THE BIG PICTURE
Materials ripped higher by 1.9%. That’s a big move for a sector that usually plods along. Financials joined the party, up 1.39%. BlackRock getting another shot at NYC’s massive pension mandate helped the tone for asset managers. The Russell 2000 jumped 1.02%, microcaps leading. The S&P 500 closed at 741.67, up 0.54%. Nasdaq inched to 722.1. Not a runaway day. Just a gentle drift higher.
Yet crude oil sank. Trump said an Iran deal will be signed Sunday and the Strait of Hormuz reopens immediately after. Oil sold off on that promise. But energy stocks? They climbed 0.81%. That’s a noticeable divorce.