US Stocks Advance as G-7 Gives Boost to Oil-Stockpile Hopes
(Bloomberg) — US stocks advanced on Tuesday as Group of Seven nations asked their main energy agency to ready scenarios to deploy oil reserves if necessary.
The S&P 500 Index rose 0.3% as of 12:16 p.m. in New York, with the benchmark poised to climb for a second straight session. The Nasdaq 100 Index advanced 0.5%, building on Monday’s 1.3% gain, as tech stocks — including Nvidia Corp., Western Digital Corp. and Micron Technology Inc. — gained at least 1.6% amid a risk-on mood. However, an equal-weighted version of the S&P 500 — which gives Dollar Tree Inc. the same heft as Apple Inc. — drifted lower. The Cboe Volatility Index hovered around 23 after touching the highest since April in the prior session.
“Risk mood is improving,” said Dec Mullarkey, managing director at SLC Management. “The prospects of stabilizing energy supply have been well received.”
Earlier, the G-7 asked the International Energy Agency to prepare scenarios for the release of emergency oil stockpiles. The G-7 tasked the agency with studying the volumes that could be released, French Finance Minister Roland Lescure told reporters in Paris.
Brent crude hovered near $88 a barrel, extending losses after Monday’s wild trading.
The US and Israel are conducting their most intense day of attacks yet against Iran and won’t give up until the Islamic Republic is beaten, the Pentagon said, striking a more aggressive tone after President Donald Trump hinted on Monday the war in Iran could be nearing a conclusion.
Earlier, the biggest refinery in the United Arab Emirates halted production after a drone strike. Adding to concerns, Iran state media reported an explosion of an oil tanker near the UAE.
Meanwhile, the Pentagon struck a more aggressive tone than Trump on the war, saying that it is conducting the most intense day of strikes against Iran and will not give up until the Islamic Republic is defeated. The comments suggest the campaign, which started on Feb. 28, still has more room to run.
Monday’s Trump headlines on a potential end to the war “appeared right on time given the market decline,” said Tom Essaye of the Sevens Report. Essaye added that there were reasons to be skeptical over a potential TACO — Trump Always Chickens Out — trade being viable currently.
Kathleen Brooks, a research director at XTB, expects oil prices to remain volatile. Comments from Trump “may not be enough to permanently erase a risk premium that has been built into the oil price in recent days, especially since the Strait of Hormuz remains closed,” she said.
Amid the continuing conflict, traders are also readying themselves for a fresh look at inflation with the consumer price index, which is due Wednesday. Also due this week is the personal consumption expenditures price index, which is the Federal Reserve’s preferred inflation gauge.
“On the surface, these prints are backward-looking,” said Daniela Hathorn, senior market analyst at Capital.com. “Yet in the current environment of rising energy prices, heightened geopolitical tensions and signs of labour-market softening, they are unlikely to be dismissed as ‘out of date.’ Instead, they could prove pivotal in shaping expectations for the Federal Reserve’s next move.”
Among individual stock moves, Hewlett Packard Enterprise Co. slid 1% after reporting slightly weaker-than-expected revenue while Teladoc Health Inc. jumped 5.5% after Deutsche Bank upgraded the virtual health-care provider to buy.
–With assistance from Annika Inampudi.
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