"WTI crude futures rose 3% to trade above $105 per barrel, with Brent up 3% above $111, after conflicting reports of an Iranian attack on a U.S. warship near Jask island."
"Alphabet is the single biggest reason the Nasdaq is holding up. Shares are up roughly 30% in the past month after Q1 revenue of $109.9 billion and Google Cloud growth of 63%."
"Amazon is the other anchor, with AWS growing 28% and the company launching Amazon Supply Chain Services for outside customers including P&G, 3M, and American Eagle."
"HSBC has downgraded shares of AMD to 'hold' from 'buy' with a $340 price target attached, warning there is limited room for earnings upside."
The Nasdaq Composite is experiencing stability thanks to significant earnings from major tech companies like Alphabet and Amazon, which are offsetting a recent spike in crude oil prices. Crude oil prices rose 3% due to tensions in the Strait of Hormuz, but the Nasdaq remains above 25,114, reflecting an 8% year-to-date increase. Alphabet's impressive Q1 revenue and Google Cloud growth have bolstered its stock, while Amazon's AWS growth and new services contribute to the index's resilience. AMD's stock, however, faced a downgrade from HSBC.
Read at 24/7 Wall St.
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