Stocks surge, oil tumbles as traders decide worst is over after ineffectual Iranian response to US strikes |
While markets were a bit jittery Sunday night following US strikes on Iran this weekend, a relatively minor response from Iran renewed risk appetite as traders saw de-escalation as the most likely path forward. The S&P 500 rose nearly 1%, while the Nasdaq 100 and Russell 2000 closed up 1.1%. West Texas Intermediate prices tumbled 8%. Crude has now completely round-tripped and is trading below levels seen when Israel first attacked Iran. Oil giants including Halliburton, Schlumberger, and Devon Energy were among the biggest decliners in the S&P 500 after Iran's retaliatory strike on a US airbase in Qatar came without casualties. Investors stayed optimistic that tensions may ease soon. The bottom slot on the leaderboard, however, went to Super Micro Computer, as traders reacted negatively to a convertible debt offering. Tesla, meanwhile, led gainers rising 8% after the company's long-awaited robotaxi made a successful debut in Austin. Elsewhere… |
- Airlines including Delta, United, and American (with routes to Tel Aviv, Dubai, and Doha) slipped early in the session following US strikes on Iran, but ended the day in the green.
- Payments provider and financial services technology company Fiserv jumped 4% after it announced it plans to launch a digital asset platform and a stablecoin by the end of the year.
- Estée Lauder rose nearly 5% after Raymond James upgraded the stock, citing a supply chain pivot away from China and signs that global beauty demand may be bottoming.
- Hims & Hers sank almost 35%, its biggest single-day drop ever, after pharma giant Novo Nordisk said it's ending its short-lived partnership with the telehealth company.
- CoreWeave shares sank 5% on no obvious news as the AI cloud computing company gave back some ground after last week's 25% rally.
- On the flip side, AI data center Arista Networks surged more than 6% on a massively bullish tilt in options activity.
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— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
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Rocket Lab soars to record high In its second straight daily surge, pure-play commercial space company Rocket Lab USA jumped 9% to close at a record high Monday. (It also jumped Friday after another one of competitor SpaceX's rockets blew up.) Read more. |
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- Tech executives pivot to war
Tech execs are cozying up to the military industrial complex, seeking partnerships, contracts, and now actual military commissions. - Coca-Cola's outlook is getting a big boost from the gym bros
Fairlife is poised to drive more and more sales growth for Coca-Cola, Morgan Stanley says. - Trump Media, which has never turned a profit, will buy back shares
Losses, schmosses.
- Hertz's AI damage scanner appears to be charging customers big bucks for minor dings
In April, Hertz said it would roll out more than 100 AI-powered rental vehicle scanners by the end of this year. - Just 32 countries have an AI data center, but half are concentrated in just 5 of them
A new study found a concentration of AI data centers in the US, Europe, and China, leaving most countries with no domestic AI computing resources. - To some locals, Jeff Bezos' Venice wedding is a symbol of what's draining their city
Venice now hosts more tourists than residents on most days. - Anthony Pompliano announces $1 billion SPAC deal to jumpstart ProCap Financial, a new bitcoin treasury firm
Sequans Communications also disclosed a $384 million investment to roll out its bitcoin treasury initiative today. - "Elio" marked Pixar's worst opening weekend in its 30-year history
The Disney-owned animation giant's recent box office performance has seen some blockbuster sequels — and lackluster originals. - Stellantis CEO gives himself his old job back on his first day
Stellantis CEO Antonio Filosa had his official start date on Monday.
- BlackRock's bitcoin ETF outstrips SPDR Portfolio S&P 500 ETF in inflows
IBIT rolled out in January 2024, while State Street's SPDR Portfolio S&P 500 ETF launched nearly 20 years ago.
- DoorDash rose as the delivery giant's booming ad biz impresses Wall Street
Analysts highlighted the company's booming ad growth and recent Deliveroo deal as future profit drivers. - Fred Smith, the founder of FedEx who helmed the company through decades of growth, died on Saturday
Smith pioneered the modern delivery service at the 54-year-old company.
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