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What a difference a day makes! Instead of destroying a civilization more than 3000 years old, another two-week ceasefire was granted that allows for oil tankers to once again move through the Strait of Hormuz. Both President Trump and the Prime Minister of Iran call this a “win”… at least until two weeks from now.
We’ll refrain from making any “TACO Tuesday” jokes here, because the fact of the matter is, we’re seeing our best pre-market trading in recent memory: the Dow is +1260 points at this hour, +2.69%, while the S&P 500 is +183, +2.76%. The tech-heavy Nasdaq is +865 points currently, +3.55%, and the small-cap Russell 2000 is +96, +3.76%.
Oil prices have seen their biggest (non-Covid-related) drop in 35 years. The WTI is -18% ahead of today’s opening bell to $92 per barrel (/bbl), and the Brent crude price is -16% to $91/bbl. Of course, a longer-term agreement is going to have to be achieved at some point, or this relief rally will eventually lead to just another rollercoaster ride.
Delta Beats on Q1 Top & Bottom Lines
This is also the perfect day to unseal the cap on Q1 earnings season, as Delta Air LinesDAL outperformed expectations on both top and bottom lines. Earnings of +$0.64 per share surpassed the Zacks consensus by 3 cents, while revenues of $14.2 billion outpaced estimates by +0.86%. Shares, which had fallen -5.5% year to date, are shooting up +12% in today’s pre-market.
Customer demand remained high in the quarter, which helped Delta increase ticket prices to relieve a deeper cut from third-party refinery sales. Corporate travel is expected to at least stay at current levels, if not improve, in the ongoing Q2. For more on DAL’s earnings, click here.
What to Expect from the Stock Market Today
With the Iran crisis behind us for the moment, we can now focus on other aspects of economic growth. Later this afternoon, we’ll receive the minutes from the latest Federal Open Market Committee (FOMC) meeting last month, when the Fed voted 11-1 to keep interest rates steady at 3.50-3.75% (with Stephen Miran once again the sole voter advocating a rate cut).
This report feels like ancient history, however. Even though the March FOMC meeting brought us the latest “dot-plot” projections, developments in the Middle East may change Fed members’ outlook going forward. As of now, the collective expectation is for one 25 basis-point (bps) interest rate cut through all of 2026, with 14 of the 19 members looking toward one or zero cuts for the year. Questions or comments about this article and/or author" Click here>>
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Corning’s focus on innovation, its diverse product portfolio, secular growth drivers, favorable regulations and strategic reorganization are positives.
Strong momentum across end markets, constant focus on project executions, capacity expansions and shareholder-friendly policies position Powell favorably for robust growth.
Expanding solar market has set the stage for solar microinverter market’s boom, which is benefitting Enphase Energy. The company holds a solid liquidity position
Crown Castle’s efforts to augment its tower business bode well for growth amid rising wireless connectivity usage. Its long-term leases, with a solid tenant base, assure steady revenues.
Strong infrastructure spending, rising backlog, higher aftermarket sales and improving execution position Astec Industries for steady growth and more resilient earnings ahead.
Smurfit Westrock faces near-term challenges such as cost inflation and supply-chain disruptions. Merger-related costs will also impact the margins in the upcoming quarters.
Dependence on Medicare and macroeconomic concerns are major areas of concern for the stock. Other issues like forex volatility and stiff competition persist.
Ares Management’s rising expenses and weak liquidity position may pressure near-term profitability. Further, its return on equity compares unfavorably with the industry average, remains a concern.
Pharma budget uncertainty and customer concentration limit visibility, while AI investment and legal exposure could compress margins and sentiment further.
American Eagle is well placed on cost-reduction efforts and brand progress. In the second half, the company expects to cycle tariffs and advertising investments.
Broadcom is a leading player in the semiconductor market based on its expanding product portfolio, multiple target markets, accretive acquisitions and strong cash flow.
Strength in the Energy Generation/Storage business, balance sheet strength, and focus on autonomous driving, robotics and artificial intelligence are set to drive Tesla.
AT&T is witnessing early momentum in its core market areas driven by strength in 5G and fiber, as it aims to better harness edge computing capabilities with core business focus.
Amgen’s key medicines like Evenity and Repatha as well as newer medicines like Tavneos and Tezspire are driving sales, more than offsetting declining revenues from oncology biosimilars and legacy established products such as Enbrel
Intel’s leading position in PC market, strength in servers, growing clout in software, IoT & ADAS domains and headway in process technology are positive indicators of future growth prospects.
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