Defense Stocks Surge As Israel Says It Thwarts Seaborne Hamas Attack; US Issues Warnings To Iran
Portfolio Pulse from Piero Cingari
Defense-related stocks rose amid rising tensions in the Israel-Hamas war. The iShares U.S. Aerospace & Defense ETF (ITA) and the Invesco Aerospace & Defense ETF (PPA) rallied, while RTX Corporation (RTX) surged by 6.7% following better-than-expected earnings. The SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) also gained. Israeli-related stocks, represented by the iShares MSCI Israel ETF (EIS), broke a nine-day losing streak. Gold, tracked by the SPDR Gold Trust (GLD), traded flat, while Bitcoin (BTC) was 2% higher.
October 24, 2023 | 7:37 pm
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POSITIVE IMPACT
The iShares U.S. Aerospace & Defense ETF (ITA) rallied 1.2% amid rising tensions in the Israel-Hamas war.
The rising tensions in the Israel-Hamas war have led to an increase in defense-related stocks, including ITA.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The Invesco Aerospace & Defense ETF (PPA) surged 0.8% amid the ongoing conflict between Israel and Hamas.
The ongoing conflict between Israel and Hamas has led to a surge in defense-related stocks, including PPA.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
RTX Corporation (RTX) surged by 6.7% following the company’s announcement of better-than-expected earnings and revenue last quarter.
RTX Corporation's stock surged following the announcement of better-than-expected earnings and revenue, indicating positive investor sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100