White House Announces 4-Hour Daily Pause In Military Onslaught On Gaza; Netanyahu, IDF Downplay The Move
Portfolio Pulse from Piero Cingari
The White House announced a daily four-hour pause in the northern Gaza Strip, which was downplayed by Israel's Prime Minister and IDF. The Israeli shekel weakened by 0.6% against the dollar, and the iShares MSCI Israel ETF (EIS), ARK Israel Innovative Technology ETF (IZRL), SPDR S&P 500 ETF Trust (SPY), and iShares 20+ Year Treasury Bond ETF (TLT) all experienced losses.
November 09, 2023 | 9:32 pm
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NEGATIVE IMPACT
The iShares MSCI Israel ETF (EIS) fell 1.4%, snapping eight straight sessions of gains.
The announcement of a daily pause in the Gaza Strip and the subsequent weakening of the Israeli shekel likely contributed to the fall in EIS's value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Cathie Wood’s ARK Israel Innovative Technology ETF (IZRL) tumbled 1.8%, marking the worst session since Oct. 27.
The announcement of a daily pause in the Gaza Strip and the subsequent weakening of the Israeli shekel likely contributed to the fall in IZRL's value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) was also on track to snap an 8-day winning streak, falling by 0.8% as of 3:30 p.m. in New York.
The geopolitical tension and the subsequent weakening of the Israeli shekel may have contributed to the fall in SPY's value.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Bonds sold off, with the iShares 20+ Year Treasury Bond ETF (TLT) down 2.3%.
The geopolitical tension and the subsequent weakening of the Israeli shekel may have contributed to the sell-off in bonds and the fall in TLT's value.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 60