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Wall Street finished a holiday-shortened week higher as investors balanced optimism over a U.S.-Iran peace agreement against a more hawkish-than-expected debut from Federal Reserve Chairman Kevin Warsh.
The week's biggest market catalyst came from the Middle East. Stocks surged Monday after the U.S. and Iran announced a peace agreement that would reopen the Strait of Hormuz, sending oil prices sharply lower and lifting risk appetite. The Dow hit a record high as investors welcomed the prospect of reduced geopolitical tensions and improved energy supplies.
Markets then turned their attention to the Federal Reserve. The central bank left rates unchanged as expected, but investors were rattled after Warsh's first meeting as chair. The Fed removed its easing bias, and policymakers signaled a greater likelihood of another rate hike this year, pushing Treasury yields higher and sending stocks lower on Wednesday.
Sentiment improved again on Thursday as traders reassessed the Fed's message and focused on signs that Warsh may rely more on communication than immediate policy action. Falling bond yields, continued progress toward a formal U.S.-Iran agreement, and renewed strength in semiconductor stocks (SMH) helped fuel a rebound.
The technology sector remained a focal point throughout the week. SpaceX (SPCX) continued to attract investor attention following its IPO debut, while chipmakers benefited from ongoing enthusiasm around AI spending and reports of a new Apple (AAPL)-Intel (INTC) partnership.
For the week, the Nasdaq Composite (COMP:IND) led the major indexes with a gain of +2.43%, while the S&P 500 (SP500) rose +0.93% and the Dow Industrials (DJI) added +0.71%. Read a preview of next week's major events in Seeking Alpha's Catalyst Watch.
Snap (SNAP) unveiled its augmented reality glasses called SPECS this week — and investors don't appear to be impressed by the latest addition in the crowded wearables market. The biggest concern is SPECS' price tag, which is more than three times that of Meta's (META) Ray-Ban smart glasses. As inflation and competition concerns loom, Snap's shares ended the week 11% lower. Read more.
Seeking Alpha's Calls Of The Week
Weekly Movement
U.S. Indices
Dow +0.7% to 51,565. S&P 500 +0.9% to 7,501. Nasdaq +2.4% to 26,518. Russell 2000 +1.2% to 2,980. CBOE Volatility Index -5.1% to 16.78.
S&P 500 Sectors
Consumer Staples -2.9%. Utilities +0.5%. Financials +0.4%. Telecom +1.1%. Healthcare -3%. Industrials +2.6%. Information Technology +3.1%. Materials -0.4%. Energy -6.6%. Consumer Discretionary +0.8%. Real Estate -3.5%.
World Indices
London -1% to 10,363. France +0.8% to 8,421. Germany +1.4% to 24,986. Japan +7.9% to 71,250. China +1.5% to 4,090. Hong Kong -3.2% to 23,925. India +1.7% to 76,803.
Commodities and Bonds
Crude Oil WTI -9.9% to $76.51/bbl. Gold -1.6% to $4,172.9/oz. Natural Gas +2.5% to 3.197. Ten-Year Bond Yield -0.2 bps to 4.488.
Forex and Cryptos
EUR/USD -0.86%. USD/JPY +0.67%. GBP/USD -1.29%. Bitcoin -1.2%. Litecoin -0.7%. Ethereum +2%. XRP -0.5%.
Top S&P 500 Gainers
Western Digital (WDC) +41%. Moderna (MRNA) +29%. Seagate Technology Holdings (STX) +23%. GE Vernova (GEV) +22%. Robinhood Markets (HOOD) +17%.
Top S&P 500 Losers
Accenture plc (ACN) -24%. Fox (FOX) -24%. Cboe Global Markets (CBOE) -23%. EchoStar (SATS) -16%. Cognizant Technology Solutions (CTSH) -15%.
Where will the markets be headed next week? Current trends and ideas? Add your thoughts to the comments section.
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