Distribution services stocks advanced over 3% at midday Wednesday.
Vulcan Steel (NZE:VSL, ASX:VSL) gained almost 3% in recent trade.
On the flip side, the electronic technology sector struggled, shedding nearly 2%.
ikeGPS Group (ASX:IKE, NZE:IKE) shares fell past 1% in recent trade.
The company on Wednesday reported fiscal first-quarter revenue of around NZ$6.4 million, unchanged from a year earlier, reflecting interim softness in one-off and lower-margin services revenue.
US equity indexes were mixed Monday as crude oil declined on a lull in US strikes on Iran, while jitters over the AI trade increased.* The US paused military attacks against Iran over the weekend, while Tehran also refrained from retaliatory action, multiple media outlets reported.* New orders for US durable goods rose 0.3% in June following a decline of 4% in May, compared with expectations for an increase of 1.8% in a survey compiled by Bloomberg.* September West Texas Intermediate crude oil tumbled $7.33 to settle at $81.98 per barrel, while September Brent crude, the global benchmark, was last seen down $9.02 at $87.76.* Salesforce (CRM) shares rose 6.1%, the top gainer on the Dow, after the US Department of Veterans Affairs on Friday awarded the company, through its distribution network, a three-year $1.6 billion agentic enterprise license agreement.* Nvidia (NVDA) agreed to expand its partnership with South Korea's SK Group through an AI infrastructure initiative valued at more than $500 billion that will provide the US company with a stable supply of next-generation AI memory from SK hynix (SKHY). Separately, Nvidia is in talks to provide a $250 billion financial backstop for Microsoft-backed (MSFT) OpenAI as part of a massive data center project in southern Ohio, the Wall Street Journal reported Sunday. Nvidia's shares dropped 5%, the steepest decliner on the Dow.
(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes traded mixed as investor concerns grew over circular investments in the artificial intelligence industry and as a pause in strikes on Iran entered its third day.The Dow Jones Industrial Average climbed 0.5% to 52,193.5, and the S&P 500 rose 0.1% to 7,419.7 ahead of Monday's close. The Nasdaq Composite slipped less than 0.1% to 24,964.2. Technology was the third-worst performer.Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative valued at more than $500 billion. The deal announced Saturday includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. Nvidia's shares dropped 4.4%, the Dow's steepest decliner. The SK Hynix stock plummeted 5.6%.Separately, Nvidia is in talks to provide a roughly $250 billion financial backstop for Microsoft-backed (MSFT) OpenAI as part of a massive data center project in southern Ohio that could cost more than $500 billion, The Wall Street Journal reported Sunday.VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, fell 2.1%.In geopolitical news, the US paused military attacks against Iran over the weekend, while Tehran also refrained from retaliatory action, according to a Commerzbank note. "They asked us very nicely, 'Please stop, let's meet,'" Trump told reporters aboard Air Force One, according to CNN. "And that's where we are right now, see what happens. If we don't make a deal, we go back to the same thing."Iran's Foreign Ministry said there are no current negotiations with the US, CNN reported.Almost all of the 78 vessels that crossed the Strait of Hormuz since Saturday used the route designated by Iran, and none were recorded using the southern route near Oman's coast promoted by the US, CNN cited Marisks, a shipping intelligence group.The front-month US West Texas Intermediate sank 7.8% to $82.39 a barrel, and global benchmark North Sea Brent plunged 8.9% to $88.19 a barrel.
(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes traded mixed amid growing investor concerns over circular corporate investments and as crude oil prices plunged after a pause in Iran strikes entered its third day.The Dow Jones Industrial Average climbed 0.6% to 52,249.1, and the S&P 500 rose 0.1% to 7,420.2 after midday Monday. The Nasdaq Composite was little changed at 24,972.6.Energy and technology led decliners while communication services, consumer staples, and consumer discretionary topped the gainers.Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative valued at more than $500 billion. The deal announced Saturday includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. Nvidia's shares dropped 4.5%, one of the bottom five in the Dow. The SK Hynix stock plummeted 8%.VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, slumped 4.4%.Meanwhile, the US paused military attacks against Iran over the weekend, while Tehran also refrained from retaliatory action, according to a Commerzbank note. Meanwhile, Oman and Iran continued discussions on a transit arrangement for the Strait of Hormuz, with diplomats describing the negotiations as "moving in the right direction." Iranian officials likewise characterized the talks as "constructive."The front-month US West Texas Intermediate sank 6.3% to $83.65 a barrel, and global benchmark North Sea Brent plunged 6.9% to $90.09 a barrel.