Tel Aviv Stock Exchange Awaits Opening After Wall Street Declines

The Tel Aviv Stock Exchange is set to open following a negative session on Wall Street and a significant rise in US bond yields. The Dow Jones Industrial Average fell 0.7%, the S&P 500 dropped 0.8%, and the Nasdaq Composite declined 1.1% overnight. The Israeli market will conclude its trading week today, with the exchange closed for the Sukkot holiday starting tomorrow. Activity will be shortened during Chol HaMoed Sukkot next week, with trading ending at 2:30 PM.

Global oil prices saw a morning dip, with Brent crude down 0.9% to $102.1 per barrel and WTI crude off 0.8% to $91.4 per barrel. The 10-year US Treasury yield stabilized at 5.11%, after a 14 basis point surge yesterday to a 19-year high. The 10-year Israeli government bond yield is nearing 4%, having risen 4 basis points yesterday to 3.997%.

Pre-market trading indicates a strong positive arbitrage for Palo Alto Networks on the Tel Aviv exchange, with a +3.7% differential. Nova shows a +2% gap, and Camtek a +2.8% gap. Conversely, Nice and Teva are showing negative gaps of around -1.5%.

Yesterday, the Tel Aviv Stock Exchange closed lower, with the TA-35 index down 0.3% and the TA-125 index retreating 0.4%, ending a three-day positive streak. The insurance sector was particularly weak, with the TA Insurance index losing 1.3%. Among specific companies, IDI Insurance fell 3.5%, The Phoenix lost 2.2%, Migdal dropped 2.1%, Menora shed 1.6%, and Harel declined 1.2%.