Stocks continue to climb on hopes of an end to the war |
Stocks continued their climb on optimism that the war with Iran could conclude soon as President Trump told Reuters that the US will be "out of Iran pretty quickly" and could return for "spot hits" if needed. Trump is scheduled to provide further updates on Iran at 9 p.m. ET tonight in a televised address. Every sector traded higher except for energy, which fell along with the price of oil, and consumer staples. The industrials and communications sectors led gains. Stocks that moved higher: |
- The data center trade rebooted amid the Iran war relief rally, sending Nvidia, Advanced Micro Devices, KLA Corp, Dell, Sandisk, Western Digital, Lam Research, Coherent, Arista Networks, Seagate Technology Holdings, Micron, Lumentum, Eaton Corp, Corning, Amphenol, Ciena Corp., HP Enterprise, Quanta Services, Carrier, and Comfort Systems USA higher.
- Intel soared after taking back full ownership of a manufacturing facility in Ireland.
- Boeing climbed news of its seven-year deal with the Pentagon to boost missile production.
- Eli Lilly rose after the FDA approved its GLP-1 pill, intensifying its battle with Novo Nordisk.
- China's EV startup trio — Nio, Li Auto, and XPeng — climbed following the release of March and first-quarter delivery totals.
- Target Hospitality spiked after signing a $550 million deal to build a Texas data center hub for a top five hyperscaler.
- nCino soared after the cloud-banking software company posted better-than-expected earnings and subscription revenue guidance.
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- Energy stocks Valero, Phillips 66, Diamondback Energy, APA Corporation, Chevron, CF Industries, Devon Energy, EOG Resources, Coterra Energy, Exxon, and Marathon Petroleum and chemical stocks Dow, Inc. and LyondellBasell dropped as oil prices fell on hopes that the war in the Middle East is winding down.
- Nike sank after the company guided for revenue declines in its Q3 earnings call yesterday as weak sales in China continue.
- Hasbro tumbled after confirming that it suffered a cyberattack from which it may take "several weeks" to recover.
- Beyond Meat sank after issuing a weak revenue outlook as persistent demand struggles continue.
- BYD ticked lower as the automaker posted its seventh consecutive month of sales declines.
- ORIC Pharmaceuticals tumbled after the trial data for its prostate cancer treatment disappointed investors.
- RH tanked after reporting weak earnings after the bell yesterday as its adjusted EPS of $1.53 missed estimates for $2.20.
- Philip Morris and Turning Point Brands sank after Reuters reported that FDA scientists are reluctant to authorize pouch products.
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OpenAI just closed out the biggest funding round in Silicon Valley history, raising a total of $122 billion and taking its current valuation to a genuinely staggering $852 billion. All told, the AI giant is now valued at roughly the same as McDonald's ($222 billion), Disney ($171 billion), Boeing ($156 billion), Uber ($148 billion), Comcast ($105 billion), and Ford ($46 billion)... combined. Read more. |
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