Nasdaq in lead as stocks open higher despite Middle East conflict continuing Proactive uses images sourced from Shutterstock
“Oil prices retreated slightly from their 18-month highs amid rumours that Iran may be willing to have discussions with the US to end the conflict,” noted Axel Rudolph, Chief Technical Analyst at investing and trading platform IG.
“TTF gas prices slumped by 9% following this week’s 60% surge while gold and silver prices regained some of Tuesday’s sharp losses as the US dollar weakened slightly.”
US services sector activity accelerated in February, with the Institute for Supply Management’s Services PMI rising to 56.1, its highest level since 2022 and well above expectations for a 53.5 reading.
The stronger-than-expected print points to solid expansion across the services economy, which accounts for the bulk of US economic activity.
At the same time, inflation pressures showed signs of easing. The ISM Services Prices Paid Index fell to an 11-month low of 63, indicating a moderation in input cost growth even as overall activity picked up.
US stocks indices generally opened higher, after the Dow Jones dallied with a short drop into the red.
After half an hour of trading the Nasdaq has climbed 0.8%, the S&P 500 was up 0.4% and the Dow 0.2%.
Coinbase was top risers on the S&P, up 11.4% as bitcoin rebounded.
Robinhood Markets was next, up 8%, with other included Applovin, Aristsa, Datadog, Western Digital and Seagate Technology.
Earlier today, US Treasury Secretary Scott Bessent reiterated his boss’s promise that the US will try to help oil shipments in the Gulf region.
Defence Secretary Pete Hegseth also said “more forces are arriving” in the region, while Iran continued its retaliatory strikes on neighbouring countries for a fifth day.
US media reported that executives from US defence groups, including Lockheed Martin and RTX have been summoned to the White House on Friday to discuss ramping up production of missiles and other weaponry, despite President Trump’s comments yesterday…
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