Market Overview: Key Stock Movements Midday
Energy stocks took a significant hit today, plunging as oil prices dropped over 12%. This decline followed Iran’s decision to open the Strait of Hormuz amid a ceasefire between Israel and Lebanon. Notable losses included Apa Corporation, which fell more than 9%, and Valero Energy, down over 8.5%. Other major players like Occidental Petroleum and Exxon Mobil saw declines of more than 7% and 5%, respectively. Chevron also dropped more than 4%.
In contrast, travel stocks experienced a surge after Iran announced the Strait of Hormuz was open for commercial navigation. Royal Caribbean led the charge, rising 9.7%, while United Airlines gained over 9% and Expedia increased by 5%.
On another note, Critical Metals saw its shares skyrocket by over 40%. This was triggered by the Greenlandic government’s approval of the transfer of a 50.5% interest in Tambreez Mining, boosting the company’s stake in rare earth mines to 92.5%.
Bitcoin treasury company Strategy reported a profit of approximately 13%. The cryptocurrency itself rose by 3% to over $77,000, bringing Strategy’s Bitcoin holdings back into the black. Earlier in February, Bitcoin had dipped below Strategy’s average purchase price of $76,052.
Meanwhile, Autoliv, which manufactures airbags and seat belts, jumped 10% after reporting first-quarter earnings of $2.05 per share, surpassing Wall Street’s expectation of $1.83, according to FactSet. Its revenue of $2.75 billion also exceeded analyst forecasts.
Conversely, chemical stocks tied to the agricultural market dropped sharply after the Strait of Hormuz reopened. Transportation of fertilizer components relies heavily on these waterways. Intrepid Potash and CF Industries both saw declines of 10%, with the Dow falling by 11%.
On the other hand, Onto Innovation, a maker of semiconductor process control equipment, surged more than 8%. This followed preliminary first-quarter sales that greatly exceeded street expectations, supported by an upgrade from Stifel Financial, which raised its 12-month price target to $350.
In a downturn, Badger Meter, specializing in water measurement equipment, fell 18%. Its earnings per share, sales, and operating profit for the first quarter did not meet Wall Street estimates.
Netflix saw a 9% drop as investors reacted to disappointing forecasts. The streaming service expects second-quarter earnings of 78 cents, which is below the anticipated 84 cents per share. Further burdening the stock was the news that co-founder Reed Hastings plans to resign from the board in June when his term ends.
Alcoa shares fell 7% following lackluster quarterly results. Adjusted earnings were $1.40 per share, underperforming the estimated $1.49 per share, while revenue of $3.19 billion fell short of expectations at $3.28 billion.
On a more positive note, Affirmation, a buy now, pay later provider, surged over 8%. Morgan Stanley identified it as a top stock pick, citing potential for earnings growth and a lessening of private credit concerns, despite a 19% drop in its stock price earlier in 2026.
Lastly, ALBEMARLE shares dropped more than 8% after being downgraded from outperform to neutral by Baird Co., following a previous 16% increase on Thursday. Meanwhile, Ally Financial rose 9% after reporting earnings of $1.11 per share, exceeding expectations of $0.93, although its revenue of $2.1 billion slightly missed the $2.14 billion forecast.
