Stocks tumbled and oil prices soared Friday as Israel launched strikes against Iran’s nuclear program and key personnel, heightening concerns about the possibility of a broader conflict in the region.
The Dow Jones Industrial Average was down 1.2%, or about 500 points, in afternoon trading, while the S&P 500 and tech-heavy Nasdaq Composite each fell 0.5%, though each of the indexes had rebounded from steeper early-session declines. Coming into today’s session, the major indexes were on pace to post weekly gains for the third consecutive week after closing higher on Thursday, as investors have welcomed news of progress on trade deals and better-than-expected reports on inflation. The weekly winning streak is in jeopardy.
West Texas Intermediate futures, the U.S. crude oil benchmark, were up 5.8% at around $72 per barrel—after moving as high as $77.60 earlier in the day, the highest level since January—amid concerns about possible supply disruptions. Gold futures rose 1.4% to $3,450 an ounce, near their highest level in two months, as some investors turned to the traditional safe haven asset.
Travel stocks were among the big decliners Friday. Airlines Delta (DAL), American (AAL) and United (UAL) each dropped about 2%, while cruise operator Carnival (CCL) slid 4%.
Shares of the world’s largest technology companies, which have been at the forefront of the stock market’s recent rally, were mixed as they rebounded from their early-session levels. Chipmakers Nvidia (NVDA) and Broadcom (AVGO) each declined about 1.5%, while Apple (AAPL) was down 1%, and Microsoft (MSFT) and Meta Platforms (META) fell slightly. Tesla (TSLA) rose more than 2%, after having a four-day winning streak snapped yesterday, while Amazon (AMZN) and Alphabet (GOOG) inched higher.
Oil sector stocks were sharply higher, tracking the move in crude. Oil producers APA Corp. (APA), Occidental Petroleum (OXY) and Diamondback Energy (FANG) each added more about 3%. Oil majors Exxon Mobil (XOM) and ConocoPhillips (COP) both rose about 1.5%.
Defense sector stocks also gained ground. Shares of Northrop Grumman (NOC), Lockheed Martin (LMT) and RTX Corp. (RTX) each rose more than 3%.
Bitcoin was at $105,800, little changed from yesterday afternoon but up from an overnight low of less than $103,000. The digital currency was trading above $110,000 earlier this week, approaching its record high of just below $112,000.
The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of consumer and business loans, was at 4.43% recently, up from 4.36% at yesterday’s close and an earlier low Friday of 4.32%, its lowest level in a month. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, rose 0.1% to 98.02, after hitting a three-year low yesterday.
Brazilian Meatpacking Giant JBS Rises in NYSE Debut
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Shares of JBS advanced Friday in their New York Stock Exchange (NYSE) debut after years of complications for the Brazilian meatpacking giant to trade in U.S. public markets.
JBS shares, which have the ticker symbol “JBS,” opened at $13.65 on the New York Stock Exchange and recently were trading at $14, up 2.5%. The shares are dual listed with Brazil’s B3 exchange.
Michael Nagle / Bloomberg / Getty Images
JBS, which is majority owner of U.S. poultry firm Pilgrim’s Pride (PPC), is the world’s largest meatpacker, with 2024 revenue of $77.18 billion and net income of $1.96 billion, according to a prospectus filed in April with the Securities and Exchange Commission.
Both American meat producers and environmentalists had opposed JBS’ attempts to list in the country “because of concerns about corruption settlements, accusations of Amazon deforestation and its growing market share in the United States,” The New York Times reported last year.
However, CNBC reported that after President Donald Trump was re-elected last November, Pilgrim’s Pride donated $5 million to his inauguration committee, and the SEC subsequently approved its request to list on the NYSE.
Why Walmart, Amazon Are Considering Their Own Stablecoins
1 hr 51 min ago
Walmart (WMT) and Amazon (AMZN) are reportedly exploring corporate stablecoins as a customer payment option. The move toward issuing their own cryptocurrencies could potentially reduce the billions of dollars the retail titans pay in credit transaction fees.
Stablecoins are a type of cryptocurrency directly pegged to another commodity, often the U.S. dollar. This is meant to prevent the swings associated with crypto assets like Bitcoin.
