US STOCKS: Midday Equities Roundup: Cautious Risk On
Mar-23 17:03
Stocks gapped higher early Monday following a social media post by Pres Trump postponing an attack on Iran's energy infrastructure this evening (1945ET) for 5 days after Trump's "good and productive" talks with Iran late Sunday.
Trump's ultimatum issued Saturday evening: "If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST! Thank you for your attention to this matter.
Summing up the early Monday hours that ensued, stocks remain higher but are off the top end of the range as Iran denied any substantive negotiations with Trump, followed soon after by Trump repeating claims that Iran "means business" that there is a "very good chance will end up with Iran deal."
Consumer Discretionary and Financials sector shares led advances by midday, hotels and luxury travel stocks buoyed the former with Norwegian Cruise Line Holdings, Carnival Corp, MGM Resorts International and Royal Caribbean Cruises Ltd gaining 4.75%-6.75%. Financials supported by Interactive Brokers Group Inc, Corpay Inc and Capital One Financial Corp gaining 3.0%-3.8%.
Conversely, managed care company Centene Corp led declines at -4.8% amid profit concerns and analyst pressure on the healthcare sector in general. Chip stocks followed with Micron Technology Inc, Sandisk Corp and Seagate Technology down 2.65-4.0%.
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