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European Equities Traded in the US as American Depositary Receipts Rise Thursday

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European equities traded in the US as American depositary receipts were rising on Thursday morning, up 0.5% to 1,905.06 on the S&P Europe Select ADR Index.

From continental Europe, the gainers were led by technology giants Nokia (NOK) and Ericsson (ERIC), which gained 6% and 4.4% respectively. They were followed by semiconductor company STMicroelectronics (STM), which climbed nearly 4%.

The decliners from continental Europe were led by clinical-stage biopharmaceutical company Inventiva (IVA) and steel producer ArcelorMittal (MT), which fell 4.3% and 1.5% respectively. They were followed by software company SAP (SAP), which shed 0.7%.

From the UK and Ireland, the gainers were led by semiconductor company Arm (ARM) and bank HSBC (HSBC), which climbed 12% and 2% respectively. They were followed by bank Barclays (BCS), which added 1.8%.

The decliners from the UK and Ireland were led by pharmaceutical company Compass Pathways (CMPS) and budget airline Ryanair (RYAAY), which decreased 2.2% and 1.5% respectively.

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Update: US Equity Indexes Recover From Session Lows as Iran Strikes Designed to Stop Islamic Republic From Hormuz Attacks

(Updates with index/price moves, macroeconomic data, and political news from the first paragraph.)US equity indexes closed off session lows after President Donald Trump said strikes against Tehran should not be interpreted as a return to full-scale war, and his Deputy JD Vance signaled Washington is attempting to stop Iran from attacking maritime traffic in the Strait of Hormuz.The Dow Jones Industrial Average dropped 1.1% to 52,348.39, with the S&P 500 down by 0.3% to 7,482.71 on Wednesday. The Nasdaq Composite rose 0.2% to 25,870.65, after trading about 1% lower intraday. Technology and energy were the only gainers. Materials, real estate, and consumer discretionary led the decliners.The CBOE Volatility Index jumped 4.8% to 16.90, retreating from a gain of about 13% around midday.The US has launched more strikes against Iran "to further degrade their ability to threaten freedom of navigation in the Strait of Hormuz," US Central Command said Wednesday, according to CNN. Iranian state media reported explosions in several cities, including Bushehr, Chabahar, Konarak, Bandar Abbas, and Sirik.Trump had said earlier in the day that the latest back-and-forth fighting would not result in "long-term" military action, according to the Associated Press.US Vice President JD Vance has warned Iran of a military response if it attempts to block the Strait of Hormuz, Al Jazeera, a Middle Eastern broadcaster, reported. "If Iran tries to close the strait down, there's going to be a response [from] the American military. That's the deal," said Vance."They can either follow it [terms of the June memorandum of understanding], or they can have exactly what happened last night. It's just gonna keep on happening until they open up that lane and stop shooting at ships," Vance told a news briefing in Washington, D.C., according to Al Jazeera.The front-month global benchmark North Sea Brent soared 6.8% to $79.19 a barrel, and the US West Texas Intermediate advanced 6.1% to $74.70 a barrel.Most US Treasury yields rose, but came off their highest for the day. The two-year yield was up 5.6 basis points to 4.22%, and the 10-year traded 5.2 basis points higher at 4.58%.Gold futures dropped 1.6% to $4,091.7, and silver futures slumped 4.3% to $58.70, partially recovering intraday lossesIn economic news, the June 16-17 meeting of the Federal Open Market Committee showed widespread disagreement among participants, according to the minutes released Wednesday."Most participants remarked on scenarios in which inflationary pressures would dissipate and inflation would soon begin to return to 2%," the minutes showed. "In such scenarios, almost all of these participants noted that it would likely be appropriate to maintain or eventually lower the target range for the federal funds rate."However, some policymakers noted that outcomes such as stable labor market conditions and elevated inflation, driven by AI-related demand, further conflict in the Middle East, and tariffs, could result in monetary tightening to ease inflation to the Fed's 2% target.

