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🚀 Middle East Tensions Impacting Markets

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

Dow Jones  42,074.13 11.56%
S&P 500  5,694.56 20.07%
Nasdaq  17,837.79 20.80%
Russell 2000 2,188.64 8.74%
TSX  23,949.60 14.74%
Bitcoin $61,409.40 45.21%
Ethereum $2,648.91 16.05%
US to Canadian Dollar $1.35 2.06%
  1. Stocks dropped on Tuesday as tensions in the Middle East escalated, causing investor concerns despite a strong prior quarter. The Dow fell 238 points, the S&P 500 lost 1.1%, and the Nasdaq Composite dropped 1.9%. Oil prices surged after reports of an imminent missile attack by Iran on Israel, raising fears of broader destabilization. Tech stocks, including Tesla, Nvidia, and Apple, saw significant losses, while energy stocks rose. The CBOE Volatility Index (VIX) climbed above 20, signaling heightened market fear.

  2. Vice President Kamala Harris reaffirmed her support for cannabis legalization during an interview, marking her first public comments on the issue since becoming the Democratic nominee. While Harris's stance is welcomed by the industry, cannabis leaders express frustration over slow progress on reform. Investors and companies are seeking more concrete action, particularly around banking and capital markets. Both Harris and former President Trump now support federal cannabis reform, boosting market optimism despite challenges in state-level sales performance.

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  4. Headlines

    1. GM reported a 2.2% decline in sales last quarter despite an increase in EV sales.

    2. Crude oil prices increased as a result of the tensions in the Middle East.

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