Shoe stocks had something to cheer about Wednesday morning following word of a ceasefire in the U.S.-Isreal war with Iran that was reached Monday night, even if the temporary agreement is just for two-weeks.
Investors saw the temporary ceasefire as a positive move toward ending the six-week war, although there are still details and sticking points that need to be negotiated and could provide hiccups along the way.
With the ceasefire conditional, it remains to be seen whether the temporary agreement — brokered with Pakistani mediation — will hold. There have been no direct talks between the U.S., Israel and Iran. Reportedly there are still scattered attacks in the Gulf region, Israeli Prime Minister Benjamin Netanyahu has said that Lebanon is not included in the ceasefire, and there are questions regarding when the Strait of Hormuz would actually reopen. The closure of the Strait has choked oil transportation and impacted the global economies. Yet, there is optimism — however fragile — as the temporary agreement is better than U.S. President Donald Trump’s threat that Iran’s “civilization will die.”
For now, investors are all in, sending the Dow Jones Industrial Average up 2.8 percent to 47,903.05 points shortly after the start of trading Wednesday.
Among the stocks was a sea of green, with Amer Sports, the parent of technical performance brand Arc’teryx and sneaker brand Salomon, leading the charge at up 10.6 percent to $36.13. Another sneaker brand, On Holding, rose nearly 9 percent to $35.12, while shares of JD Sports Fashion rose 8.8 percent to $75.90.
Birkenstock was also a top gainer, with shares up 8.1 percent to $37.50, followed by Under Armour at up 7.1 percent to $6.18. Shares of VF Corp., parent to the Vans, Timberland and North Face brands, rose 6.7 percent to $18.08, while Steven Madden Ltd.’s stock gained 6.6 percent to $37.46 and Wolverine Worldwide rose 6.2 percent to $17.23.
Among the shoe retailers, shares of Designer Brands Inc., the parent of DSW, was up nearly 8 percent to $6.34 and Boot Barn shares rose 7.7 percent to $161.46. Shares of Deckers, whose brands include Ugg, Hoka and Teva, was up 6.1 percent to $106.45, while Dick’s Sporting Goods saw its shares rise 4.0 percent to $208.69 and Shoe Carnival garnered a 4.5 percent increase to $16.71.
Source link
#Shoe #Stocks #Rise #U.S.Iran #Ceasefire #Triggers #Relief #Rally



Post Comment