Consumer staples stocks advanced more than 3% at midday Tuesday.
Woolworths Group (ASX:WOW) gained over 4% in recent trade after the Australian Financial Review reported Tuesday that JPMorgan upgraded the supermarket giant to overweight.
On the flip side, the materials sector struggled, shedding 1%.
BHP Group (ASX:BHP) shares were down past 1% in recent trade.
US equity indexes were mixed as crude oil futures rose ahead of Monday's close amid reports that Middle East leaders called on President Donald Trump to hold off a "large-scale" attack on Iran on Tuesday.The Nasdaq Composite fell 0.7% to 26,047.9, with the S&P 500 down 0.2% to 7,394.8. The Dow Jones Industrial Average rose 0.2% to 49,633.8.Trump said Monday that he will "hold off" on a Tuesday plan to attack Iran, citing a request from the leaders of Qatar, Saudi Arabia, and the United Arab Emirates as he said negotiations to end the war grow more "serious," CNN reported Monday.Trump instructed his leadership "to be prepared to go forward with a full, large-scale assault of Iran, on a moment's notice" if a deal isn't reached, the US president added in his Truth Social post.This comes amid reports that Iran offered an updated proposal, which the White House adjudged lacking meaningful improvement over the previous offer, rendering the latest version insufficient to reach a deal to end the war, a senior US official and a source briefed on the issue told Axios.However, a senior Iranian source told Reuters that the US had agreed to release a quarter of Iran's frozen funds - totaling tens of billions of dollars - held in foreign banks. The Iranian source also told the news agency that Washington has shown more flexibility in allowing Iran to continue some peaceful nuclear activity under the supervision of the International Atomic Energy Agency.West Texas Intermediate crude oil futures climbed 1.2% to $106.64, and Brent crude futures advanced 0.7% to $109.99.
US equity indexes were mixed in midday trading on Monday as crude oil futures rose amid reports of an updated peace proposal from Iran to end the war.The Nasdaq Composite fell 0.8% to 26,018.3, with the S&P 500 down 0.4% to 7,380.6. The Dow Jones Industrial Average rose 0.1% to 49,559.1.Iran has offered an updated proposal, which the White House sees as lacking meaningful improvement over the previous offer, rendering the latest version insufficient to reach a deal to end the war, a senior US official and a source briefed on the issue told Axios.However, a senior Iranian source told Reuters that the US had agreed to release a quarter of Iran's frozen funds - totaling tens of billions of dollars - held in foreign banks. The Iranian source also told the news agency that Washington has shown more flexibility in allowing Iran to continue some peaceful nuclear activity under the supervision of the International Atomic Energy Agency.President Donald Trump is expected to meet top national security advisers on Tuesday to discuss options for resuming military action, Axios reported. He said in a post on Truth Social at the weekend that "the Clock is Ticking" for Iran, adding that "they better get moving, FAST, or there won't be anything left of them. TIME IS OF THE ESSENCE!"West Texas Intermediate crude oil futures climbed 2.1% to $107.64, and Brent crude futures advanced 2.1% to $111.55.
US equity futures were lower pre-bell Monday as tensions remain high in the Middle East after the UAE and Saudi Arabia reported fresh drone incidents on Sunday, raising traders' concerns around a return to hostilities in the region.Dow Jones Industrial Average futures were 0.7% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 0.4% lower.The UAE defense ministry said that a drone attack from the "western border" had caused a fire at a nuclear plant, while Saudi Arabia reported intercepting three drones that entered from the airspace of Iraq.President Donald Trump in a post on Truth Social urged Iran to "get moving" with regard to ending the conflict. "For Iran, the Clock is Ticking, and they better get moving, FAST, or there won't be anything left of them," he said.Among the companies reporting financial results this week are Home Depot (HD), Nvidia (NVDA), Analog Devices (ADI), and Walmart (WMT).Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.2% at $109.12 per barrel and US West Texas Intermediate crude 0.3% lower at $100.77 per barrel.The May US housing market index, slated for 10 am ET, is seen coming in at 34, unchanged from the prior month, according to estimates compiled by Bloomberg.Cheryl Venable, interim president of the Federal Reserve Bank of Atlanta, is slated to speak on Monday.