QQQ Advances in Late Trading as Tesla Rebounds: Markets Wrap
- Iran calls for crude embargo against Israel by Muslim nations
- Morgan Stanley’s profit slides on investment-bank slowdown
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A giant exchange-traded fund tracking the Nasdaq 100 (QQQ) advanced in late trading as Tesla Inc. rebounded, while Netflix Inc. rallied after earnings. The gains signaled a recovery in megacaps, following a slide driven by geopolitical risks and higher Treasury yields.
The S&P 500 dropped 1.3% on Wednesday and oil rallied as Iran intensified its rhetoric against Israel after an explosion at a Gaza hospital that complicated diplomatic efforts to rein in the Middle East conflict. Morgan Stanley sank the most since 2020 as profit fell on an investment-bank slowdown. United Airlines Holdings Inc. tumbled almost 10% after warning the Israel-Hamas war and higher jet fuel costs would weigh on earnings.