Your Evening Briefing

May 04, 2026

Stocks fall from records amid Iran war escalations

Stocks fell from last week’s record highs as war tensions flared up as the United Arab Emirates’ Ministry of Defense said that it was under attack from Iranian drones and missiles.

The S&P 500, Nasdaq 100, and Russell 2000 all closed lower. Energy was the only sector to close higher as oil prices rose amid escalating war tensions, while materials fared the worst.

Bitcoin broke through the key $80,000 level for the first time since January, buoyed by crypto-regulatory tailwinds.

Stocks that moved higher:

eBay jumped after GameStop submitted a $125-per-share offer to acquire the company. Hedge fund manager of “The Big Short” fame Michael Burry said he’s selling “all or some” of his GameStop position on the news.
BlackBerry rose as its continued pivot to software spurred retail demand and a surge in call buying.
Coinbase and Circle climbed following a compromise on the CLARITY Act, a major piece of stablecoin regulation.
Ouster soared after unveiling a new self-driving sensor that combines lidar and cameras.
Take-Two Interactive climbed on a BofA note suggesting GTA 6 will likely launch with an $80 price tag.

Stocks that moved lower:

Norwegian Cruise Line sank after cutting its outlook, citing higher fuel costs and weaker demand.
Ford dipped as April EV sales climbed from March but still made up less than 2% of its total sales.
UPS and FedEx fell after Amazon unveiled a new supply chain services business that puts it in more direct competition with the shipping giants.

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