Major Averages Close Lower as Oil Surges Above $90
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 24 2026
0mins
The major averages closed lower following yesterday's gains. The bounce yesterday was driven by headlines suggesting a de-escalation with Iran, but that narrative is already fraying. Oil has turned higher again, climbing back above $90 for the WTI benchmark as optimism fades and the reality of disrupted supply through the Strait of Hormuz reasserts itself.Meanwhile, The Wall Street Journal reported that the Pentagon intends to deploy 3,000 Airborne U.S. soldiers to the Middle East. A written order to deploy the unit is expected later Wednesday, officials told The Journal.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Estee Lauderconfirmed it is inwith Puig BrandsSmithfield Foodsreportedand provided FY26 revenue guidanceNetgearsurged following reports that the FCC hasSumitomo Mitsuiis considering a potential takeover of Jefferies,Ares Managementsaid it isin the Ares Strategic Income fund2. WALL STREET CALLS:UBSJFrogto Buy after 30% AI-driven selloffCoreWeaveat Buy at BofACitiRalph Laurento Buy on post-selloff opportunityJPMorganXencoron a lack of "needle-moving" catalystsUltragenyxto Neutral from Buy at Goldman Sachs3. AROUND THE WEB:OpenAI is set to raise about $10B from venture investors, Bloomberg reportsCulper Research is short Adma Biologics, saying the company's reported growth is "a fiction"Microsoftto rent data center project in Texas dropped by Oracle, Bloomberg saysSouth Korean AI startup Upstage is in talks to acquire 10K AMDMI355 chips, in a bid to "diversify to other chips" as "we have a lot of Nvidiachips," Bloomberg reportsPalantirhas been awarded a three-month contract by the UK's Financial Conduct Authority to analyze sensitive internal data in an effort to combat financial crime, sparking concerns about the U.S. firm's expanding role in the British state, The Guardian says4. MOVERS:Applied Optoelectronicsincreased after receiving afrom a hyperscale customerSM Energygained after Truistcoverage of the stock with a Buy ratingHesaislipped afterand providing guidance for Q1Ocugenfell afterfrom its ArMaDa trial of OCU410Trade Deskwas lower afterthat Omnicomis auditing Trade Desk's fees5. EARNINGS/GUIDANCE:Core & Mainand provided guidance for Q1 and FY26, with CEO Mark Witkowski commenting, "Fiscal 2025 marked our 16th consecutive year of sales growth"Concentrix, with EPS missing consensusAchieve Life Sciences, with EPS in-line with consensusCore LaboratoriesprovidedNeurogene, with EPS higher year-over-yearINDEXES:The Dow fell 84.41, or 0.18%, to 46,124.06, the Nasdaq lost 184.86, or 0.84%, to 21,761.90, and the S&P 500 declined 24.63, or 0.37%, to 6,556.37.
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Analyst Views on MSFT
Wall Street analysts forecast MSFT stock price to rise
34 Analyst Rating
32 Buy
2 Hold
0 Sell
Strong Buy
Current: 426.990
Low
500.00
Averages
631.36
High
678.00
Current: 426.990
Low
500.00
Averages
631.36
High
678.00
About MSFT
Microsoft Corporation is a technology company. The Company develops and supports software, services, devices, and solutions. The Company’s segments include Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment consists of products and services in its portfolio of productivity, communication, and information services. This segment primarily comprises: Office Commercial, Office Consumer, LinkedIn, and Dynamics business solutions. The Intelligent Cloud segment consists of server products and cloud services, including Azure and other cloud services, SQL Server, Windows Server, Visual Studio, System Center, and related Client Access Licenses (CALs), and Nuance and GitHub; and Enterprise Services, including enterprise support services, industry solutions and Nuance professional services. The More Personal Computing segment primarily comprises Windows, Devices, Gaming, and search and news advertising.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- New Agreement with OpenAI: Microsoft is set to benefit from its new agreement with OpenAI in the next fiscal quarter, with projected income rising to $6 billion from the previously anticipated $4 billion, alleviating investor concerns about cash flow while reducing overall exposure to OpenAI.
- Launch of E7 Platform: On May 1, Microsoft launched Microsoft 365 E7 at $99 per user per month, expected to boost revenue by 2.4% to 2.5%, integrating various products and enhancing enterprise management of AI agents, which could lead to significant revenue increases.
