Stocks tumble as Brent crude closes above $100 |
The S&P 500, Nasdaq 100, and Russell 2000 fell as Brent crude oil closed above $100 per barrel for the first time in over 3 years after a flurry of attacks on ships sailing through or near the Strait of Hormuz. Energy was once again the best-performing sector, while industrials was the worst. Inflationary fears due to rising prices have traders pessimistic about the odds of rate cuts this year. Stocks that moved higher: |
- Occidental Petroleum continued to surge amid the war with Iran as its stock received a double upgrade and a price target hike from Wells Fargo.
- Bumble skyrocketed on better-than-expected Q4 results and a strong first-quarter profit outlook.
- Lightwave Logic soared after striking a deal to deploy its modulator technology on Tower Semiconductor's platform.
- Petco surged after forecasting upbeat full-year EBITDA guidance in its Q4 earnings report yesterday.
- US chemical-slash-fertilizer companies CF Industries, Mosaic Co., Dow, Inc., and LyondellBasell — for whom natural gas is a crucial input — rose, as these companies are poised to take advantage of pricing power in the absence of robust global competition as the closure of the Strait of Hormuz cuts off natural gas supply.
- Firefly Aerospace soared after successfully launching Alpha Flight 7 as traders snapped up calls.
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The closure of the strait could lead to a dearth of helium, a key component of chip manufacturing that comes largely from the Middle East. Read more. |
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It takes a lot to shake the resolve of retail traders. War and oil price spikes might just be enough. Read more. |
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Meme coin factory Pump.fun has surpassed $1 billion in revenue, making it the first protocol built on the solana blockchain to reach the milestone. Read more. |
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- Lucid announces Cybercab competitor and self-driving tech subscription in a bid to take on Tesla
Lucid's vehicle has two seats and no steering wheel... a lot like another vehicle we've been hearing a lot about lately. - How Tesla quietly wound up owning a small piece of SpaceX
Tesla's $2 billion investment in xAI will be turned into a less than 1% stake in SpaceX. - Uber, which exited self-driving in 2020, is now at the center of the robotaxi era
The company announced a partnership with Nissan and autonomous tech startup Wayve to launch a robotaxi service in Tokyo later this year - Tesla's China sales jump as EV market slumps
In February, Tesla, fueled by Model Y sales, enjoyed its highest China EV market share in nearly two years. - Rivian announces R2 will start at $59,485 at launch, with lower cost trims set to arrive in 2027
Rivian unveiled the launch pricing for its highly anticipated R2 on Thursday. - Gas jumps 60 cents in under two weeks, hitting $3.60 as the market braces for possible $4 a gallon
Spring is just around the corner and gas prices just keep getting higher. - Bloomberg Intelligence analyst keeps prediction for bitcoin to fall to $10,000
Many disagree, saying bitcoin is "too big to fail" and that such a fall would require an "extreme systemic shock." - Palantir announces slew of defense- and security-themed partnerships
Partnerships with Nvidia, Centrus, and GE Aerospace were announced in conjunction with Palantir's annual conference built around its artificial intelligence software platform.
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