"WTI crude futures jumped 3% to trade above $105 per barrel, and Brent climbed 3% to above $111, pulling capital into energy names."
"Alphabet jumped 10% on AI ad monetization and a $460 billion cloud backlog, while Meta sank almost 9%, Microsoft fell 4%, and Amazon barely budged."
"Energy is the clear beneficiary. RBC reiterated a Buy on ConocoPhillips with a $152 target, and ExxonMobil posted Q1 adjusted EPS of $1.16 on $83.16 billion in revenue."
"GameStop disclosed an unsolicited bid for eBay at $125 per share in cash and stock, valuing the platform at roughly $56 billion."
The S&P 500 opened the week lower as oil prices surged due to renewed tensions in Iran, with WTI crude futures rising above $105 per barrel. Conflicting reports about a U.S. warship near the Strait of Hormuz contributed to market volatility. Despite a modest pullback, the S&P 500 remains above the 7,200 threshold. Energy stocks benefited from the situation, while tech giants showed mixed results. GameStop made headlines with an unsolicited bid for eBay, causing eBay shares to rise significantly in after-hours trading.
Read at 24/7 Wall St.
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