Finance

Energy prices jumped significantly amid escalating Middle East tensions following reports that an Iranian parliamentary committee is considering restrictions on foreign vessels in the Strait of Hormuz. Brent crude futures surged nearly 4% to settle around $82.49 per barrel, while West Texas Intermediate futures gained 2.75% to close at $77.29. The spike in oil prices weighed on equities by raising broader concerns about persistent inflation and its impact on consumer spending.

The latest wave of corporate earnings reports triggered mixed reactions across different industries. Warner Bros. Discovery saw its stock climb after beating fiscal expectations, whereas Honeywell Aerospace plummeted due to disappointing financial results. Tech hardware companies including Western Digital and SanDisk also faced downward pressure as their strong growth metrics ultimately fell short of lofty market expectations.

Investors closely monitored SpaceX shares as a post-IPO lockup period expired, freeing over 900 million employee and early-investor shares for potential sale. Despite fears that the sudden unlock would prompt heavy selling, the rocket maker's stock displayed strong resilience, closing higher by 6.1%. Options trading data also suggested that sophisticated institutional players are increasingly viewing the equity as having established a technical bottom.