Exxon and Chevron jumped again on Friday, the two largest positive contributors to the S&P 500 as of midday, even as the broader market remained mired in the red.

The two giant US energy companies are also on track to notch another in a series of new all-time highs as well Friday, and for obvious reasons.

Energy continues to be the bright spot for the S&P 500 since the start of the Iran war. (It is the only gainer of the 11 separate sectors that compose the blue-chip index, rising more than 7% in March.)

But energy’s gain has come with pain elsewhere. Since rising gas prices work mechanically as a tax on other forms of consumer spending, staples stocks have been hit hard, with the sector down more than 6% this month alone. Meanwhile, the inflationary pressure pushing the Fed away from further rate cuts continues to hit precious metals and miners. SPDR Gold Shares ETF and iShares Silver Trust futures both fell further on Friday; they’re down roughly 10% and 15% for the week, respectively, and producers like Newmont and Freeport-McMoRan also continue to drop.

Non-bitcoin cryptocurrencies have seen their trading volume plummet in the past five months. The combined trading volume of ethereum, XRP, solana, dogecoin, SUI, and chainlink has decreased by 60% since crypto’s October 10 liquidation event, according to Thomas Probst, a research analyst at crypto markets data provider Kaiko.

For all altcoins, spot trading volume on Binance has declined between 80% and 85% to $7.7 billion, while altcoin volume on other exchanges has dropped to $18.8 billion, down from a range of $63 billion to $91 billion in October, a Friday report from Decrypt found, citing data from CryptoQuant.

“This trend may be explained by a contraction in market liquidity over the same period,” Probst told Sherwood News. “This phenomenon is also reflected in the average 1% market depth, which stood at approximately $2.6 million before the October 10 crash and is now closer to $1.7 million when aggregated across ETH, XRP, SOL, SUI, and LINK.” 

Market depth is used by investors and traders to gauge the scale of liquidity in a market. 1% market depth refers to the amount of liquidity needed to move the market by 1%. 

CoinGlass’s Altcoin Season Index, a measure to assess the performance of non-bitcoin cryptocurrencies, has been sitting above 50 this week, suggesting that the current market is neither in a bitcoin dominant phase nor an altcoin season.

Since the Iran war started, risky assets have been in the crosshairs. Stocks have sold off as oil prices spiked, the odds of rate cuts later this year have been slashed, and even the usual safe havens like gold and silver have been unreliable ports in the growing storm.

One port of refuge, however, has been in software stocks. As noted by my colleague Matt Phillips recently, a number of high-profile software names — the same ones that some pundits doomed to obsolescence because of AI just a few short weeks ago — have held up well. Design company Figma, however, has not been one of those names.

Figma’s stock has dropped 19% since the close of trading on February 27, while the iShares Expanded Tech Software ETF has gained 2%.

Though still notching very respectable top-line growth, with sales up 40% last year, Figma is far from the “cash cow” stage of its life — perhaps why it’s been hit harder than peers such as Adobe, Workday, or Salesforce. Indeed, on a GAAP basis, Wall Street still expects the company to lose $477 million this year, as heavy stock-based compensation weighs on its profitability.

Figma’s pain was then compounded when Google announced a major update to Stitch on Wednesday — a product described as “an AI-native software design canvas that allows anyone to create, iterate and collaborate on high-fidelity UI from natural language.”

Debate is still raging on Reddit and other social media platforms as to whether Stitch, or other vibe-coding platforms and tools, will meaningfully eat into Figma’s core business. One user said that it “offers very little to experienced designers. It removes the tools Figma offers and delegates everything to AI. Figma at least has all the capabilities plus AI for people who want to use AI.” Another — complaining about the newly prohibitive cost of credits in Figma’s own AI-powered tool, Figma Make — was more bearish on Figma’s usefulness, saying that the number of credits the designer would need to use would cost $16,000 under Figma’s new pricing model.

For now, investors aren’t giving Figma the benefit of the doubt, with the stock down 12% in the last two days alone.

China’s EV startup trio, Nio, Li Auto, and XPeng, are now all profitable, following the latter’s Q4 results released Friday.

XPeng reported a quarterly net profit of about $55 million, compared to rival Nio’s Q4 net profit (also its first) of about $40 million. Li Auto posted Q4 net profit of less than $1 million.

