Latest Business News
Oil Prices Surge Above $100 on Trump Hormuz Blockade Plans
Oil and gas prices jumped as President Trump plans a blockade of the Strait of Hormuz amid escalating US-Iran war. Ceasefire talks failed after 21 hours, resuming the climb in oil prices.
Japanese yen weakened due to oil-related dynamics.
US Stocks Rally, Recover Pre-US-Iran War Losses
The S&P 500 rose 1% to 6,886.24, back to levels before the late February US-Israel attacks on Iran, just 1.3% below its record high. Dow added 301 points to 48,218.25 (0.6%), Nasdaq climbed 1.2% to 23,183.74.
Wall Street hopes global economy avoids worst-case scenario.
Goldman Sachs Reports $5.63 Billion Q1 Profit, Beats Expectations
Goldman Sachs earned $5.63 billion in the first quarter, exceeding investor forecasts. However, revenues fell in fixed income, commodities, and currencies trading.
Its stock dropped 1.9% despite the profit beat.
Sandisk Jumps 11.8% on Nasdaq 100 Inclusion
Sandisk surged 11.8% after announcement it will replace Atlassian in the Nasdaq 100 index starting April 20. This adds it to major funds like Invesco’s QQQ, managing $395 billion.
It led gains in the S&P 500 alongside Oracle.
Oracle Climbs 12.7% Recovering AI Spending Losses
Oracle gained 12.7%, the top S&P 500 performer, rebounding from losses over heavy AI infrastructure spending. Broader AI worries about obsolescence hit software firms, but many rallied Monday.
ServiceNow rose 7.3%, AppLovin 6.7%.
Nouriel Roubini Predicts End to Iran War via Escalation
Economist Nouriel Roubini advocates ending the Iran war through escalation and regime change. He foresees no US or global recession due to tug-of-war between stagflation from oil shock and AI boom growth.
Spoke at Greenwich Economic Forum in Hong Kong.
Asian Markets Decline as Oil Prices Climb
Asian markets fell while oil resumed climbing amid US preparations for Hormuz blockade. Japanese equities had their best week since 2024 but yen holds at 1.59 level, weakening on oil dynamics.
US stocks held steady in contrast.
Major Banks Set to Report Earnings This Week
Citigroup, JPMorgan Chase, Wells Fargo, and Bank of America will report Q1 results later this week. Johnson & Johnson, Netflix, and PepsiCo also due amid war tensions.
Positive reports could ease Strait of Hormuz fears.
Trump Signals Openness to Iran Dialogue
President Trump indicated US openness to talks with Iran outside the Oval Office on Monday. Stated 'we've called the other side' amid blockade plans.
Follows failed 21-hour ceasefire talks.
AI Stocks Rebound Amid Broader Tech Recovery
Software companies rallied, trimming big recent losses from AI obsolescence fears. ServiceNow up 7.3% reducing YTD loss to under 42%; AppLovin up 6.7% to 38% YTD loss.
Oracle led with 12.7% gain on AI spend concerns easing.