40 Mins Ago
Safe haven assets rise after unconfirmed reports of explosions in Iran; gold hits fresh record
Safe haven assets rose following reports of unconfirmed explosions in Iran, with the country’s Fars news agency reportedly saying that explosions were heard near the airport at the country’s central Isfahan city, but the reason was unknown.
Spot gold prices surged to a fresh all-time high of 2,411.09 per ounce, while the yen strengthened 0.45% to 153.93 against the U.S. dollar.
Prices of bitcoin fell 1.44% to $60,186, according to Coin Metrics data.
— Lim Hui Jie
43 Mins Ago
Oil prices up 3% after reports of explosions in Iran
Oil prices jumped more than 3% after unconfirmed reports of explosions near the Iranian city of Isfahan.
Iran’s Fars news agency reported that explosions were heard near the Isfahan airport, but emphasized that the reason was unknown.
Global benchmark Brent traded 2.86% higher at $89.60 a barrel, while the U.S. West Texas Intermediate rose 2.83% to $85.05 per barrel.
—Lee Ying Shan
2 Hours Ago
Utilities and consumer staples cling to weekly gains
Defensive corners of the market – utilities and consumer staples – emerged positive on the week even as the S&P 500 faced its third straight losing week.
The two sectors are the only ones in the S&P 500 with a week to date gain. Consumer staples are up 0.49% in the period, led by General Mills and Estee Lauder. Both names are up more than 4% week to date through Thursday.
Utilities, touting a 0.4% weekly gain as of Thursday’s close, are being led higher by Southern Company and Consolidated Edison. Both stocks are up more than 2% week to date.
This week’s action was marred by higher bond yields and sharp selloffs for stocks. It was especially rough for the rate-sensitive real estate sector and information technology, as both are facing a 4% decline this week.
–Darla Mercado, Chris Hayes
4 Hours Ago
After-hours movers
Check out the companies making headlines after the bell:
Intuitive Surgical — Shares of the provider of robotic-assisted surgical solutions rose 1% after the company posted stronger-than-expected results.
KB Home – The homebuilder advanced nearly 2% after announcing that its board of directors authorized a new $1 billion share repurchase.
Western Alliance — The regional bank stock fell less than 1% in extended trading after the firm posted disappointing earnings.
— Yun Li
4 Hours Ago
Bearishness climbed in latest AAII poll, but bullishness stayed above average for 24th week
Main Street investors became much more bearish in the latest weekly survey from the American Association of Individual Investors, but not by enough to keep bullishness from staying above average for a 24th consecutive week.
Investors pessimistic about the outlook for stock prices over the next six months rose to 34.0% — the highest since early November — from 24% last week.
It was the first time investor bearishness was above the long-term historical average of 31.0% since early November, shortly after the current bull market began.
Bullishness narrowed to 38.3% — still above the long-term historical average of 37.5% — from 43.4% last week. The recent high came the week before Christmas when bullishness touched 52.9%, although readings of 51.7% and 50.0% in early and late March came close.
— Scott Schnipper
Rising Safe Haven Assets Amid Unconfirmed Explosions in Iran
In recent news, safe haven assets have experienced a surge in popularity following unconfirmed reports of explosions in Iran. The Fars news agency reported that explosions were heard near the airport in the central city of Isfahan, although the cause remains unknown.
Gold prices have skyrocketed to a fresh all-time high of $2,411.09 per ounce in response to the uncertainty. Additionally, the Japanese yen has strengthened by 0.45% against the U.S. dollar, reaching a rate of 153.93. Conversely, Bitcoin prices have fallen by 1.44% to $60,186, according to Coin Metrics data.
Oil Prices Jump After Rumored Explosions near Isfahan
The unconfirmed reports of explosions near the Iranian city of Isfahan have created a ripple effect in the oil market, resulting in a more than 3% increase in oil prices. Fars news agency highlighted that the exact cause of the explosions remains unknown, further intensifying the market speculation.
As a result, global benchmark Brent has traded 2.86% higher at $89.60 per barrel, while the U.S. West Texas Intermediate rose 2.83% to $85.05 per barrel.
Weekly Gains for Utilities and Consumer Staples
Despite the S&P 500 facing its third consecutive losing week, defensive sectors such as utilities and consumer staples have emerged with positive performances. Consumer staples, led by General Mills and Estee Lauder, have recorded a