Crude jumps above $80 while select tech and megacap stocks still manage gains.
Oil prices surged this week as the conflict involving Iran intensified, pushing West Texas Intermediate crude above $80 per barrel, its highest level since mid-2024. The move added volatility to equities as traders evaluated the risk of supply disruptions around the Strait of Hormuz.
Major indexes declined during the session, with the Dow Jones Industrial Average dropping nearly 800 points, while the S&P 500 and Nasdaq also ended lower. Economically sensitive names such as Boeing (BA) and Caterpillar (CAT) led losses as investors worried that higher energy costs could slow global growth.
Despite the broader market weakness, several large stocks still managed to rise. Broadcom (AVGO) climbed nearly 5% following earnings, Salesforce (CRM) gained more than 4%, and Berkshire Hathaway (BRK.B) advanced over 2% after the company disclosed it had resumed share buybacks.
Technology names also showed resilience. Microsoft (MSFT) rose more than 1%, while Nvidia (NVDA) finished slightly higher after recovering from earlier declines linked to potential export restrictions on AI chips.
The jump in oil followed reports that Iran struck an oil tanker, raising concerns about disruptions in the Persian Gulf. The Strait of Hormuz handles roughly one-fifth of global oil shipments, making it one of the most important energy routes in the world.
For traders, rising oil prices matter because they influence both inflation expectations and corporate costs. If crude continues climbing, it could pressure consumer spending and delay potential Federal Reserve rate cuts, two factors that often shape equity market sentiment.
📊 Market Wrap
🧠 Analyst Notes
💬 Market Highlights
BlackRock Writes Down Second Private Credit Loan to Zero
BlackRock (BLK) wrote down the value of a $25M private credit loan held by BlackRock TCP Capital (TCPC) to Infinite Commerce Holdings to zero just three months after previously valuing it at par, marking the second full writedown in the firm’s private credit division and highlighting investor concerns about valuation lags in illiquid direct lending assets, as the share of non-accrual investments in TCPC’s portfolio has increased and market participants, including JPMorgan CEO Jamie Dimon, warn that recent defaults could signal broader risks in the private credit market even though some analysts argue such failures remain isolated.
Marvell Expects Revenue to Approach $11B in FY27 as Data Center Demand Accelerates
Marvell Technology (MRVL) expects fiscal 2027 revenue to approach $11B, representing more than 30% year-over-year growth after generating $8.2B in fiscal 2026 revenue, driven largely by surging demand for AI and data center chips which now account for about 74% of total revenue, with the interconnect business projected to grow more than 50% and data center revenue around 40% in FY27, while recent acquisitions including Celestial AI and XConn are expected to strengthen the company’s position in AI-scale networking and contribute roughly $250M in revenue by fiscal 2028.
Berkshire Hathaway Has No Immediate Plans to Adjust Kraft Heinz Stake
Berkshire Hathaway (BRK.B) has no near-term plans to adjust its stake in Kraft Heinz after the food company paused its plan to split into two entities, according to CEO Greg Abel, even though Berkshire previously filed a registration statement allowing it to sell shares if needed, with the conglomerate currently holding about 325.4M shares or roughly 27.5% of Kraft Heinz’s outstanding shares, and management emphasizing that the filing was made primarily to maintain flexibility rather than signal any imminent sale.
📅 Earnings Watch
Oil prices are quickly becoming the main variable shaping market sentiment. Traders will likely keep watching energy markets and developments in the Middle East as potential drivers of volatility in the coming sessions.
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