If a retailer such as Amazon launched its own stablecoin or accepted existing ones at checkout, it could operate a payments system removed from traditional banks and credit card providers. That would potentially save billions of dollars in fees, including interchange fees paid to Visa (V) and Mastercard (MA), The Wall Street Journal reported. Amazon and Walmart have both explored this option, as have Expedia (EXPE) and other companies including airlines, the report said.
However, companies looking to issue stablecoins will need a little help from the government. The Senate is considering a bill known as the Genius Act, which would establish a framework for private companies to issue stablecoins. The proposal passed an initial procedural vote this week but would require a full floor vote in both chambers of Congress.
Walmart and Amazon did not immediately respond to Investopedia requests for comment.
The U.S. Dollar Hit a Three-Year Low This Week
2 hr 56 min ago
The U.S. dollar slid to its lowest level since March 2022 on Thursday, putting the benchmark dollar index on track to post its worst first half since that year.
The dollar’s steep decline has led some market watchers to speculate that the greenback is losing its role as the global reserve currency and backbone of global finance.
However, analysts see evidence that dollar demand remains strong, and argue true global “de-dollarization” would require an unlikely shrinking of government or private balance sheets.
Read the full article here.
RH Stock Soars on Surprise Profit
3 hr 38 min ago
Shares of RH (RH) soared in early trading Friday, a day after the high-end home furnishings retailer posted a surprise profit and announced steps to offset the effects of new tariffs.
The company formerly known as Restoration Hardware reported first-quarter adjusted earnings per share of $0.13, while analysts surveyed by Visible Alpha were looking for an adjusted loss of $0.07 per share. Revenue jumped 12% year-over-year to $814.0 million, slightly below estimates.
CEO Gary Friedman wrote in a letter to shareholders that RH was especially pleased with its performance in England and the rest of Europe.
Friedman also said that the company was maintaining its full-year guidance despite “the speculative and uncertain outcome related to tariffs and the macroeconomic environment,” including a weak housing market. Friedman explained that in response, RH was “delaying the launch of the new concept that was planned for the second half of 2025 to the Spring of 2026 when there is more certainty regarding tariffs.” In addition, the company will continue to shift sourcing out of China, and “resourced a significant portion of our upholstered furniture to our own North Carolina factory.”
Friedman noted that because the tariffs have disrupted global shipments and resourcing, it is reducing its revenue outlook by 6 percentage points in the current quarter. However, the company anticipates making that up in the second half of the year. RH sees 2025 revenue up 10% to 13%.
RH shares jumped 20% in the opening minutes of trading Friday. Even with the surge, the stock is down nearly 50% since the start of the year.
Oracle Levels to Watch After Stock’s Post-Earnings Surge
4 hr 12 min ago
Oracle (ORCL) shares soared to a record high Thursday after the enterprise software giant’s quarterly results and sales outlook sailed past Wall Street expectations.1
The company said it expects “dramatically higher” revenue growth this fiscal year, driven by strength in its cloud infrastructure segment, which is sees growing more than 70%. The bullish outlook prompted several analysts to lift their price targets, with KeyBanc analysts saying in a note to clients that Oracle’s growth projections were “stunning.”
Oracle shares jumped 13% to close Thursday at just under $200, pacing S&P 500 gainers. The stock has risen nearly 70% from its early-April low and is up 20% so far in 2025, easily outpacing the S&P 500 over those periods. The stock was down slightly in premarket trading Friday.
Oracle shares forged an inverse head and shoulders on the chart between March and May before breaking out above the pattern’s neckline earlier this month. That momentum accelerated on Thursday, with the stock staging a breakaway gap on heavy trading volume.
While the relative strength index confirms bullish price momentum, it also warns of extreme overbought conditions with a reading above 85, potentially leading to short-term profit-taking.
Bars pattern analysis forecasts a potential upside price target of $275 and indicates the trend could last until mid December. Investors should watch important support levels on Oracle’s chart around $180 and $154.
Read the full technical analysis piece here.
Futures Point to Lower Open for Major Indexes
4 hr 54 min ago
Futures tied to the Dow Jones Industrial Average were down 1%.
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S&P 500 futures also declined 1%.
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Nasdaq 100 futures dropped 1.2%.
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