Oil Jumps to Two Week High on US-Iran Jitters | Closing Bell

Summary

Bloomberg's Closing Bell covered a volatile session where US-Iran jitters lifted oil and energy stocks, while chips led a tech rebound and other sectors fell. Hosts discussed the chip vs. hyperscaler pair trade, homebuilder weakness amid rising yields and a white paper warning of a future housing glut, and specific movers like Broadcom and TeraWulf.

• Oil prices rose above $80/bbl on renewed US-Iran tensions, boosting energy stocks.
• Semiconductor stocks outperformed, with Nvidia and Broadcom among top S&P 500 gainers.
• The S&P 500 and Nasdaq Composite recovered from deep losses to close mixed.
• Homebuilders declined for a third day as mortgage rates stayed elevated.
• A Mortgage Bankers Association white paper flagged a potential future housing glut due to low birthrates.
• Broadcom rallied on a new chip agreement with Apple exceeding $30 billion.
• Airlines and cruise lines fell on higher fuel cost concerns linked to rising oil.
• TeraWulf (WULF) gained after Morgan Stanley raised its price target following an Anthropic lease.