Major U.S. Averages Lower as Oil Prices Surge Again

The major averages were lower near noon, adding to yesterday's losses as oil prices surge once again amid a U.S. blockade of Iranian ports. Markets are trading with a cautious tone as investors position ahead of a high-stakes Federal Reserve decision and a dense slate of mega-cap earnings. The Federal Reserve is widely expected to hold rates steady, but forward guidance is in focus. Policymakers are expected to address the recent rebound in energy prices and whether that complicates the path toward rate cuts later this year.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Seagatereportedand provided an upbeat outlook for Q4Starbucksprovided areport for Q2Bookingreportedand provided guidance for Q2 and FY26Visareportedand provided its outlook for Q3 and FY26Robinhoodreported2. WALL STREET CALLS:T-Mobileto Outperform at OppenheimerSpotifyto Buy at RosenblattBofA doubleMolina Healthcareand Centeneto Buy from Underperform to Buy from Underperform and raised Elevance Healthto Buy from Neutral on the view that Medicaid margins are likely bottoming in 2026William BlairQualys, Tenableand Rapid7, citing a "sobering view" of the current investor mindset on software companiesJPMorganBrown-Formanto Underweight after the company terminated its merger talks with Pernod Ricard3. AROUND THE WEB:Tencentemployees used Claude Code to assist them with evaluating and fine-tuning the company's new Hy3 model to improve its performance, The Information saysBerkshire Hathawayand Chubbhave received approval to exclude AI-related damages from standard liability policies, with regulators approving most requests, The Information reportsThe leadership transition at Disneyhas quickly been marked by a series of operational setbacks and escalating political risk, NY Times saysFollowing Q1 results, Eli Lillyinvestors will be searching for insight into the launch of weight-loss pill Foundayo, Reuters reportsUberhas added hotel booking functionality within its app through a partnership with Expediaexpanding its push toward becoming a broader "super app" beyond transportation, NY Times says4. MOVERS:KalVistagains after entering an agreement tofor $27 per share in cashSilicon Motionincreases in New York afterand providing guidance for Q2NXP Semiconductorsand Bloom Energyhigher in New York afterTeradyneand O-I Glasslower afterand providing guidance for Q2GE Healthcarefalls afterand announcing updates to its executive leadership5. EARNINGS/GUIDANCE:AbbVie, raised its guidance for FY26, and provided its outlook for Q2CTS Corporationand raised its guidance for FY26Federal Signal, with EPS and revenue beating consensusAmphenol, with CEO Adam Norwitt commenting, "We are pleased to have closed the first quarter of 2026 with record sales and Adjusted Diluted EPS, both exceeding the high end of our guidance"Emcorand raised its guidance for FY26, with CEO Tony Guzzi commenting, "We started the year well, with record quarterly revenues and strong operating performance"INDEXES:Near midday, the Dow was down 0.65%, or 321.35, to 48,820.58, the Nasdaq was down 0.11%, or 27.58, to 24,636.22, and the S&P 500 was down 0.15%, or 10.80, to 7,128.00.