All three companies being profitable offers a stark contrast to the EV market in the US, where Rivian quietly delayed its 2027 profitability target in a filing about its Uber robotaxi partnership yesterday. Lucid is likely further away, and last month cut 12% of its US workforce as part of its “path toward profitability.”

Still, it’s not all rosy for China’s EV startups, either. XPeng ADRs were down more than 6% in Friday morning trading as its Q1 sales forecast came in below estimates. As China rolls back subsidies, auto sales are slumping. Chinese retail EV and hybrid sales fell 32% in February from the same month last year.

Planet Labs held on to huge post-earnings gains early Friday as analysts that cover the retail favorite issued largely upbeat reviews of its Q4 report released Thursday after the bell. Here’s some of their commentary on the satellite services company:

Wedbush (rating: “outperform,” price target: $40): PL is seeing major tailwinds in the geopolitical space, continuing to drive mission-critical demand globally. Total RPO came in at ~ $852 million (up ~106% y/y) with backlog of ~$900+ million (up ~79% y/y) highlighted by 9- figure deal with the Swedish Armed Forces which was the third 9-figure Satellite Services contract over the past 12 months totaling $500+ million across Sweden, Japan, and Germany, with management noting on the call that both deal count and average size in the satellite services pipeline has grown appreciably.”

Citizens (rating: “market perform,” price target: N/A): “In our view, Planet’s solid performance in the quarter and the significant revenue acceleration implied for FY27 reflect the company’s success in shifting to a satellite services model and leaning (heavily) into the needs of Defense & Intelligence segment customers. We believe this is the correct area of focus (for management and investors) and view some of the flashier announcements around Project Suncatcher (space-based data centers), or more recently, AI enabling a renaissance within Planet’s Civil and Commercial businesses as somewhat of a distraction.”

Clear Street (rating: “buy,” price target: $34): “While F2026 revenue grew 26%, non-defense verticals have lagged. Management signaled an inflection point, with use cases such as maritime awareness data poised towards gaining traction across finance, insurance, and supply chain, supported by a more tailored approach with LLM partnerships like Anthropic (private).”

There’s a reason the stock has built a strong retail following: it had already surged more than 500% over the past year, even before jumping another 20% after last night’s earnings.

Super Micro Computer plunged over 25% in premarket trading on Friday after cofounder Yih-Shyan “Wally” Liaw, another worker, and a company contractor were charged by US prosecutors with allegedly conspiring to sell $2.5 billion worth of AI servers containing Nvidia chips to China, in violation of US export controls.

Super Micro was not named in the DOJ indictment, which was released on Thursday.

Prosecutors say the three charged suspects, including Liaw, used a pass-through company to place orders, making it appear the servers were meant for “legitimate commercial activity” while obscuring their actual “China-based end customers.”

Between 2024 and 2025, the pass-through company purchased roughly $2.5 billion worth of servers from Super Micro, including more than $510 million worth of US-assembled servers with Nvidia GPUs diverted to China between late April and mid-May 2025 alone, per the indictment.

FedEx is up more than 7% in early trading on Friday after the delivery company posted strong sales and boosted its full-year guidance in its Q3 earnings results, released Thursday.

For fiscal year 2026, ending May 31, the company raised its:

• Revenue growth forecast, to be between 6% and 6.5% year over year, up from 5% to 6% previously and topping analyst estimates for 5.9% growth (compiled by Bloomberg).

• Adjusted earnings per share (excluding certain costs, including a planned spin-off of the Freight segment), to be between $19.30 to $20.10, up from a previous range of $17.80 to $19.00.

FedEx also reported better-than-expected results for the quarter ended February 28, 2026, including:

• Revenue of $24 billion, about 2% ahead of analyst forecasts of $23.5 billion.

• Diluted adjusted EPS of $4.41, also above Wall Street estimates of $4.17.

Celebrating “another quarter of strong financial results,” in the press release the company’s management highlighted its main Express segment, improved by “higher U.S. domestic and International Priority package yields, continued cost savings from transformation initiatives, and increased U.S. domestic package volume.” The company is planning a spin-off of its Freight division into a new publicly traded company on June 1, 2026.

Often seen as something of a bellwether, owing to its billions of touchpoints across both consumers and enterprises, FedEx’s results may offer some light relief to investors that the American consumption machine is still on track.