"Futures are trading lower once again after another up-and-down day on Wall Street. Once again, the rotation narrative rang out as software and chip stocks were hit hard, and in some cases, after posting solid fourth-quarter results. One headline screamed, "Hedge Funds made $24 billion shorting software stocks so far this year". The Dow Jones Industrial Average posted a strong Wednesday amid tech market volatility, rising 0.53% to close at 49,501."
"Oil prices surged again on Wednesday as concerns about the situation with Iran swung back toward dangerous. Some comments from the President directed at the Supreme Leader, plus a recent encounter where an Iranian drone was shot down by a U.S. fighter jet, have helped to ratchet the tensions back up. Brent Crude closed the day at $68.72, up 2.06%, while West Texas Intermediate was up 2% to close at $64.47. Natural gas also joined the party, closing up 4.54% at $3.46."
"As many on Wall Street expected after a massive sell-off, gold saw volatile trading, initially surging above $5,000 per ounce in early Wednesday trading before paring some gains. Prices were driven by opportunistic buying following the recent sharp declines and by ongoing safe-haven demand amid geopolitical tensions. The last trade for gold on Wednesday was reported at $4,963, while Silver closed at $88.07, up 3.58%."
Futures traded lower after volatile sessions as software and chip stocks fell despite some solid fourth-quarter results and large hedge fund short exposure in software. The Dow rose 0.53% to 49,501 while the S&P 500 fell 0.51% to 6,882 and the Nasdaq dropped 1.55% to 22,904; the Russell 2000 declined 0.94% to 2,624. Treasury yields were mixed, with the 30-year at 4.92% and the 10-year at 4.28% as traders balanced mixed economic data and geopolitical risks. Oil, WTI and natural gas rallied on renewed Iran tensions, and gold and silver saw volatile safe-haven buying.
Read at 24/7 Wall St.
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