasdaq Composite Index increased by 281.56 points, or 1.43 percent, to 19,912.53. Nine of the 11 primary S&P 500 sectors ended in green, with technology and financials leading the gainers by adding 1.61 percent and 1.50 percent, respectively. Meanwhile, energy and consumer staples led the laggards by losing 1.51 percent and 0.03 percent, respectively. U.S. President Donald Trump, who first announced the Iran-Israel ceasefire late Monday, said Tuesday morning that both countries had violated the deal overnight, but he emphasized that the agreement remained in effect. The fragile truce helped ease investor anxiety over a potential escalation, fueling a broad rally across sectors. "The key event for the market was how quick and limited the U.S. involvement was, as well as the 'weak' response from Iran which was essentially a choreographed fireworks display for domestic consumption," said Jon Brager, portfolio manager at Palmer Square Capital Management. "So even if the ceasefire results in occasional flare-ups, the market has decided this risk is now in the rearview mirror and the focus probably returns to tariffs and fiscal policy." Markets also drew support from Federal Reserve Chair Jerome Powell's testimony to Congress. Powell said the Fed could cut interest rates "sooner rather than later," even as he stressed the need to monitor the effects of tariff-driven inflation. The dovish tone reinforced investor expectations that the central bank remains flexible in its response to evolving economic conditions. Meanwhile, the U.S. consumer confidence index dropped by 5.4 points in June to 93.0, down from 98.4 in May, according to The Conference Board. The decline reflects increased consumer unease about current business conditions and the short-term outlook, as optimism about future income, job prospects, and business activity all declined. Despite the weakening sentiment, markets shrugged off the data as geopolitical relief and the prospect of rate cuts took precedence. Mega-cap technology stocks extended gains from Monday. Broadcom rose 3.94 percent, while Nvidia added 2.59 percent. Amazon climbed 2.06 percent, and Alphabet and Meta Platforms each rose more than 1 percent. Microsoft gained 0.85 percent, and Apple edged lower. Still, Tesla slipped 2.35 percent, giving back part of Monday's sharp rally after the company launched its driverless robotaxi service in Austin.
