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Stocks rebound as the price of oil retreats |
The S&P 500, Nasdaq 100, and Russell 2000 all gained around 1% amid a retreat in the price of oil as traders glommed on to some optimistic signs that tankers will be able to pass through the Strait of Hormuz. The rally was broad-based as all sectors ended the day in the green, with info tech performing the best as investors digested a rosy outlook for Nvidia from CEO Jensen Huang during his keynote GPU Technology Conference address. All Magnificent 7 stocks traded higher. Bitcoin continued to show resilience, crossing above $74,000. Ethereum also extended its rally as BitMine Immersion Technologies continued its buying spree. Stocks that moved higher: |
- Nvidia briefly spiked after CEO Jensen Huang said that he sees at least $1 trillion in revenues through 2027 during his keynote GTC address and ended the day higher. Memory stocks Sandisk, Western Digital, Seagate Technology Holdings, and Micron rose as well.
- Nebius soared after signing an AI infrastructure deal with Meta, worth up to $27 billion over five years. Neocloud stocks Cipher Mining, Applied Digital, Riot, IREN, and CoreWeave also rose on the news.
- Meta rose amid a report of a mass layoff that could slash its headcount to the lowest since 2021.
- Micron rose after the memory manufacturer announced that it had closed the acquisition of Powerchip Semiconductor Manufacturing Corporation's (PSMC) P5 site in Tongluo, Taiwan.
- BYD shares climbed on the tailwind of rising oil prices and a report that its Brazil plant received 50,000 vehicle orders from Argentina and Mexico.
- IBM popped after Nvidia touted a partnership with watsonx for data processing.
- Tesla CEO Elon Musk announced on Saturday that the company's massive chip manufacturing project, Terafab, will launch in seven days.
- Bitcoin's push toward $74,000 led crypto-linked stocks Coinbase and Strategy higher.
- Salesforce gained as the company kicked off a $50 billion buyback with $25 billion accelerated repurchase.
- Structure Therapeutics rose after announcing that its weight loss pill's mid-stage results were on par with Eli Lilly's and Novo Nordisk's products.
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Daily ship crossings through the strait have fallen ~99% as the Iran war escalates. Read more. |
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Universal will now guarantee a minimum of five weekends before a movie hits home screens — which might help theater companies like AMC finally get back to profitability. Read more. |
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The tariffs imposed by the Trump administration have cost automakers at least $35.4 billion since the start of 2025, according to a new analysis by Automotive News. Read more. |
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