Stocks retreat from records as investors await details about US-Iran peace deal
Stocks fell and oil prices ticked up as the US awaited Iran’s response to its peace proposal.
Stocks retreated from yesterday’s records as the S&P 500, Nasdaq 100, and Russell 2000 all fell lower. The Wall Street Journal reported that Saudi Arabia and Kuwait have lifted restrictions that blocked “Project Freedom,” President Trump’s plan to escort ships through the Strait of Hormuz.
Oil prices ticked up as the US awaited Iran’s response to its peace proposal.
Information technology and communications were the only sectors that managed to eke out a gain, while materials was the worst performer.
Stocks that moved higher:
Datadog surged after reporting a Q1 revenue beat, announcing FedRAMP High certification, and hiking its full-year sales guidance. Datadog’s strong results and raised outlook lifted the entire software sector, with GitLab, CrowdStrike, Palo Alto Networks, Palantir, and Atlassian all jumping.
Peloton jumped on surprisingly strong Q3 cash flow generation and a boost to its outlook.
Axon, maker of police body cameras, Tasers, and AI intelligence tools, climbed after the company reported revenue exceeding expectations in yesterday’s Q1 earnings report, as well as upbeat guidance for the year.
AppLovin rose after delivering better-than-expected Q1 results with a Q2 outlook to match in yesterday’s postmarket earnings report.
DoorDash ticked up on better-than-expected Q1 earnings and an upbeat Q2 order outlook.
Stocks that moved lower:
Broadcom fell after The Information reported that OpenAI’s planned purchase of custom chips from the company is facing financing difficulties.
Beyond Meat sank after yesterday’s postmarket earnings report, in which Q1 sales managed to come in short of low expectations and the company guided for Q2 revenue below Wall Street’s consensus estimate.
Whirlpool Corp. tumbled on Q1 earnings, with management saying the war with Iran is causing a “recession-level” decline in US appliance demand.
Despite posting a very impressive set of headline Q1 sales yesterday, trapped-ion quantum computing company IonQ dropped.
Planet Fitness cratered after reporting slower-than-expected sign-ups, slashing guidance, and pausing price hikes.
Arm dropped after a blistering run as executives flagged a supply issue.
Hertz fell after reporting a deeper-than-expected Q1 loss.
Blue Owl Capital Corp. dipped after cutting its quarterly dividend.
