US equity markets posted strong gains in the aftermath of the ceasefire announcement. The gains would have been larger if not for lingering uncertainty around the sustainability of a ceasefire given ongoing fighting in Lebanon and unanswered questions about Hormuz tolls and uranium enrichment.
For now, the mood is very positive:
- S&P 500 +2.5%
- Nasdaq Comp +2.8%
- Russell 2000 +2.8%
- Toronto TSX Comp +1.1%
- Dow Jones Industrial Average +2.8%
The top performers were travel names, memory chip names, consumer discretionary and housing related stocks (on lower mortgage rates):
- Carnival Cruise Lines +10.4%
- United Airlines +8.4%
- WDC +8.4%
- Micron +7.4%
- Sherwin Williams +6.9%
- Ralph Lauren +7.1%
- LEVI +10.4% (after earnings)
It was a long list of strong gainers while the losers were in energy, fertilizers and chemicals including:
- CF Industries -6.4%
- Dow Inc -5.7%
- Occidental -5.4%
- Exxon -5.4%
