Diamonds and Dogs
Nike (NKE) flying high. Nike is up 7% on hopes China is signaling a loosening of zero-COVID policy. Nike has heavily invested in China as one of its biggest growth markets. Casino stocks with exposure to China like Wynn Resorts (WYNN) is also jumping 8%.
Defense stocks take a hit as Russia retreats from key city of Kherson in Ukraine. Raytheon (RTX) is down 4%, Lockheed (LMT) is down 5% while Northrop (NOC) is down 7% as Russia completes its retreat from Kherson in what is being called a humiliating setback for President Vladimir Putin and a major development in the war. Russia's invasion of Ukraine has prompted countries like the United States and Germany to raise their defense spending budgets to record levels. Many of the NATO countries will need to replenish orders in the coming years after shipping a lot of weaponry to Ukraine.
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