Major Averages Decline Amid Rising Oil Prices
The major averages closed broadly lower amid a sharp increase in oil prices and bond yields following the latest developments out of the Middle East. Brent crude pushed back above $105 per barrel after Iran rejected ceasefire proposals, with tensions around the Strait of Hormuz intensifying.In response to Iran's rejection, President Donald Trump took to social media to say that Iran "better get serious soon." Meanwhile, Gulf countries issued a joint statement condemning Iran's "criminal" strikes on their energy infrastructure.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Corebridgeand Equitable Holdingsin an all-stock mergerMemory stocks, including Micronand Sandisk,amid concerns about Google'scompression techniqueJefferiesreported first quarter results that were, but marred by losses on loans to collapsed companies First Brands and MFSNetflixis raising itsin the U.S. to $19.99 per monthAppleis working with Cirrusand GlobalFoundrieson a2. WALL STREET CALLS:NeedhamArmto Buy with "high-stake bets" paying offAdobewith Market Perform from Outperform at William BlairQualcommto Market Perform from Outperform at BernsteinRobinhoodwith a Buy at JefferiesDaiwa sees Spotifymaintaining high growth,at Outperform3. AROUND THE WEB:OccidentalCEO Vicki Hollub is preparing to retire, Reuters reportsStrykerhas restored most of its manufacturing following a cyberattack, Bloomberg saysPresident Trump has named MetaCEO Mark Zuckerberg, OracleExecutive Chairman Larry Ellison, NvidiaCEO Jensen Huang, and others to the Council of Advisors on Science and Technology, co-chaired by David Sacks, WSJ saysWorsening supply constraints of Inteland AMDCPUs are adding a fresh blow to PC and server makers already hammered by an unprecedented memory chip shortage, Nikkei Asia saysFannie Maewill soon accept crypto-backed mortgages, a new product from Better Home & Financeand Coinbasethat allows home buyers to pledge crypto when making a down payment, WSJ says4. MOVERS:Olaplexincreased after announcing itby Henkelfor $2.06 per share in cashKodiak Sciencesgained after announcements its GLOW2 study of ZenkudaBrown-Formanclosed higher after Bloombergthat Pernod Ricardis exploring an acquisition of the companyWave Life Sciencesdeclined after announcing new dataPony AIfell after, with revenue lower year-over-year5. EARNINGS/GUIDANCE:Lovesacand provided guidance for Q1 and FY27Commercial Metals, with CEO Peter Matt commenting, "The CMC team delivered another strong quarter"Designer Brands, with EPS beating consensusShoe Carnivaland provided guidance for FY26, with interim CEO Cliff Sifford commenting, "Q4 results exceeded consensus expectations"H.B. Fullerand raised its guidance for FY26INDEXES:The Dow fell 469.38, or 1.01%, to 45,960.11, the Nasdaq lost 521.75, or 2.38%, to 21,408.08, and the S&P 500 declined 114.74, or 1.74%, to 6,477.16.
