The headlines are fast and furious with the US seemingly trying to stay at arms length between Israel and Iran/Lebanon. Netanyahu and Trump spoke and subsequently Israel has ceased its preparations for a new round of strikes on Iran.. Earlier today Pres. Trump said that Iran and Israel were looking to do an immediate cease-fire. He added that a blockade will remain in place and in full force and effect until a final deal is reached.
Overall the bias toward a weaker dollar is plodding along after Friday’s sharp moved to the upside. Stocks have also continued their run to the upside with the NASDAQ now up over 500 points (536 points currently) after Friday’s -1121 point decline. The S&P futures are up 62 points (the index fell -200.59 points on Friday).
US yields are taking more to the downside with the two-year down -2.1 basis points and the 10 year down -0.6 basis points.
In company specific news, Google and Nvidia are considering Intel as a secondary chip manufacturer. Intel shares are currently up 10% at $109. Last week Intel shares tumbled -13.52% closing had $99.17. The use of Intel is reportedly to ease pressure on TSMC’s constraints and production:
Other chip manufacturers are higher with
Micron shares up 8.4% after falling -11.02% last week. AMD shares are up 4.27% after falling -9.63% last weekBroadcom shares are up 3.38% after falling -13.66% last weekMarvell Technology was one of the weakest performers on Friday and one of the strongest performers for the week. It’s shares fell -16.74% on Friday but were up 28.52% for the week. Today, it’s shares are up 8.27%.Nvidia shares are up 2.57% after falling -6.2% on Friday and -2.86% for the week
Crude oil is trading at $91.75 up $1.21 or 1.38%.
This article was written by Greg Michalowski at investinglive.com.