Israel Rejects US Proposal for Humanitarian Ceasefires, Calls for Release of Hostages As Priority; IDF Targets Hamas Tunnels
Portfolio Pulse from Piero Cingari
Israel rejected a US proposal for humanitarian pauses in Gaza, insisting on the release of hostages by Hamas. Israeli-related stocks rose for the seventh straight session, with the iShares MSCI Israel ETF (EIS) surging 1.8%. The Israeli shekel also strengthened, up 0.8% against the US dollar. Cathie Wood’s ARK Israel Innovative ETF (IZRL) held steady, remaining 7% lower compared to pre-Hamas’ attacks levels. US stocks advanced, with the SPDR S&P 500 ETF Trust (SPY) and the tech-focused Invesco QQQ Trust (QQQ) extending their winning streaks. Bonds also surged, with the US Treasury 10 Year Note ETF (UTEN) up 0.6%.
November 07, 2023 | 10:15 pm
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POSITIVE IMPACT
The iShares MSCI Israel ETF (EIS) surged 1.8% amid the ongoing conflict in Gaza.
The ongoing conflict in Gaza has led to a surge in Israeli-related stocks, including EIS. This is likely due to investors' anticipation of potential economic benefits for Israel following the conflict.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The tech-focused Invesco QQQ Trust (QQQ) extended its winning streak to eight consecutive days.
The ongoing conflict in Gaza has not negatively impacted the performance of QQQ, which has extended its winning streak to eight consecutive days. This suggests that investors remain confident in the tech sector despite geopolitical tensions.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) extended its winning streak to seven consecutive days.
Despite the ongoing conflict in Gaza, SPY has extended its winning streak to seven consecutive days. This suggests that investors remain confident in the broader US stock market despite geopolitical tensions.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Bonds also surged, with the US Treasury 10 Year Note ETF (UTEN) up 0.6%.
The ongoing conflict in Gaza has not negatively impacted the performance of UTEN, which has seen a 0.6% increase. This suggests that investors are turning to bonds as a safe haven amid geopolitical tensions.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Cathie Wood’s ARK Israel Innovative ETF (IZRL) held steady, remaining 7% lower compared to pre-Hamas’ attacks levels.
Despite the ongoing conflict in Gaza, IZRL has remained steady. However, it is still 7% lower compared to levels before the Hamas attacks, indicating that the ETF has not fully recovered from the initial impact of the conflict.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100