Big Tech Boom Bolsters Broad Market Sentiment

Major benchmarks secured a day of healthy gains, with both the Dow and Nasdaq adding over 200 points. The S&P 500 also finished confidently higher, as investors were emboldened by crude prices cooling off and Middle East fears going on the back burner.

Big Tech bolstered the upbeat sentiment, with Tesla (TSLA) earning an upgrade and chip stocks Advanced Micro Devices (AMD) and Micron Technology (MU) both adding roughly 6%. Meanwhile, the Fed's Beige Book suggested a soft advance in the economy over the last seven weeks.

Continue reading for more on today's market, including:

• Hotel stock ready to rally back toward records.
• Get a first look at next week's economic calendar!
• Plus, a retail stock for contrarians; COIN rallies; and ROST's record-setting run.

 

5 Things to Know Today

1. Shipping is already collapsing through the Strait of Hormuz. (Reuters)
2. The United States Postal Service is cutting and restructuring to aid cashflow. (Bloomberg)
3. Gap stock has contrarian potential before earnings.
4. Bitcoin boom boosts fumbling crypto stock.
5. Ross Stores stock enjoyed a post-earnings run to records.

Black Gold Finally Cools Off

Oil finished flat, a welcome reprieve from its torrid pace, after Treasury Secretary Scott Bessent reassured that the U.S. would escort ships through the Strait of Hormuz if needed. March-dated West Texas Intermediate (WTI) crude added 10 cents to settle at $74.66 per barrel.

A surge in safe-haven bets and easing U.S. dollar gave gold futures a lift today. April-dated gold futures added 0.2% to settle at $5,134.70 an ounce.