SOC News & Events

With U.S.-Iran ceasefire holding and ongoing optimism regarding a second round of diplomacy between the two sides, U.S. equities continued to make news highs on Thursday, though this time, Energy was the best performing sector as investors bought the recent dip in the oil patch.  Mid-cap drillers like Sable Offshoreand Patternson-UTIwere especially well bid with 11% and 5% gains respectively while mega-caps - Exxon Mobil, Shell, and Chevron- each rallied about 2%.  Healthcare was the worst performing sector in the S&P 500 amid emboldened animal spirits boosting higher-beta areas of the market at the expense of the defensive sectors.In the opening hour of the evening session, S&P e-minis are up another decimal point at 7,085, with Nasdaq 100 trading flat.  In commodities, June - now the active contract for WTI Crude Oil - is below $90 per barrel while May is trading above $93.  The steepening backwardation in energy - lower prices down the timeline curve - reflects the extent to which the markets are anticipating a swift normalization of the geopolitical premium.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Cohen & Steersup 0.6%ALSO HIGHER -STMicroelectronics N.V.up 1.3% after being upgraded to Outperform at MizuhoTexas Instrumentsup 1.2% after being upgraded to Neutral at MizuhoF.N.B. Corporationup 0.9%DOWN AFTER EARNINGS -Netflixdown 9.0%Alcoadown 3.6%Simmons First Nationaldown 3.2%ALSO LOWER -Trevi Therapeuticsdown 7.9% after announcing equity offeringKnight-Swift Transportationdown 2.9% after Q1 guidance cutNXP Semiconductors N.V.down 1.5% after being cut to Underperform at Mizuho

California Attorney General Rob Bonta filed a comment letter opposing the Pipeline and Hazardous Materials Safety Administration's consideration of Sable Offshore's request for a special permit to waive a safety regulation and transport oil through Lines CA-324 and CA-325 in Santa Barbara and Kern counties. "PHSMA illegally purports to assert exclusive federal jurisdiction over the onshore Lines CA-324 and CA-325 by reclassifying them as 'interstate,' and issued Sable an emergency permit waiving compliance with its own safety regulation requiring evaluation and remediation of pipeline corrosion," Bonta said in a statement. Attorney General Bonta argues that" PHMSA is without jurisdiction to issue any special permit because the pipelines are intrastate, and therefore subject to state regulation by the Office of the State Fire Marshal rather than PHMSA."

Sable Offshore is down -6.7%, or -$1.20 to $16.64.