The S&P 500, Nasdaq 100, and Russell 2000 close at record highs again as Strait of Hormuz is declared open |
The S&P 500, Nasdaq 100, and Russell 2000 once again notched record closing highs, as both the US and Iran declared the Strait of Hormuz open. Oil tumbled on the news.
It was the third-consecutive record closing high for the S&P 500 and the Nasdaq 100, and the second record session close for the Russell 2000. The Nasdaq 100 has now gained for 13 straight sessions, its longest winning streak since 2013.
Energy was the worst-performing sector, while consumer discretionary was the best performer. A Goldman Sachs basket of companies tied to spending by middle-income consumers was up, with large gains for companies like Boot Barn, Yeti, and restaurant chain Brinker International as the market seemed to price in a decline in gasoline prices, which act as a tax on consumers.
Bitcoin finally broke out of the tight range it’s been stuck in for weeks, rising to a level not reached since early February, as risk-on sentiment flooded back into the market.
Stocks that moved higher: |
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Airline stocks Alaska Air, Delta Air Lines, American Airlines, United Airlines, Frontier, Southwest Airlines, and JetBlue took off as oil prices fell, as did travel stocks Expedia, Viking Holdings, Royal Caribbean, Carnival, and Norwegian Cruise Line.
- Critical Metals skyrocketed after Greenland's government approved the transfer of the remaining 50.5% interest in the Tanbreez mining project to CRML.
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Strategy, the largest corporate bitcoin holder, gained as bitcoin rose.
- Affirm rose after Morgan Stanley named the stock a "top pick," saying concerns over private credit woes are overdone.
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Psyence Biomedical soared on reports that President Trump is drafting an executive order on the psychedelic drug ibogaine.
- Eli Lilly ticked higher after preliminary numbers cited by Wall Street analysts showed strong uptake of its new weight-loss pill.
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- Netflix sank as downbeat Q2 guidance and CEO Reed Hastings’ departure overshadowed its solid Q1 results.
- Figma and Adobe slid after Anthropic announced Claude Design, a dedicated app powered by its latest model Claude Opus 4.7.
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Energy and oil stocks Coterra Energy, Exxon, Chevron, Devon Energy, Halliburton, Occidental Petroleum, Valero, Phillips 66, Diamondback Energy, APA Corporation, EOG Resources, and Marathon Petroleum fell sharply as oil prices slid on the news of the Strait of Hormuz being reopened.
- Chemical stocks LyondellBasell, Air Products & Chemicals, Albemarle Corp., CF Industries, Westlake, and Dow, Inc. also fell as oil dropped.
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