"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!"- Jesse Livermore
Patience is a cornerstone of successful trading, and Livermore reminds us that staying power often trumps constant decision-making. Maintaining discipline to hold onto winning positions allows traders to fully realize market moves.
Developing the composure to sit out market noise can be your greatest investment edge.
Market Wrap
Oil Spikes, Stocks Tumble as Middle East Tensions Heat Up
Middle East Conflict Escalation: Israel’s large-scale airstrikes on Iranian nuclear and military sites, followed by Iran’s retaliatory missile and drone barrage, sent oil prices surging over 7% as investors feared supply disruptions through the Strait of Hormuz and a broader regional war.
Risk-Off: U.S. equities plunged as the VIX spiked nearly 17%, Brent crude jumped over 7% above $74/bbl, gold rallied about 1.5% toward $1,430/oz, and 10-year Treasury yields retreated to one-month lows, illustrating investors’ swift shift out of stocks and into safe havens.
OPEC+ Supply-Cover Concerns: A JPMorgan analysis warned that even if member countries ramp up output, OPEC+ could only add about 250,000 barrels per day over the next three months—insufficient to offset any major disruption to Iranian exports, underscoring tight global oil markets.
Consumer Sentiment Improves but Risks Linger: The University of Michigan’s Consumer Sentiment Index jumped to 60.5 in June from 52.2 in May, its first increase in six months. While the uptick reflected easing tariff fears and stable prices, inflation expectations remain elevated and Middle East tensions have driven oil prices higher, posing upside risks to consumer prices going forward.
Trump Signs off on Steel Merger: President Trump issued an executive order green-lighting Nippon Steel’s $14.9 billion takeover of U.S. Steel after the companies agreed to resolve national-security concerns with the Treasury Department. The deal, which includes $11 billion in new U.S. investments by 2028, removes a major regulatory overhang for U.S. Steel shares and lifts sentiment among materials and industrial stocks.
Tesla Inc. shares climbed 1.9% following reports of positive regulatory developments around vehicle emissions standards in key international markets. In Europe, a three-year reprieve on CO₂ targets to 2027 and new pooling arrangements let automakers buy Tesla’s surplus credits, while the U.K.’s updated ZEV mandate permits hybrids to count toward compliance through 2035, underpinning sustained demand for Tesla’s regulatory-credit sales.
Adobe Inc. shares dropped despite beating earnings estimates and raising guidance, as investors remained skeptical about the pace of AI monetization in its creative software tools.
Lockheed Martin Corp. shares gained 3% on expectations of increased defense spending in response to rising global tensions and potential military engagements.
Diamondback Energy Inc. shares jumped 3.7% after oil prices hit multi-month highs, positioning U.S. shale producers for improved revenue and cash flow prospects.
United Airlines Holdings Inc. shares fell after oil prices surged amid escalating Middle East tensions, raising concerns over higher fuel costs and reduced travel demand.
Halliburton Co. shares surged 5.5% on a leap in oil prices, with investors pouring into energy service providers poised to benefit from higher drilling activity and stronger crude markets.
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