Stock markets fretted over the past weekend about oil prices soaring. WTI crude traded above $100 late Sunday. That set up a panicked selling sentiment for Nasdaq (QQQ), the Dow Jones (DJI), and the S&P 500 (SPY).
Toward the end of the trading day on Monday, President Trump characterized the war as “very complete, pretty much.” Without sending troops to the ground and relying on air dominance, the statement is very bold. The President pushed back on an initial four-to-five-week timeframe for the Iran conflict.
Oil crises rarely lasted for long in the last few decades. Still, the oil and gas integrated firms broke out during the pandemic. Exxon Mobil (XOM) shares, for example, bottomed in the low $40s, rising to over $100 since late 2022. XOM stock broke out this year from $120 to nearly $160.
ConocoPhillips (COP) and Chevron (CVX) are also compelling energy firms to own.
Tech Traded Higher
Investors perceived bargains in the tech sector. Broadcom (AVGO), Micron (MU), Advanced Micro Devices (AMD), and Nvidia (NVDA) are the semiconductor stocks that rallied.
Conversely, Microsoft (MSFT) rose slightly (+0.11%) while Oracle (ORCL), which posts results this week, erased much of its intraday losses. In the banking sector, Wells Fargo (WFC) and Bank of America (BAC) end the day down by 1.98% and 1.52%, respectively.
GoDaddy (GDDY) and Global Payments (GPN) ended lower on the day.
