Nasdaq Jumps 1.1% as Oil Pulls Back Below $100 on Hormuz Diplomacy Hopes
IXIC sits 28% above its 52-week low of $20,690.249 on light trading volume (0.3× avg).
Summary
The Nasdaq is up 1.1% to 26,377.62, reversing a four-day slide, as crude oil futures drop nearly 3% and fall below $100 a barrel. The move follows a Financial Times report that Iran and Oman will meet with Gulf states next week to discuss reopening shipping through the Strait of Hormuz, easing supply fears that had driven oil to $102.48. August CPI came in line on headline (0.4% m/m) but core rose 0.3% m/m, slightly above the 0.2% expected, solidifying expectations for a quarter-point Fed hike next week. Computer hardware stocks lead gains, with the NYSE Arca Computer Hardware Index up 4.2%. This is the first strong up day after the Dow and S&P 500 hit one-month lows, suggesting bargain hunting is also at play.
At the time of this announcement, IXIC was trading at $26,400.56 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: dpa-AFX.