Defense Stocks Surge As Israel Says It Thwarts Seaborne Hamas Attack; US Issues Warnings To Iran
Benzinga
Published Oct 24, 2023 20:37
Updated Oct 24, 2023 21:40
Defense Stocks Surge As Israel Says It Thwarts Seaborne Hamas Attack; US Issues Warnings To Iran
Benzinga - by Piero Cingari, Benzinga Staff Writer.
Defense-related stocks rose on Tuesday, outperforming the broader stock market, amid rising tensions in the war between Israel and Hamas.
The iShares U.S. Aerospace & Defense ETF (NYSE:ITA) rallied 1.2%, while the Invesco Aerospace & Defense ETF (NYSE:PPA) surged 0.8%.
RTX Corporation (NYSE:RTX) emerged as one of the leading daily performers for the defense industry, surging by 6.7% following the company’s announcement of better-than-expected earnings and revenue last quarter.
Israel-Hamas War: What Happened Tuesday?/h2 Israeli Navy forces reportedly killed a group of Hamas terrorists who attempted to infiltrate Israel from the Gaza Strip via the sea. While the exact number of infiltrators was not specified by the Israel Defense Forces (IDF), Hebrew-language media reports suggest that at least four terrorists were killed in the operation.
The United Nations agency for Palestinian refugees has issued a warning that it will cease operations across the Gaza Strip on Wednesday unless there are deliveries of fuel to the war-torn territory. The IDF responded by noting that large tanks containing over 500,000 liters of fuel are already inside Gaza and suggested the UN request access from Hamas.
Market Reactions/h2 In early afternoon trading in New York, equities continued to advance, with the SPDR S&P 500 ETF Trust (NYSE:SPY) gaining 0.8%, while the tech-focused Invesco QQQ Trust (NASDAQ:QQQ) increased by 0.9%.
Israeli-related stocks, represented by the iShares MSCI Israel ETF (NYSE:EIS), broke a nine-day losing streak by rising 1% on Tuesday.
Yields remained relatively steady, with the 10-year Treasury yield holding at 4.84%, while two-year yields experienced a slight uptick to 5.15%.
Gold, tracked by the SPDR Gold Trust (NYSE:GLD), reversed its early daily losses and traded flat for the day.
Oil prices faced downward pressure, declining by nearly 3%, following a report from the International Energy Agency projecting that global demand would peak within this decade.
Bitcoin (CRYPTO: BTC) was 2% higher to $33,734, on track to achieve its sixth straight day of gains.
Read now: Bitcoin Stocks Skyrocket — Slice Past Key Technical Barriers Like Knife Through Butter
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