Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) have rebounded from early-morning lows and are now trading higher on the day.
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Forget margin or options. Here's how the pros trade QQQThe uptick comes despite unsuccessful U.S.-Iran peace talks over the weekend. Iran maintained its demand for retaining enriched uranium and refused to reopen the Strait of Hormuz until a final deal is reached. At the same time, mediators from Pakistan, Egypt and Turkey continue to engage in negotiations between the two sides.
Stocks Rise as Limited Hormuz Blockade Eases Fears, Tech Leads
Investors are also digesting President Trump’s blockade of Hormuz, although the impact may not be as severe as initially expected. Instead of a complete blockade of the global oil chokepoint, the U.S. is only targeting vessels entering and exiting Iranian ports. All other vessels will have “freedom of navigation,” said CENTCOM.
Elsewhere, software stocks are driving the market higher, with Palantir (PLTR), Salesforce (CRM), CrowdStrike (CRWD), and ServiceNow (NOW) all up by at least 3%.