Stocks sink on weak jobs data and soaring oil prices |
The S&P 500, Nasdaq 100, and Russell 2000 sank as oil prices continued to climb as the Qatari energy minister, Saad al-Kaabi, warned the war could "bring down the economies of the world," with crude prices potentially soaring to $150 a barrel within two to three weeks if tankers cannot safely pass through the Strait of Hormuz, a key trade route carrying about one-fifth of the global oil and gas trade. The February jobs report posted a big negative surprise as the US lost 92,000 jobs, whereas analysts had expected a gain of 55,000. The unemployment rate was 4.4%, higher than the consensus of 4.3%. Bitcoin dropped below the $70,000 level, unable to maintain its midweek rally. Stocks that moved higher: |
- Marvell Technology skyrocketed after the custom chip designer announced it was boosting its sales guidance for the next two years in yesterday's Q4 earnings results.
- Shares of Boeing rose following a Bloomberg report that the company could be close to finalizing a deal to sell 500 planes to China.
- Software stocks ServiceNow, Datadog, and Snowflake continued to gain amid geopolitical instability.
- Samsara soared after the internet connected sensor systems developer beat Q4 revenue expectations by more than 5%.
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- Finance firms with private credit ties such as Ares Management, Apollo Global Management, and KKR & Co. fell amid a report of BlackRock limited withdrawals from a private credit fund.
- Gap sank after missing Q4 earnings as storms, store closures, and tariffs weighed on profitability.
- Delta Air Lines, Southwest Airlines, Allegiant, JetBlue, United Airlines, Frontier Airlines, and Alaska Air slumped as jet fuel refining margins surged to 20-year highs.
- Oracle shed its ample gains after Bloomberg reported that the cloud giant and OpenAI jettisoned plans to expand a data center site in Texas that is a part of Project Stargate, citing people familiar with the matter.
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Prices are up about $0.34 per gallon since the conflict started. Read more. |
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A viral McDonald's burger clip sparked a social-media roast from rivals this week. Read more. |
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SoftBank is going to great lengths to double down on OpenAI — including taking on significant debt. After completing a $40 billion investment to become one of the ChatGPT maker's largest backers, the Japanese conglomerate is now seeking a roughly $40 billion loan with a 12-month term. Read more. |
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- Why Apple is moving into the lower-cost smartphone and laptop markets
The luxury tech maker is heading down-market. - AI models are crying out for new video footage and GoPro has thousands of hours' worth — can it save the company?
So far, no. The action camera company reported another slump in revenue, to $652 million. - OpenAI reportedly delaying erotica feature to focus on "gains in intelligence"
The company will push out the launch of "adult mode" and miss its Q1 target for releasing the feature, according to news site Sources. - Ads have entered the chat
Advertisers are crowding into the next digital frontier. - OpenAI releases GPT-5.4 with more "professional work" skills
The new model is positioned for business tasks, as Anthropic's success with enterprise customers is intensifying competition. - More than 58% of ethereum's supply is unprofitable
"ETH, as a token, is broken," short seller Culper Research wrote in a report, likening the asset to Netscape and Nokia. - Anthropic will sue the Pentagon over supply chain risk designation, Amodei says
In a public post, CEO Dario Amodei said the company will fight the determination in court. He also apologized for comments made in a leaked memo. - Dinner and a show — for one. More Americans are doing things solo.
With searches for dining alone peaking and a fifth of Broadway theater tickets now being bought by single visitors, the solo leisure market appears to be booming.
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