Oil jumps and tech sells off as US-Iran tensions and weak guidance hit markets
The Iran crisis is now priced into two markets at once. US crude rose 2.77 percent to 81.14 dollars, up 13.44 percent on the week, while the Nasdaq fell about 1.8 percent after the open as chip stocks led a global sell-off and Netflix $NFLX dropped on weak guidance. Per TheStreet
The US-Iran confrontation registered in two markets on the same day. US crude continuous contracts rose 2.77 percent to 81.14 dollars, closing the five-day period up 13.44 percent, as tensions in the Gulf raised supply concerns, according to TheStreet. Equities moved the other way. The Nasdaq Composite fell about 1.8 percent shortly after the opening bell, the Dow Jones Industrial Average shed about 519 points or 1 percent, and the S&P 500 dropped about 1.2 percent. Chip stocks led a global sell-off and Netflix $NFLX declined on weak guidance. The Roundhill Magnificent Seven ETF fell 1.4 percent to 67.18 dollars in premarket trading as investors rotated out of mega-cap technology. Sources: TheStreet, CNBC.