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Investorideas.com (www.investorideas.com newswire) a trusted platform for investing ideas including energy and oil and
gas stocks issues a market update as oil slips below $90 on Middle
East deal hopes while the TSX opens higher and the Nasdaq lags.
Key takeaways
-
Oil slid below $90 a barrel after comments suggesting a possible
deal to reopen the Strait of Hormuz, per Reuters. -
The S&P/TSX Composite opened up 0.2% at 34,745.46 as of 9:30
a.m. ET, per Reuters. -
At 9:32 a.m. ET, the Dow was up 303.74 points and the S&P
500 up 13.30 points, while the Nasdaq Composite fell 25.38
points, per Reuters. -
In late-morning ETF trading, SPY was at $739.63, DIA at $512.26,
and USO at $128.55 when checked.
The macro tape
Reuters reported that the S&P/TSX Composite Index opened higher,
up 0.2% at 34,745.46 as of 9:30 a.m. ET, as risk appetite improved
on hopes for a U.S.-Iran memorandum. On Wall Street at 9:32 a.m. ET,
Reuters had the Dow up 303.74 points and the S&P 500 up 13.30
points, while the Nasdaq Composite slipped 25.38 points. Reuters
tied the move to oil sliding below $90 a barrel after comments
suggesting a possible deal to reopen the Strait of Hormuz. In
late-morning ETF trading, SPY was at $739.63, DIA at $512.26, and
USO at $128.55 when checked. The market reaction is confirmed, but
Reuters attributed the timing of any agreement to a source and
official comments, so the memorandum itself remains reported rather
than finalized.
A sub-$90 oil print driven by diplomacy is a double-edged catalyst
for Canada’s resource-heavy benchmark, easing inflation pressure
while threatening the energy earnings that anchor the TSX.
The risk-on tone was uneven: the Nasdaq’s dip came on the same
session the record SpaceX IPO debuted
into the market, a reminder that even a landmark listing can land in a mixed tape.
Lower crude also frames the energy side of the day’s
Shell-ARC deal mechanics, while the softer commodity-inflation backdrop is the same one
behind
Silvercorp’s silver reserve update.
FAQ
Why did the TSX rise while oil fell on June 12?
Reuters tied the move to hopes for a U.S.-Iran memorandum, which
pushed oil below $90 a barrel and lifted broad risk appetite; the
S&P/TSX Composite opened up 0.2% at 34,745.46. Lower oil cuts
energy-sector revenue but eases inflation, and on the day the
risk-on impulse outweighed the drag on the benchmark.
Why did the Nasdaq fall while the Dow and S&P rose?
At 9:32 a.m. ET, Reuters had the Nasdaq Composite down 25.38 points
while the Dow gained 303.74 points and the S&P 500 added 13.30
points. The split points to rotation out of high-multiple tech and
toward cyclical and value names on the day.
Is the U.S.-Iran deal confirmed?
No. Reuters attributed the timing of any agreement to a source and
official comments, so the market move is confirmed but the
memorandum itself remains reported rather than finalized.
Disclosure
All share prices referenced are intraday, captured at the timestamps
in the source market data, and are not closing prices. This article
is editorial market commentary and interpretation, not investment
advice. Price targets, indications, and forecasts are attributed to
their named sources.
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