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China Shares Open Lower Amid Escalating US-Iran Conflict
Chinese shares opened lower on Wednesday as investors turned risk-averse following another night of U.S. airstrikes on Iran.The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.6% lower to 3,839.67. The Shenzhen Component Index fell 0.7% to 14,169.97.The U.S. completed its 11th consecutive night of airstrikes on Iran, heightening concerns over a prolonged Middle East conflict and its impact on global markets.Investors weighed rising geopolitical risks, with international crude oil climbing above $92 a barrel after fighting continued around the Strait of Hormuz, a key global energy shipping route. The escalating conflict, stalled diplomatic efforts and higher energy prices fueled demand for safe-haven assets while dampening appetite for equities.
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US Equity Markets Close Higher as Chipmakers Lead Tech Gains
US equity indexes ended higher on Tuesday as semiconductor stocks led gains in the technology sector amid diplomatic developments to rein in hostilities in the Middle East.* Iranian Interior Minister Eskandar Momeni arrived in Pakistan for high-level talks, news reports said. Mediators are proposing a 10-day ceasefire between Washington and Tehran, according to a Reuters report. President Donald Trump said Tehran is "desperate" to meet and talk, and threatened to attack a reported new Iranian nuclear site "very heavily," Al Jazeera reported.* Redbook US same-store sales last week rose 7.8% from a year earlier after an 8.2% increase in the previous week.* The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rose to 7.4 in July from minus 25.8 in June.* August West Texas Intermediate crude oil rose $1.76 to settle at $84.99 per barrel, while September Brent crude, the global benchmark, was last seen up $2.25 at $91.47.* 3M (MMM) shares rose 7.3%, the top gainer on the Dow, as the company raised its full-year earnings outlook after reporting Q2 results above Wall Street's estimates.* Danaher (DHR) shares fell 11%, the biggest drop on the S&P 500, after the company tempered full-year revenue-growth guidance even as fiscal Q2 topped estimates.
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Update: US Equity Indexes Rise as Chipmakers Lift Technology Amid Worsening Iran Geopolitics
(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes rose as surging chipmakers boosted technology, helping offset a move higher in crude oil amid threats of worsening hostilities in the Middle East.The Nasdaq Composite jumped 1.3% to 25,835.8, with the S&P 500 up 0.9% to 7,508.5 and the Dow Jones Industrial Average higher by 0.7% to 52,212.8 ahead of Tuesday's close.Technology was the standout gainer, up 2.3%, followed by energy. Consumer staples and communication services led the decliners.Out of the top ten companies with a market capitalization of more than $200 billion, all but one were from the technology sector, according to data compiled by Finviz. Within that tech dominance, six were from semiconductors and semiconductor equipment and materials industries, including Intel (INTC).Intel is planning to lay off workers within its data center group, Business Insider reported Tuesday, citing a company spokesperson. Separately, RBC Capital Markets said in a note that Intel is expected to report a decent Q2 supported by server CPU demand and pricing momentum. Intel's shares surged 8.82%, one of the top gainers on the S&P 500 and the Nasdaq.In geopolitical news, President Donald Trump delivered a dim view of possible talks with Iran to end the war, telling reporters Tuesday that the US has "no interest in meeting" until Iran is ready to convene "in a meaningful way," the Associated Press reported.A desalination facility and power plants caught fire and suffered serious damage in Kuwait after new Iranian strikes targeted the crucial facilities, along with areas of Bahrain and Jordan, following the 10th consecutive night of US bombing, Al Jazeera, a Middle Eastern broadcaster, reported Tuesday.Meanwhile, the Houthi-run SABA news agency said six ships attempting to pass through the Bab el-Mandeb Strait in the southern Red Sea were forced to reroute on Tuesday after being warned by the rebels, a day after they announced a maritime embargo against Saudi Arabia, according to the Associated Press.The front-month US West Texas Intermediate rose 2% to $84.91 a barrel, and global benchmark North Sea Brent climbed 2.3% to $91.28 a barrel.
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