- Analyst Optimism: With 95% of analysts rating Microsoft as a buy and a median 12-month price target of $550, approximately 30% above its current price, there is strong market confidence in Microsoft's growth potential moving forward.
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- Significant Returns: The Vanguard Information Technology ETF has achieved over 836% total returns over the past decade, compared to around 324% for the S&P 500, highlighting its strong performance in the tech sector.
- Diversified Portfolio: With 316 holdings, nearly 40% of the ETF is allocated to semiconductor stocks, effectively spreading risk and ensuring that other stocks can support overall investment if one subsector underperforms.
- Future Earnings Potential: Assuming a monthly investment of $200, if the ETF maintains a 24% average annual return, the portfolio could reach $242,000 in 15 years, showcasing the immense potential of long-term investing.
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- Significant Returns: The Vanguard Information Technology ETF has achieved over 836% total returns in the past decade, compared to 324% for the S&P 500, highlighting its strong performance in the tech sector and attracting yield-seeking investors.
- Dominance in Semiconductors: With nearly 40% of its portfolio allocated to semiconductor stocks, benefiting from the rapid advancement of artificial intelligence, the ETF holds top companies like Nvidia, Apple, and Microsoft, which are expected to continue driving its growth potential.
- Long-Term Investment Advantage: By investing $200 monthly, assuming the ETF maintains a 24% average annual return, investors could accumulate hundreds of thousands of dollars over decades, emphasizing the value of long-term holding.
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See More
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- Amazon Increase: Ackman added approximately 1.8 million shares of Amazon in Q1, increasing his stake by 19%, making it Pershing's second-largest holding, reflecting strong confidence in its cloud computing business, even as the stock rose nearly 30% since April.
- Microsoft New Investment: Ackman initiated a position in Microsoft this quarter, purchasing over $2 billion worth of stock, which now accounts for about 15% of his portfolio; despite a 13% rise in stock price, it remains attractive compared to Amazon, indicating its relative value.
- Cloud Computing Competition: Both Amazon and Microsoft are making significant investments in cloud computing, with Amazon planning to spend $200 billion on data centers this year, while Microsoft's Azure revenue grew 40% year-over-year, showcasing their competitive strength in the market.
- Investment Recommendation: Although Amazon's stock has risen, its valuation based on operating cash flow remains within a normal range, allowing investors to buy confidently, while Microsoft is considered a better investment due to its lower valuation and faster growth rate.
See More
Billionaire Investor Bill Ackman's Latest Moves
- Amazon Increase: Ackman added approximately 1.8 million shares of Amazon in Q1, boosting his stake by 19%, making it the second-largest holding in his fund; despite a nearly 30% rise since April, the stock remains within its normal valuation range, indicating it could still be a buy for investors.
- Microsoft New Investment: Ackman made a significant move by purchasing over $2 billion worth of Microsoft stock this quarter, which now accounts for about 15% of his portfolio; although the stock has risen 13% since April, it still presents an attractive opportunity compared to Amazon, suggesting potential value.
- Cloud Business Comparison: Amazon's AWS revenue grew by 28% year-over-year, while Microsoft's Azure saw a 40% increase, indicating Microsoft's faster growth in the cloud sector; additionally, Microsoft is cheaper on a price-to-operating-cash-flow basis, making it a more appealing investment choice.
- Investor Confidence: Ackman's simultaneous investments in both Amazon and Microsoft reflect his confidence in these companies; while analysts have not included Amazon in their top stock picks, it is still viewed as a solid investment option, encouraging investors to consider buying at this time.
See More
Microsoft and Nvidia to Launch New PCs at Upcoming Conferences
- Industry Conference Debut: Microsoft will join Nvidia next week at the Computex tradeshow in Taipei and the Build developer conference in San Francisco to unveil the first Windows computers powered by Nvidia chips, marking a significant collaboration in hardware innovation.
- Product Teaser: Nvidia teased the launch on social media, stating it will usher in a 'new era of PC' and provided coordinates for the Computex event, reflecting strong confidence and market anticipation for the new product.
- Developer Engagement: Microsoft's head of Windows and Devices, Pavan Davuluri, generated excitement among developers by hinting at new opportunities with the upcoming product, clarifying it is not a new OS version, which underscores Microsoft's commitment to its developer ecosystem.
- Market Reaction Anticipation: This launch is expected to elicit positive market reactions regarding the prospects of Microsoft and Nvidia's collaboration, particularly in high-performance computing and gaming sectors, further solidifying their leadership positions in the industry.
See More
