Trading Day: Geopolitical reality check
Oil prices jumped and Wall Street fell on Thursday as fading hopes of a U.S.-Iran peace deal soured optimism around the U.S. earnings season and tech companies. The Nasdaq had its worst day in a month, falling 0.9%.
Wall Street fell on Thursday as oil prices jumped, with the Nasdaq experiencing its worst day in a month. The decline was attributed to fading hopes of a U.S.-Iran peace deal, which soured recent optimism around the U.S. earnings season and tech companies. The S&P 500 saw six of its 11 sectors fall, with tech declining 1.5%. Texas Instruments rose 19%, while ServiceNow fell 18%. The dollar was up for the third day, and U.S. Treasuries fell, with yields rising 4 bps at the short end. Private equity firm Thoma Bravo is nearing a deal that will result in a $5.1 billion equity writedown, affecting private credit giants Blackstone, KKR, and Apollo. Excitement is building ahead of SpaceX's stock market listing, expected in June, as part of the largest wave of initial public offerings in history, worth $3 trillion.
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