Renewed hostilities in the Strait of Hormuz sent oil futures higher but eased as traders weighed the de-escalation outcome was greater than a continuance of hostilities.
Stocks are on pace for a positive week but oil rose after escalation in the Strait of Hormuz. Traders await the debut of South Korean chip firm SK Hynix and mull Delta's results.
Earnings from PepsiCo today and Delta tomorrow precede big banks and key chip names reporting next week. Oil and yields are elevated after the most recent Middle East skirmishes.
Stocks are higher across the board despite overnight attacks in the Strait of Hormuz. Chip stocks are seeing follow-through buying as the SOX bounces off its 50-day SMA.
The swift move out of chips Tuesday could reflect market fatigue and precedes key chip company earnings next week. Fed minutes are today's highlight amid inflation concerns.
Yesterday's chip revival put tech back in the driver's seat, and it's in focus again today as South Korean semiconductor giant Samsung reports. SpaceX joins the Nasdaq 100 today.
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