24H | Tech, Precious Metal Stocks Rally, Oil Shares Drop on Mideast Ceasefire Reports
Tech, precious metal stocks rose and oil shares fell in overnight trading on reports the U.S. is seeking a month-long ceasefire in its war on Iran, and had sent a 15-point plan to Iran for discussion, raising hopes for a resumption of oil exports out of the Persian Gulf.
Big tech stocks rose in overnight trading. Tesla, Palantir, and TSMC rose 2%; Nvidia, Broadcom, Meta, Alphabet, Oracle, and AMD rose 1%.
Chip stocks rose in overnight trading. Arm rose 9%; Direxion Daily Semiconductors Bull 3x Shares rose 5%; SanDisk, Marvell Technology, Micron Technology, GlobalFoundries, and Western Digital rose 2%.
Gold , which investors had been selling to take profit after a long rally, rose 1.6%. Gold, silver stocks and ETFs jumped in overnight trading. ProShares Ultra Silver rose 14%; ProShares Ultra Gold rose 9%; Hycroft Mining rose 8%; First Majestic Silver, Endeavour Silver, Hecla Mining, Coeur Mining, and iShares Silver Trust rose 7%; Pan American Silver, Fortuna Silver Mines, Barrick Mining, and Eldorado rose 6%; Newmont Mining, Kinross, Agnico Eagle Mines, and Anglogold Ashanti rose 5%; Gold Trust Ishares and SPDR Gold ETF rose 4%.
Optical communication stocks rose again in overnight trading. Coherent rose 4%; Applied Optoelectronics, Lumentum, Fabrinet, and Corning rose 3%; Ciena and Amphenol rose 2%.
Crypto stocks rallied in overnight trading. Robinhood rose 3%; Strategy, BitMine, TeraWulf, Coinbase, Circle, Bullish, Hut 8, Riot Platforms, and Cipher Mining rose 2%.
Brent crude futures fell about 6% to $98.30 a barrel. Oil stocks dropped in overnight trading. Woodside Energy fell 4%; Cheniere fell 3%; BP, Occidental, Apache, Halliburton, and Exxon Mobil fell 2%.
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