Markets Volatile Amid Iran War, Oil Prices Surge Over 10%

The major averages were broadly lower near noon as market volatility continues amid the war in Iran and the supply disruptions that are occurring because of it. Oil prices surged over 10% as Iran's new Supreme Leader Mojtaba Khamenei said the Strait of Hormuz should remain closed, while U.S. Energy Secretary Chris Wright told CNBC that the U.S. Navy is not prepared to escort oil tankers through the strait at this time. Overnight, three more foreign vessels were struck in the Persian Gulf a day after three separate ships, including one in the Strait, had been hit.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Dick's Sporting Goodsreportedand raised its annual dividendDollar Generalreportedand provided its outlook for FY26Morgan Stanleyand Cliffwater have capped withdrawals from their multibillion-dollar private credit funds after investors sought to redeem vastly more than the vehicles allow,The Trump administration is planning to issue 30-day waivers for the Jones Act to allow foreign tankers to help supply refiners on the East Coast with fuel from the Gulf Coast and elsewhere in the U.S.,Rivianintroduced its R2 line, with deliveries slated to begin2. WALL STREET CALLS:Wells FargoOccidentalto Overweight, calling the company's "peer-leading oil sensitivity" both "an opportunity and a risk"CitiDow Inc.and LyondellBasellto Buy on "asymmetric upside risk" from an extended Middle East conflictJefferiesNutriento Buy on higher fertilizer pricesBernsteinCVSand Cignato OutperformMercadoLibreto Neutral at JPMorgan3. AROUND THE WEB:Deutsche Bankplans to expand its private credit business despite rising investor concerns about credit quality, with its portfolio reaching EUR 25.9B at the end of 2025, up about 6% year over year, FT reportsEstee Lauderhas filed a lawsuit against Jo Malone, her fragrance brand "Jo Loves" and Zara's UK business for the use of Malone's name on certain products as the U.S. firm owns the brand, Reuters reportsAbivaxsays "we deny the rumors" to Bloomberg after a report claimed the company granted AstraZenecaan exclusive period to access confidential information and formalize a potential takeover offerAnthropic is seeking a U.S. appeals court stay after being deemed a supply-chain risk by the Pentagon, Reuters reportsJPMorganand UBScut prime brokerage ties with Infini Capital Management Ltd. months ago, Bloomberg reports4. MOVERS:Lightwave Logicgains afterwith Tower SemiconductorPetcoincreases afterand providing guidance for FY26ProFrac Holdingsand Bumblehigher afterTIC Solutionsfalls afterand announcing the planned retirement of CEO Tal PizzeyNetskopeand GPGIlower after5. EARNINGS/GUIDANCE:Gambling.comand provided guidance for FY26, with CEO Charles Gillespie calling out "record fourth quarter revenue"Sunbelt Rentalsand narrowed its guidance for FY26Vera Bradley, with CEO Ian Bickley commenting on "meaningful progress in our transformation journey"Orchestra BioMed (OBIO)with EPS beating consensusVivid Seatsand provided guidance for Q1 and FY26INDEXES:Near midday, the Dow was down 1.13%, or 536.43, to 46,880.84, the Nasdaq was down 1.36%, or 309.41, to 22,406.73, and the S&P 500 was down 1.03%, or 69.63, to 6,706.17.