Major Averages Close Fractionally Higher as Oil Prices Decline Sharply
The major averages closed fractionally higher amid a sharp decline in oil prices. Crude prices dropped sharply amid improved optimism around U.S.-Iran negotiations, though a deal to reopen the Straight of Hormuz is not yet clinched. AI enthusiasm continues dominating equity leadership. Semiconductor names and hyperscaler-related infrastructure plays remain the strongest part of the market, even as analysts increasingly debate whether the rally has become too narrow and valuation-sensitive.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Dick's Sportingreported, reiterated its FY26 earnings outlook, and said it sees $200M in charges in FY26 from the Foot Locker acquisitionZscalerprovided areport for Q3, but analysts called its Q4 guidance "underwhelming"Abercrombie & Fitchreportedand reiterated its FY26 guidanceBank of Montrealreported aand boosted its quarterly dividendSherwin-Williamsand Nippon Paintconfirmed aAkzoNobel2. WALL STREET CALLS:FedExto Overweight at JPMorganVerra Mobilityto Underweight at JPMorgan and cut to Neutral-equivalent ratings by at least five other firmsSanDiskto Overweight at BarclaysDeutsche BankDollar Generalwith its customer base "increasingly challenged"MGM Resortsat Truist and JPMorgan3. AROUND THE WEB:Metais selling consumer subscriptions to its Meta AI chatbot for the first time, Bloomberg reportsNvidia'sCEO said the company plans to invest about $150B per year in Taiwan, describing it as the "epicentre" of the AI revolution and a long-term global hub for technology manufacturing, Reuters reportsParamount'sproposed $110B acquisition of Warner Bros. Discoveryis moving toward likely approval by U.S. antitrust regulators following a recent Justice Department meeting, Reuters saysMicronhas hit $1T market value for the first time, driven by AI demand for its memory chips, CNBC reportsBolloreCEO Cyrille Bollore was urging Universal Music Group'smanagement to reject Bill Ackman's takeover proposal, Reuters reports4. MOVERS:Digital Turbinegained afterand providing guidance for FY27Opendoor Technologiesincreased afterin the Russell 3000 IndexRed Catwas higher after H.C. Wainwrightcoverage of the stock with a Buy ratingPDD Holdingsfell in New York afterSatellogicwas lower after5. EARNINGS/GUIDANCE:Bath & Body Worksand provided guidance for Q2 and FY26Capri Holdings, with CEO John Idol commenting, "Looking at fiscal 2026 we were encouraged by the progress we made executing against the strategic initiatives introduced last year"Dycom, with EPS and revenue beating consensusManchester Unitedand raised its guidance for FY26Monroand announced it will not provide guidance for FY27INDEXES:The Dow rose 182.60, or 0.36%, to 50,644.28, the Nasdaq gained 18.55, or 0.07%, to 26,674.73, and the S&P 500 advanced 1.24, or 0.016%, to 7,520.36.
