Major Averages Close Broadly Lower as Oil Prices Jump Again
The major averages closed broadly lower, giving back some of yesterday's gains as tech stocks lagged, U.S. Treasury yields rose, and oil prices jumped once again. A meeting between President Donald Trump and Chinese President Xi Jinping has ended, with investors concerned that the summit resulted in no major policy breakthroughs.Brent crude pushed above $104 a barrel as the Iran conflict and ongoing Strait of Hormuz disruptions continue pressuring global energy supplies. Rising oil prices are now feeding into inflation expectations, transportation costs, and consumer spending concerns as markets increasingly fear a stagflationary setup.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Applied Materialsreportedand raised its 2026 equipment growth estimateFigmaprovided areport for Q1Gemini Space Stationannounced that Winklevoss Capital Fund made aBlackstoneand CD&R are both in the early stages of exploring bids for Magnum Ice Cream,MasterCardand JD.com2. WALL STREET CALLS:Arista Networksto Outperform at Raymond JamesRBCTexas Roadhouseon better beef prices, traffic growthCiscoto Buy at HSBC on stronger AI infrastructure momentumViking Holdingsto Equal Weight at Morgan StanleyFermito In Line at Evercore ISI3. AROUND THE WEB:BPplans to wind down much of its pipeline gas trading team, eliminating about 20 roles and integrating the remaining staff into its expanding LNG trading business. Reuters reportsFinal bids are in for Estee Lauderbrands Too Faced, Smashbox, and Dr. Jart, and the process could be completed in a matter of weeks, WWD reportsAs Metaprepares to lay off about 10% of its staff on May 20 as part of ongoing efficiency efforts and investment rebalancing, adding to prior rounds of layoffs, sources say morale is low, Wired reportsGoogleis planning to announce a new Gemini model at it's I/O conference, with the release expected to land around the class of OpenAI's GPT-5.5 and short of Anthropic's Mythos, Sources reportsStarbucksis undertaking another round of corporate restructuring, including about 300 U.S. job cuts and a review of its international corporate workforce, CNBC says4. MOVERS:Globantrises afterRXOhigher after Stifelthe stock to BuyDexComgains after announcing aYork Space Systemslower afterand provided guidance for FY26DLocaland ARS Pharmaceuticalsfalls after5. EARNINGS/GUIDANCE:Datavault, with EPS and revenue higher year-over-yearRBC Bearingsand provided guidance for Q1Enveric Biosciences, with CEO Joseph Tucker commenting "Our progress in the first quarter of 2026 reflects continued execution against our core mission"aTyr Pharma, with CEO Sanjay Shukla commenting, "2026 is off to a productive start"Mako Mining, with EPS and revenue higher year-over-yearINDEXES:The Dow fell 537.29, or 1.07%, to 49,526.17, the Nasdaq lost 410.08, or 1.54%, to 26,225.15, and the S&P 500 declined 92.74, or 1.24%, to 7,408.50.
