The stock market today opened lower as weekend events in the Middle East dominated trading, with the S&P 500 beginning the session down about 0.8 percent and moving as low as 1.2 percent below the prior close, as reported by The New York Stock Exchange.
Buying interest emerged around the S&P’s 100 day moving average, and the index recovered into positive territory, rallying back toward its 50 day moving average, according to the NYSE report.
The NYSE noted that the Dow and the Russell 2000 also traded more than 1 percent lower at their lows before markets stabilized, and that the Russell was leading on the upside later in the session.
Market Drivers And Sector Moves
The NYSE attributed the early risk off move to heightened Middle East tensions and remarks from Secretary of Defense Hegseth and President Trump, who did not rule out boots on the ground in Iran, while Hegseth said the US would not be pulled into an endless war.
Only three sectors were clearly higher during the session, with Energy and Industrials leading as oil prices rose and defense related names strength widened, the NYSE reported.
Technology also showed strength as software names pared recent losses, with the IGV software ETF up about 2 percent and Nvidia bouncing roughly 3 percent, according to the NYSE summary.
Retail and thematic trades performed notably well, producing what the NYSE described as a Bombs Fly Retail Buys reaction, and the Roundhill Meme ETF gained about 4 percent.
Space related stocks moved higher alongside defense strength, and even some non contractor major names rose roughly 5 percent, while quantum computing names showed mixed performance and rare earth stocks were mostly higher, the NYSE said.
Cryptocurrencies also rallied, with Bitcoin and Ether each up about 5 percent, Bitcoin aiming to reclaim 70,000 dollars and Ether moving back above 2,000 dollars, as reported by the NYSE.
Treasuries did not act as a safe haven, the NYSE noted, with global yields jumping more than 10 basis points across the curve and the US 10 year rising back above 4.0 percent after recently falling below that level.
The NYSE cited inflation concerns tied to energy price spikes and ISM Manufacturing data as forces countering any full haven bid, and it said the US Dollar Index pushed through three major moving averages, gaining about 1 percent versus the euro, yen and Swiss franc.
