Stock Market Today: Stocks Higher on Hopes for Mideast Resolution; American Express Up
Dow 30 up 1%, S&P 500 up 1.13%, Nasdaq 100 up 1.52%.
Updated 11:46 a.m. EDT
American Express Among Top Performers in the Dow Jones Industrial Average
American Express (AXP) shares are nearly 3% higher today on news that the financial-services giant will be refreshing its Platinum card offering later this year, including opening three new airport Centurion Lounges.
That will bring the total number of lounges available to members to more than 1,550 across more than 500 airports globally. AXP shares were trading at $295.82, 9.5% off their all-time highs set earlier this year.
The Points Guy suggests that it might be an effort to steal some thunder from JP Morgan Chase, which this summer is updating its Sapphire Reserve card.
Updated 10:15 am EDT
Stocks Firmly Higher; Goldman Sachs, IBM, Chip Stocks Up
In the first 45 minutes of trading the major indexes are firmly higher. The Dow Jones Industrial Average is up 1%, led by Goldman Sachs (GS) and IBM (IBM) , each up more than 2%.
The S&P 500 Index added 1%, with Advanced Micro Devices (AMD) and Estee Lauder (EL) jumping more than 6%.
And the Nasdaq 100 moved up 1.4%, with chip stocks AMD, Marvell (MRVL) , On Semi (ON) and Arm Holdings (ARM) strong.
Related: AMD CEO Su turns heads with comments at AI event
Stock Market Today
'Happy Monday.
On TheStreet Pro Stephen Guilfoyle offers a helpful summary of what's happening in the Middle East in today's Daily Market Recon.
He tells us that the Israelis "launched a series of highly calculated, well-informed, surgical strikes on Iranian military leadership," which killed several generals, including the commander in chief of the Iranian armed forces and the commander of the Islamic Republican Guard Corps.
In response, Iran used drones and ballistic missiles in its counterattack. Israel's Iron Dome system works well against rockets but not so well against ballistic missiles.
Attacks from both sides continue today.
With all that bad news, what are stock futures doing today? They're up?
Related: Economy This Week: Fed's rate decision may pack some drama
That's right. S&P 500 futures are up around 100 points since Friday's close, to their highest level since February.
Currently they're trading at 6071, which is a gain of 1.6%. Nasdaq futures are higher, too, gaining around 1.8% since Friday.
Here are charts of the two. These are intraday charts and I've highlighted Friday's market session in blue, Sunday's global trading in green, and Monday's premarket in yellow.
Why are they up? Also on TheStreet Pro, Peter Tchir reports that Israel's Iron Dome is performing better than expected. Also, the Strait of Hormuz remains open and China probably has stepped in to say that it would greatly prefer to continue receiving Iranian oil.
And a further worsening could bring the U.S. into the conflict, which nobody wants.
You can read more here, in Market Anticipates Postive End to Israel-Iran Conflict After U.S. Involvement Update.
What's down?
Related: Stocks This Week: Middle East and Fed meeting top investor worries
Crude oil. The economic driver is 2% lower to $71.49 because oil fields have been spared thus far in the attacks. However, they're up 24% from lows seen in the aftermath of Liberation Day, April 2, on which President Donald Trump unveiled his tariff plans.
Gold is lower, too, though still trading near all-time-highs.
Among stock sectors trading before market open, the leaders include energy and oil names.
