Stock Market Live April 13: S&P 500 (SPY) Back in the Red as Oil Gushes Higher

By Ian Cooper Published Apr 13, 8:31AM EDT

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Unfortunately, with the U.S. and Iran unable to agree, the war continues. Oil is gushing higher. And there’s a good deal of uncertainty…
“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” Trump said.
Shares of Revolution Medicine are up about 37%, or by $36.10 in premarket after the company said its drug for pancreatic cancer succeeded in Phase 3 trials.
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Nike Was Downgraded Again

12 hours ago

Wall Street has apparently lost its patience with Nike.

After pushing recovery hopes out a bit further with its last batch of earnings, analysts at HSBC downgraded the stock to a hold from a buy with a price target of $48 from $90. “Nike’s turnaround thesis has gone from ‘not if, but when’ to a ‘show me’ story with no short-term catalysts,” analyst Akshay Gupta said, as quoted by CNBC.

In addition, some analysts say that the expected recovery may still be many months away. Of course, Nike says patience is needed, but Wall Street is running out of it.

And while the company is making moves to right the ship, “the turnaround is progressing at a slow pace, and there remains significant work to revitalize the entire product portfolio and right-size its international businesses,” Telsey Advisory Group analysts led by Cristina Fernández, as quoted by Retail Dive.

The rally was nice while it lasted.

Unfortunately, with the U.S. and Iran unable to agree, the war continues. Oil is gushing higher. And there’s a good deal of uncertainty, especially with the U.S. now threatening to block Iranian ports later today.

At the moment, the S&P 500 is down 0.61%, or by 42 points. The SPDR S&P 500 ETF (SPY) is down 0.67%, or by $4.53. The Dow is down 0.82%, or by 385 points. The Nasdaq is down 0.62%, or by 160 points. Gold is down by $40.51 at $4,708. Bitcoin is up by $160 at $70,901.

“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” Trump said in a post on his social media platform, Truth Social, as highlighted by CNBC. “The Blockade will begin shortly. Other Countries will be involved with this Blockade. Iran will not be allowed to profit off this Illegal Act of EXTORTION.”

Oil Could Gush Even Higher

With no end to the war with Iran in sight, there’s a good chance oil could gush even higher. While that’s not good for consumers, it’s great news for oil investors in stocks like Exxon Mobil, Chevron, and Occidental Petroleum. Or, for investors looking for diversification at a lower price, consider exchange-traded funds (ETFs), such as:

SPDR Energy Select Sector ETF (XLE): With an expense ratio of 0.09%, the XLE ETF provides exposure to companies in the oil, gas, and consumable fuels, energy equipment, and services industries, as noted by State Street SPDR.

SPDR S&P Oil & Gas Exploration & Production ETF (XOP): With an expense ratio of 0.35%, the ETF provides exposure 51 oil and gas exploration and production segment of the S&P TMI, which comprises the following sub-industries: Integrated Oil & Gas, Oil & Gas Exploration & Production, and Oil & Gas Refining & Marketing, as noted by State Street SPDR.
iShares Global Energy ETF (IXC): With an expense ratio of 0.40%, the iShares Global Energy ETF seeks to track the investment results of an index composed of global equities in the energy sector. Some of its 50 holdings include Exxon Mobil, Chevron Corporation, BP PLC, Total SA, and EOG Resources.

Market Movers: Revolution Medicines Rockets on Positive Cancer News

Shares of Revolution Medicine (NASDAQ: RVMD) are up about 37%, or by $36.10, in premarket after the company said its drug for pancreatic cancer succeeded in Phase 3 trials. According to reports, the drug nearly doubled the length of survival and cut the risk of death as compared to chemotherapy.

As noted by company CEO Mark Goldsmith, the results are “unprecedented,” saying no drug has shown an overall survival benefit greater than one year in a Phase 3 trial for pancreatic cancer, as reported by CNBC.