Stocks climb and oil plunges on US-Iran ceasefire
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The S&P 500, Nasdaq 100, and Russell 2000 all rose over 2.5%, with every sector climbing higher except for energy, which fell over 3.5% as oil prices dropped after President Trump announced a two-week ceasefire with Iran that includes reopening the Strait of Hormuz.
Reports that the US has violated the ceasefire agreement couldn’t shake investors, whose risk appetite sent speculative names and megacaps higher. Every Magnificent 7 stock except for Tesla gained.
Bitcoin rose back above $71,000, a critical resistance level it’s been attempting to break — and maintain — for the past few months.
Stocks that moved higher:
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- Meta outperformed its Mag 7 peers after releasing Superintelligence Labs’ first model: Muse Spark.
- Alibaba rose on news of a new data center powered by 10,000 of its custom chips.
- Oil-sensitive stocks like cruises and airlines jumped, including American Airlines, United Airlines, JetBlue, Southwest Airlines, Carnival, Royal Caribbean, and Norwegian Cruise Line, while Delta Air Lines also benefited from better-than-expected Q1 results.
- The fringes of the AI compute and power trade rose, including Applied Digital, data center stocks like Cipher Digital, IREN, CoreWeave, Nebius; zero-revenues nuclear company Oklo; and Bloom Energy.
- The enduring sources of AI momentum, memory and optics stocks, like Micron, Coherent, Seagate Technology Holdings, Western Digital, Corning, Lumentum, Ciena Corp., Sandisk, and Applied Optoelectronics climbed.
- Quantum computing companies (D-Wave Quantum, Rigetti Computing, Infleqtion, and IonQ) and other speculative stocks like Plug Power, Rocket Lab, and SoundHound AI rose.
- Crypto-adjacent stocks got a boost, including bitcoin treasury firms Strategy, Strive Inc., and American Bitcoin; ethereum treasury firms BitMine Immersion Technologies, SharpLink Gaming, and Bit Digital; solana treasury firms Upexi and DeFi Development Corp.; and crypto liquidity provider Galaxy Digital.
- Crypto trading venue Robinhood rose, benefitting from both rising crypto markets and general market risk-on sentiment. (Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company.)
- Levi Strauss jumped after reporting an earnings beat and raising its full-year guidance.
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- The fall in oil prices sent oil and gas producers Occidental Petroleum, Devon Energy, Diamondback Energy, ConocoPhillips, APA Corporation, Coterra Energy, and EOG Resources lower. Oil majors Exxon and Chevron and fuel refiners Marathon Petroleum, Valero, and Phillips 66 also fell. Oil field services names like Halliburton and natural gas companies EQT Corp and Venture Global dropped, as did chemical makers Dow, Inc. and LyondellBasell, along with fertilizer company CF Industries and natural gas exporter Cheniere Energy.
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In a Q&A with Sherwood, commodities analyst Rory Johnston lays out how to better understand the oil market’s situation. Read more.
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Some are starting to worry that Lilly, which for a short time vaulted into the trillion-dollar market cap club, may have hit a plateau.
Read more.
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