Stocks close lower as Trump says Strait of Hormuz will remain closed until deal is signed |
Stocks fell and oil rallied as US-Iran tensions escalated over the weekend. Today, President Trump said that the Strait of Hormuz will remain closed until a deal with Iran is signed, saying that chances that a ceasefire will be extended are “highly unlikely.” The S&P 500 broke its five-session winning streak, the Nasdaq 100 broke its 13-session winning streak, while the Russell 2000 gained.
Communications was the worst-performing sector, dragged down by losses in Google, Meta, and Netflix. Materials was the best performer. Stocks that moved higher: |
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Compass Pathways soared after President Trump signed an executive order on Saturday encouraging research into the psychedelic drug ibogaine.
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Marvell Technology rose after The Information reported over the weekend that the chip company is in talks with Google to develop two new chips to run AI models.
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Does the stock market make sense right now? I don’t know. But it doesn’t not make sense. Read more. |
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Hastings created a subscription model that made Netflix “revered as one of the most innovative companies in Silicon Valley” and sparked a wave of companies that want you to open your wallet monthly. Read more. |
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Tesla’s federal tax bill last year was once again $0, Reuters reports. While past losses and green energy credits helped shrink the bill, Reuters found that Tesla also leaned on a classic corporate maneuver: offshore profit-shifting. Read more. |
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Robotaxis are the new millennial lifestyle subsidy
Tech-adjacent services like Uber and Lyft, once priced below their true cost, became noticeably more expensive as the companies graduated from chasing customers to chasing profits. -
College applications fall if weather is bad during tours, study suggests
New research finds the vibes on the day that prospective students visit a college might affect whether they apply. -
Tesla Robotaxi expands to 2 new cities, but it looks like there’s just 1 driverless car in each
There’s an unsupervised Tesla Robotaxi service in both Houston and Austin, but, with just one vehicle so far in each city, it will be difficult to find. -
Strategy overtakes BlackRock in bitcoin holdings as digital treasury landscape weakens
With its latest acquisition of 34,164 bitcoin, Strategy now holds 815,061 bitcoin — about 4% of the total bitcoin supply. -
DeFi sheds $13 billion in TVL following $290 million KelpDAO hack
The exploit was DeFi’s largest hack of the year so far. -
Report: NSA is currently using Anthropic’s unreleased Mythos model
Axios reports that the NSA has access to Anthropic’s powerful unreleased model, which is reported to have significant offensive cybersecurity capabilities. -
Report: Google DeepMind builds "strike team" to catch up to Anthropic models
The Information reports that recent advances in Anthropic’s Claude coding capabilities have spurned the creation of a team to "urgently bridge the gap" in AI agents.
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