Dow JonesNasdaq CompositeS&P 500
Asia Markets

Exchange-Traded Funds Lower as US Equities Fall After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV fell. Actively traded Invesco QQQ Trust (QQQ) lost 0.2%.US equity indexes fell while volatility surged with crude oil and government bond yields after President Donald Trump warned of more strikes on Iran after saying a peace deal signed in June "is over."EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each added about 1.1%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose 0.5%; iShares US Technology ETF (IYW) added 0.1%, and iShares Expanded Tech Sector ETF (IGM) was up 0.2%.The State Street SPDR S&P Semiconductor (XSD) climbed up 1.7%, and iShares Semiconductor (SOXX) gained 1.7%.FinancialThe State Street Financial Select Sector SPDR (XLF) fell 1.5%. Direxion Daily Financial Bull 3X Shares (FAS) dropped 4.6%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), advanced 4.6%.CommoditiesCrude oil rose 6.1%, and the United States Oil Fund (USO) added 3.7%. Natural gas lost 1.4%, and the United States Natural Gas Fund (UNG) was down 1.2%.Gold on Comex dipped 2.2%, and the State Street SPDR Gold Shares (GLD) fell 1.2%. Silver was down 5.1%, and iShares Silver Trust (SLV) was 3.8% lower.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) slipped 0.1%. The Vanguard Consumer Staples ETF (VDC) eased 0.2%, and iShares Dow Jones US Consumer Goods (IYK) was down 0.6%.The State Street Consumer Discretionary Select Sector SPDR (XLY) fell 2%. VanEck Retail ETF (RTH) eased 0.3%, and the State Street SPDR S&P Retail (XRT) dipped 1.7%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) fell 0.8%, iShares US Healthcare (IYH) lost 1%, and Vanguard Health Care ETF (VHT) was down 0.9%. IShares Biotechnology ETF (IBB) shed 1.4%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) dipped 1.1%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also lower.CryptocurrencyIn midday activity, bitcoin (BTC-USD) fell 2.8%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) lost 2.7%, ProShares Ether ETF (EETH) was down 3.6%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.8% lower.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH
Asia Markets

Update: US Equity Indexes Decline, Crude Oil Jumps as Trump's Threats to Strike Iran Again Elevate Geopolitical Risk

(Updates with index/price moves, macroeconomic data, and political news from the first paragraph.)US equity indexes fell while volatility jumped with crude oil and government bond yields after President Donald Trump warned of more strikes on Iran after saying a peace deal signed in June "is over"The Dow Jones Industrial Average dropped 1.2% to 52,294.8, with the Nasdaq Composite down 0.2% to 25,760.5, and the S&P 500 lower by 0.5% to 7,469.1 after midday Wednesday.Energy was the standout gainer, with Valero Energy (VLO), Occidental Petroleum (OXY), and Phillips 66 (PSX) leading the S&P 500. Chevron (CVX) was the Dow's top gainer. On Nasdaq, the top spot went to Baker Hughes (BKR).The CBOE Volatility Index jumped 6% to 17 after Trump said, per a Bloomberg report, the US would probably launch further strikes on Iran and could resume a blockade on the country's ports.American forces launched strikes against more than 80 targets in Iran, including air defense systems, command-and-control networks, coastal radar installations and anti-ship missile capabilities, in response to recent attacks on commercial shipping in the Strait of Hormuz, according to a Deutsche Bank note on Wednesday. The strikes were accompanied by the US Treasury's decision to revoke a waiver that had allowed new Iranian oil sales, it said."We hit them very hard last night," Trump said Wednesday on the sidelines of a summit of the North Atlantic Treaty Organization leaders in Ankara, Turkey. "Probably hit them hard again tonight."The front-month global benchmark North Sea Brent soared 7% to $79.37 a barrel, and the US West Texas Intermediate surged 6.9% to $75.29 a barrel.After the burial ceremony of Iran's Supreme Leader Ayatollah Ali Khamenei - killed by an Israeli strike at the outset of the conflict - ends on July 9, both warring sides could adopt an even harder stance, driving a further uptick in geopolitical risk premiums, according to a note from Rystad Energy."Even if no sustained physical disruption materializes, uncertainty around vessel safety, insurance costs, potential delays, and the risk of further retaliation is likely to keep volatility elevated in the near term," the Rystad note said.US Treasury yields rose, reflecting market concern that higher crude oil prices, driven by a supply shock, will make it harder for the Federal Reserve to fight inflation. The two-year yield jumped 5.8 basis points to 4.22%, and the 10-year climbed 6.2 basis points to 4.59%.Inflation concerns also sent gold futures down 2.7% to $4,045.6 and silver futures lower by 5.5% to $57.98.In economic news, the minutes from the Fed's policy meeting on June 16-17 are due at 2 pm ET. Investors will parse the views on the direction of interest rates at a time when the market is pricing in hikes. The probability of a 25-basis-point increase in rates is the highest among all other policy outcomes in September, October, and December, the CME FedWatch tool showed Wednesday.Meanwhile, in company news, Apple (AAPL) said Wednesday that Broadcom (AVGO) will produce chips for use in the iPhone maker's products in a deal likely worth more than $30 billion.

Dow JonesNasdaq CompositeS&P 500$AAPL.AVGO$BKR$CVX$OXY$PSX$VLO