Stocks edge higher as investors shrug off an uptick in oil prices
Stocks built on yesterday’s gains in spite of the ongoing conflict in Iran. A rise in oil propelled energy stocks higher.
The S&P 500, Nasdaq 100, and Russell 2000 built on yesterday’s gains despite an advance in crude oil. Energy was the best-performing sector, followed by consumer discretionary.
Healthcare fared the worst as the sector was dragged down by Eli Lilly, whose shares fell after it received its only sell rating as HSBC downgraded the stock, citing a smaller market for weight-loss drugs.
Bitcoin continued to remain stable after logging eight consecutive days of gains, its longest winning streak in four years.
The Federal Reserve began its two-day policy meeting, where prediction markets indicate that it’s seen as a near lock to keep its policy rate unchanged.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
Stocks that moved higher:
Uber and Lyft rose on their expanded robotaxi partnerships with Nvidia.
Lemonade soared after Morgan Stanley upgraded the stock to “overweight,” with a new price target of $85 (from $80).
Delta Air Lines and American Airlines rose after boosting their Q1 sales guidance, sending United Airlines and Southwest Airlines higher as well.
Frontier Airlines gained after saying revenue per mile would increase by a percentage in the mid-teens, compared to its earlier guidance of more than 10%.
Space, drone, and satellite stocks Rocket Lab, Planet Labs, AST SpaceMobile, Redwire, and Intuitive Machines continued their Iran war-driven rally.
Oklo ticked higher after announcing regulatory advances on its Aurora reactor. Additionally, its Idaho facility has been approved to begin commercial isotope sales.
Stocks that moved lower:
Nebius sank after announcing that it aims to raise $3.75 billion in a convertible loan offering.
Beyond Meat slipped after delaying its annual report.
Boeing dipped after pushing back its goal of positive margins for its commercial jet division to next year.
Cango, a former automotive service turned bitcoin miner, sank after selling 4,451 bitcoin to pay down long-term debt and “reduce the overall finance leverage and strengthen the balance sheet.”
