Largest Israeli Stocks Are Losing Ground in the US Market
The highest interest rate in 22 years has already weighed on the US market. The market is now rattled by another geopolitical uncertainty following the unexpected attack by Hamas on Israel.
The largest US-listed Israeli companies are mostly trading in the negative territory on Monday. Shares of Israeli Autonomous driving tech company $Mobileye Global (MBLY.US)$ were down nearly 5%. Cybersecurity company Check $Check Point Software (CHKP.US)$ closed 1.5% lower. The attack also lifted crude prices and spurred haven-related support for gold, the dollar, and U.S. Treasury futures.
The shocking attacks in Israel have sent the price of oil soaring, as investors assess the potential for the conflict to disrupt supply in the Middle East, if other countries are drawn in," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. "Nerves are showing signs of being frayed again, just as investors had started to breathe a sigh of relief that the US might be heading for a softer landing."
Investors and analysts anticipate that Israeli businesses may experience further interruptions.
It is a huge disruption to business as usual," said Jack Ablin, chief investment officer and founding partner at Cresset Wealth Advisors. He said in the short-term resources could be diverted if the conflict expands, such as staff at tech companies being called up as military reservists.
Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina, said there will likely be a "tremendous effort" to guard physical installations for companies based in Israel from attacks because some technology spending is tied to the military.
Source: Reuters, Barron's
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Wind_Storm : $MBLY $CHKP $NICE $TEVA $ESLT $MNDY $ICL $CYBR $SEDG $GLBE $WIX $PLTK $NVMI $CAMT $TSEM. All are Israeli companies listed in the US markets.
DunhillTradingGroup :
SpyderCall : Good job pointing out these companies. I wish I would have seen this earlier.
SpyderCall Wind_Storm : There are several more also. I swing trade ZIM all the time in hopes of catching a dividend in one of the swings up.