International markets update:
Global markets are navigating heightened geopolitical tensions, particularly surrounding the Iran deal, which is impacting commodity prices. Meanwhile, key tech stocks are showing divergent performances, reflecting varied investor sentiment.
- Geopolitical tensions escalated as a potential U.S.-Iran deal by Thursday failed to materialize, with Iran reportedly restricting U.S. and Israeli vessels from the Strait of Hormuz, a move rejected by Washington.
- Oil prices surged significantly in response to the escalating tensions in the Middle East, with Brent futures climbing 3.8% and U.S. West Texas Intermediate gaining 2.8% on Thursday, continuing to trade higher in Asia on Friday.
- Copper, the vital industrial metal, achieved a record high of approximately $6.90 a pound, driven by persistent supply constraints and robust demand fueled by global electrification and AI applications.
- SpaceX shares saw an uptick after the expiration of the first tranche of its locked-up shares, increasing the trading volume, though the stock remains about 50% off its mid-June peak.
- SoftBank shares experienced a notable decline, extending losses despite the company reporting a profit beat, indicating that investor sentiment remains cautious regarding its AI-centric investments.
Stock Market News summarised for the Wall Street Investors Club community.