Tel Aviv Stock Exchange Awaits Opening After Strong Wall Street Gains and Positive Tech Sector Momentum
The Tel Aviv Stock Exchange is set to open following a night of significant gains on Wall Street, led by the technology sector. The Dow Jones rose by 1.7%, the S&P 500 increased by 1.8%, and the Nasdaq surged by 2.6%. Meanwhile, the 10-year US Treasury yield dropped by 3 basis points to 4.60%, and Israel's 10-year bond yield stands at 3.83%.
Following these gains, dual-listed Israeli chip companies are returning to trading with notable positive arbitrage gaps: Tower Semiconductor leads with an 8% premium, which may delay trading fluctuations at the open. Camtek and Nova also show positive gaps of 6.3% and 2%, respectively. The day is busy with local earnings reports from major companies including Bezeq, El Al, ICL, NICE, and Ormat.
Delta Galil released its quarterly results yesterday after the Tel Aviv close, reporting revenues of 185.4 million shekels for Q2, up 36% from 136.1 million shekels in the same quarter last year. Net profit jumped 81% to 78.9 million shekels, and adjusted EBITDA increased 60% to 114.5 million shekels. The Tel Aviv Stock Exchange also published its own Q2 results after trading hours, showing strong growth in revenues and profits.
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