Your Evening Briefing

April 02, 2026

Stocks eke out gains on hopes for a path forward for reopening the Strait of Hormuz

The S&P 500 and Nasdaq 100 eked out gains in the final hour of the trading session, while the Russell 2000 outperformed. US oil spiked to over $111 on Thursday.

In his primetime address last night, President Trump committed to hitting Iran “extremely hard” over the next two to three weeks. Stocks opened sharply lower, but pared losses on news that Iran is drafting a protocol with Oman to “monitor transit” through the crucial Strait of Hormuz and finished in the green.

Real estate was the best-performing sector while consumer discretionary was the worst, dragged down by Tesla.

Stocks that moved higher:

Globalstar ripped on reports that Amazon is in talks to buy the mobile satellite services provider. Space stocks Intuitive Machines, ViaSat, Planet Labs, and EchoStar also rose on the news.
Momentum returned to optics stocks as the release valve for AI optimism, with Lumentum, Ciena Corp., Coherent, and Applied Optoelectronics rising.
Small cap AI server-cluster maker Penguin Solutions surged after posting better-than-expected Q2 revenue and profit numbers after the close yesterday.

Stocks that moved lower:

Tesla sank after reporting lower than expected Q1 deliveries of 358,023.
Hims & Hers slipped as the FDA clarified a stricter stance on GLP-1 compounding.
Blue Owl Capital dipped after capping redemptions from two private credit funds at 5%.

Retail traders are “skipping the dips” to dash for cash and bet against tech stocks

The speculative fever that dominated markets for much of 2025 looks to have broken. Read more.

The S&P 500 just had its worst quarter in years. Here are the biggest winners and losers.

Sandisk and energy stocks soared while software names sank amid a broad sell-off in tech stocks.

Read more.

While everyone was freaking out last week about how quantum computing could put literally trillions of dollars of cryptocurrency at risk of future attacks by 2030, hundreds of millions worth of crypto was hacked seemingly due to good old social engineering. The over $270 million exploit on solana-based trading platform Drift wasn’t due to a bug in the protocol’s smart contracts or supercomputers, but done by exploiting a human weak link. Read more.

Big batteries are the newest answer to Big Tech’s big energy needs
America’s booming energy demand is creating a powerful case for large-scale energy storage.
Over 50 years since it last sent astronauts to the moon, the US is now reentering a very different space race
The successful launch of the Artemis II lunar flyby marked one small step for NASA, while China’s already making giant leaps in its own space program.

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