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Friday Market Movers: Oil Surge and Earnings to Watch

On Thursday, U.S. stock markets declined sharply due to rising oil prices and uncertainties in U.S.-Iran negotiations. Major indexes like the Nasdaq 100, S&P 500, and Nasdaq Composite fell to their lowest levels since early 2025, closing below key moving averages. In contrast, the energy sector surged over 10% since the conflict began, with several stocks hitting record highs. For Friday, market attention will be on Carnival's earnings report, technical analysis of Nvidia, and Netflix's price increase. RSI data shows limited oversold conditions, indicating potential market volatility.

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Friday Market Movers: Oil Surge and Earnings to Watch

US stocks fell sharply on Thursday as rising oil prices and concerns over U.S.-Iran negotiations weighed on markets, with major indexes dropping to multi-week lows. The energy sector rallied significantly, while investors prepare for key earnings and stock updates on Friday.

Thursday's Market Decline

  • The Nasdaq 100 recorded its worst one-day drop since October.
  • The S&P 500 and Nasdaq Composite fell the most since January 20.
  • All major indexes—Nasdaq Composite, Nasdaq 100, S&P 500, and Dow Jones—closed below their 50-day and 200-day moving averages.
  • The Russell 2000 and Dow Transports dropped below the 50-day average but remain above the 200-day.

Sector Performance

  • Energy Sector: Up 10.5% since the Iran conflict began, reaching a new high on Thursday. Notable gainers:
    • APA Corp: Up 41% this month, hit a new high.
    • Marathon Petroleum: Up 25% in March, new high.
    • Valero Energy: Up 21% in March, session high.
    • Occidental Petroleum, Phillips 66, EOG Resources, Devon Energy, ConocoPhillips, Coterra Energy, Diamondback Energy, and ONEOK also hit new highs.
  • Other Sectors Down from Peaks:
    • Technology: Down 15.5% from October high.
    • Communication Services: Down 14.5% from February 2 high.
    • Consumer Discretionary: Down 13.5% from January 12 high.
    • Financials: Down 12.8% from January 6 high.

Stocks to Watch on Friday

  • Carnival Corp: Reports quarterly earnings live on CNBC's "Squawk Box" Friday morning. Shares have declined 25% since February 6 high and 17.6% over the past three months.
  • Nvidia: Technical analysis featured on CNBC; stock down 19% from October high, 3.4% since the war began, but up 50% over the past year. RSI at 38.9, nearing oversold territory (below 30).
  • Netflix: Increased subscription prices by at least $1 per month; stock slightly higher in after-hours trading. Down 30% from June high, flat year-to-date.
  • Relative Strength Index (RSI) Insights: Only five Nasdaq 100 stocks are oversold (RSI < 30): Cintas, Microsoft, Check Point Software, Atlassian, and Adobe. Two Dow stocks are oversold: Disney and Microsoft.
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