markets

Claire Yubin Oh6/15/26

Energy stocks follow oil lower as Strait of Hormuz set to reopen

Oil names including Occidental Petroleum, Marathon Petroleum, CF Industries, Devon Energy, Phillips 66, ConocoPhillips, Exxon, and Chevron are all ticking lower on Monday, following oil itself, after the US and Iran agreed to strike a deal to end a conflict that has pushed energy stocks up in recent months.

Alongside the countries both declaring the end of their military operations, US President Donald Trump said on Sunday that the Strait of Hormuz would be opened when the agreement is signed in Switzerland on Friday, writing on Truth Social, “Ships of the World, start your engines. Let the oil flow!”

Let the oil flow?

Vessel traffic through the Strait of Hormuz, however, remains largely unchanged since the announcement of the peace deal on Sunday, per crossing data tracked by AIS. With the exception of some smaller vessels and prearranged crossings, shipowners are likely waiting for the planned signing on Friday and further confirmation from the Iranian side before attempting transits.

Analysts at the Baltic and International Maritime Council said that they “still consider it very risking for ships to commence transits” through Hormuz, adding that they “expect it will take several weeks for all [trapped] ships to leave” in a conversation with CNN.

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markets

J. Edward Moreno7/7/26

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.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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