Chicago Bulls players Dennis Rodman (L), Scottie Pippen (C) and Michael Jordan (R) hold three of the team's four recent Larry O'Brien trophies 18 June at a rally for the team in Grant Park in Chicago.

(Tim Zielenbach/Getty Images)

The S&P 500, Nasdaq 100, and Russell 2000 close at record highs again as Strait of Hormuz is declared open

Stocks reached new record highs as risk-on sentiment flooded back into the markets, while oil tumbled.

The S&P 500, Nasdaq 100, and Russell 2000 once again notched record closing highs, as both the US and Iran declared the Strait of Hormuz open. Oil tumbled on the news.

It was the third consecutive record closing high for the S&P 500 and the Nasdaq 100, and the second record session close for the Russell 2000. The Nasdaq 100 has now gained for 13 straight sessions, its longest winning streak since 2013.

Energy was the worst-performing sector, while consumer discretionary was the best performer. A Goldman Sachs basket of companies tied to spending by middle-income consumers was up, with large gains for companies like Boot Barn, Yeti, and restaurant chain Brinker International as the market seemed to price in a decline in gas prices, which act as a tax on consumers.

Bitcoin finally broke out of the tight range it’s been stuck in for weeks, rising to a level not reached since early February, as risk-on sentiment flooded back into the market.

Stocks that moved higher:

Airline stocks Alaska Air, Delta Air Lines, American Airlines, United Airlines, Frontier, Southwest Airlines, and JetBlue took off as oil prices fell, as did travel stocks Expedia, Viking Holdings, Royal Caribbean, Carnival, and Norwegian Cruise Line.
Critical Metals skyrocketed after Greenland’s government approved a transfer of the remaining 50.5% interest in the Tanbreez mining project to CRML.
Strategy, the largest corporate bitcoin holder, gained as bitcoin rose.
Affirm rose after Morgan Stanley named the stock a “top pick,” saying concerns over private credit woes are overdone.
Psyence Biomedical soared on reports that President Trump is drafting an executive order on the psychedelic drug ibogaine.
Eli Lilly ticked higher after preliminary numbers cited by Wall Street analysts showed strong uptake of its new weight-loss pill.

Stocks that moved lower:

Netflix sank as downbeat Q2 guidance and the announcement of CEO Reed Hastings’ departure overshadowed its solid Q1 results.
Figma and Adobe slid after Anthropic announced Claude Design, a dedicated app powered by its latest model, Claude Opus 4.7.
Energy and oil stocks Coterra Energy, Exxon, Chevron, Devon Energy, Halliburton, Occidental Petroleum, Valero, Phillips 66, Diamondback Energy, APA Corporation, EOG Resources, and Marathon Petroleum fell sharply as oil prices slid on the news of the Strait of Hormuz being reopened.
Chemical stocks LyondellBasell, Air Products & Chemicals, Albemarle Corp., CF Industries, Westlake, and Dow, Inc. also fell as oil dropped.

Matt Phillips6h

With their recent surge, Intel shares just hit their highest level since the dot-com era

Intel’s surge of nearly 60% this month has the iconic American chipmaker’s stock price approaching levels last seen during the dot-com era. Bloomberg noted that shares just touched their highest intraday level since the turn of the century:

“The stock rose as much as 1.5% to $69.55, topping a peak it hit on Jan. 24, 2020. The shares are up 90% this year, after soaring 84% in 2025. Intel is now roughly 8% from its all-time closing high of $74.88, established on Aug. 31, 2000.”

That’s just the most recent late-’90s-era throwback we’ve been seeing in tech shares lately. Oracle is currently pacing for its best week since late 1999.

What’s even more remarkable, however, is that Intel’s forward price-to-earnings ratio today dwarfs the premiums the market was putting on the stock during the nuttiness of the dot-com mania.

That reflects the fact that the recent run-up in Intel shares is, essentially, giving the chip giant credit for a massive turnaround that hasn’t actually happened yet.

One also might wonder if the fact that Intel is partially owned by the US government means it’s more attractive — and therefore worth a higher premium — than other chipmakers without the state imprimatur.

Still, kind of startling.

Jake Paul v Anthony Joshua - Fighter Showcase & Open Workout

Netflix sinks following disappointing outlook as investors wait for more ad growth

Netflix shares are down more than 10% on Friday morning.

Max Knoblauch7h

J. Edward Moreno7h

Eli Lilly’s GLP-1 pill hit nearly 1,400 prescriptions in first week

Eli Lilly rose after preliminary numbers cited by Wall Street analysts showed strong uptake of its new weight-loss pill.

The FDA approved Foundayo on April 1 and shipments began on April 9. In its first week, roughly 1,400 US prescriptions were written for the drug, according to IQVIA data cited by Deustche Bank analysts in a Friday note.

Novo Nordisk, Lilly’s rival in the GLP-1 market, released its GLP-1 pill earlier this year, and early signs show that it’s expanding the market, inviting patients who were turned off by weekly injections. Novo’s pill had a stronger first week than Lilly’s, with its Wegovy pill hitting 3,071 US prescriptions in the first four days after its launch on January 5.

Lilly’s pill has an advantage over Novo’s, which is that it can be taken at any time of day, with or without food. Lilly disclosed in a February regulatory filing that it had $1.5 billion worth of prelaunch inventory ready ahead of the FDA approval — which is about as much as analysts polled by FactSet expect it to sell this year.

Eli Lilly makes the world’s bestselling drug. Can it keep the party going?

Claire Yubin Oh8h

Critical Metals jumps after Greenland’s government approves CRML to take majority control of the Tanbreez mining project

Critical Metals is up more than 25% in premarket trading on Friday after the critical mining company announced that it now owns 92.5% of the Tanbreez rare earth deposit following an approval from the government of Greenland.

With that latest government support, Critical Minerals added an additional 50.5% stake to its ownership, reportedly acquired from Rimbal Pty Ltd, per Bloomberg News. With access to eight heavy rare earth elements often used in consumer electronics and defense, the site is one of the world’s largest undeveloped rare earth deposits and a key source of rare earth supply outside of China, according to the company.

In Critical Metals’ press release, Chairman Tony Sage commented that the approval “removes the most significant structural overhang on the project and provides the clarity to advance Tanbreez to production with confidence,” especially as Tanbreez’s location offers a significant logistical advantage through its year-round direct shipping access, compared to rival projects.

With 92.5% of the project now vested in Critical Metals Corp., and the remainder owned by European Lithium Ltd., CRML now has full control of the project and is seeking to accelerate development there, with plans for a new international airport and a “150-tonne bulk sample program,” which is slated for June 2026.

Matt Phillips

Oil plunges and stocks jump as Trump and Iranian foreign minister say Strait of Hormuz is open, though uncertainty remains

Citing Israel-Lebanon agreement, Iranian Foreign Minister Seyed Abbas Araghchi said on social media that the strait is “completely open for the remaining period of ceasefire.” President Trump confirmed the news shortly thereafter.