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Stocks eke out gains on hopes for a path forward for reopening the Strait of Hormuz

Stocks rebounded on news that Iran is drafting a protocol with Oman to “monitor transit” through the crucial Strait of Hormuz.

Tasha Matsumoto

4/2/26 4:04PM

The S&P 500 and Nasdaq 100 eked out gains in the final hour of the trading session, while the Russell 2000 outperformed. US oil spiked to over $111 per barrel on Thursday.

In his prime-time address last night, President Trump committed to hitting Iran “extremely hard” over the next two to three weeks. Stocks opened sharply lower, but pared losses on news that Iran is drafting a protocol with Oman to “monitor transit” through the crucial Strait of Hormuz, and finished in the green.

Real estate was the best-performing sector while consumer discretionary was the worst, dragged down by Tesla.

Stocks that moved higher:

Globalstar ripped on reports that Amazon is in talks to buy the mobile satellite services provider. Space stocks Intuitive Machines, ViaSat, Planet Labs, and EchoStar also rose on the news.
Momentum returned to optics stocks as the release valve for AI optimism, with Lumentum, Ciena Corp., Coherent, and Applied Optoelectronics rising.
Small-cap AI server cluster maker Penguin Solutions surged after posting better-than-expected Q2 revenue and profit numbers after the close yesterday.

Stocks that moved lower:

Tesla sank after reporting lower-than-expected Q1 deliveries of 358,023 vehicles.
Hims & Hers slipped as the FDA clarified its stricter stance on GLP-1 compounding.
Blue Owl Capital dipped after capping redemptions from two private credit funds at 5%.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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