Oil Tops $100, Markets Rattle as Middle East War Escalates

Stocks fell on Monday as surging oil prices, driven by the war in the Middle East, raised fears of rising inflation and slowing economic growth. Oil topped $100 a barrel for the first time since 2022, rattling markets. This comes after the Dow Jones suffered its worst weekly loss in nearly a year last week.

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Major Indexes: S&P 500 lower, Nasdaq lower, Dow lower, Russell 2000 lower

Leading Sectors: Energy

Lagging Sectors: Materials, Consumer Discretionary, Industrial, Financial, Technology, Communication Services, Health Care, Consumer Staples, Utlities

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Oil Stocks (TALO, NOG, COP): Oil stocks traded higher as crude prices surged amid the ongoing Iran War, with U.S. crude briefly topping $110 per barrel overnight, hitting levels not seen since mid-2022. Talos Energy, Northern Oil and Gas, and ConocoPhillips all rose in premarket trading.

Hims & Hers Health (HIMS): Hims & Hers shares surged in premarket after Bloomberg reported the company struck a partnership deal with Novo Nordisk to sell the Danish pharma giant's popular weight-loss drug Wegovy on its platform. The deal also ends an existing lawsuit that had sought to stop Hims from selling a copycat version of Wegovy.

Xenon Pharmaceuticals (XENE): Xenon Pharmaceuticals shares surged in premarket after the company announced its Phase 3 clinical trial of azetukalner, a treatment for focal onset seizures, met both its primary and key secondary goals, a significant positive milestone for the drug's development.

uniQure (QURE): uniQure shares rose sharply in premarket after RBC Capital upgraded the stock to Outperform and more than tripled its price target, signalling strong analyst confidence in the gene therapy company's outlook.

Dianthus Therapeutics (DNTH): Dianthus Therapeutics shares jumped in premarket after the company announced it will proceed to a Phase 3 clinical trial for its CIDP treatment, and confirmed it has over $514 million in cash to fund operations into 2028, easing concerns about the company's ability to finance its drug development pipeline.

Live Nation Entertainment (LYV): Live Nation shares rose sharply in premarket after Bloomberg reported the live entertainment giant is close to reaching a settlement with the Department of Justice, which had accused the company of illegally monopolising the live concert industry.

Mining Stocks (FCX, NEM, ALB): Mining stocks fell in premarket as a surging dollar weighed on commodity prices amid the ongoing U.S.-Iran conflict. Freeport-McMoRan, Newmont, and Albemarle all declined.

Airline Stocks (DAL, AAL, UAL): Airline stocks fell in premarket as the Iran War pushed oil prices higher, raising fuel costs and disrupting global travel. Delta, American Airlines, and United Airlines all dropped, with U.S. carriers facing additional pressure from a TSA staffing shortage.

Jefferies Financial Group (JEF): Jefferies shares fell in premarket following a downgrade by Morgan Stanley, which cited concerns over the bank's credit exposure and a lawsuit filed by Western Alliance alleging Jefferies breached a contract tied to a loan made to now-bankrupt auto parts company First Brands Group.

Cruise Stocks (RCL, CCL, NCLH): Shares of Royal Caribbean, Carnival, and Norwegian Cruise Line all fell in premarket amid concerns that rising oil prices will significantly increase fuel costs for the cruise operators.

Starbucks (SBUX): Starbucks shares dipped in premarket after Wolfe Research downgraded the stock, saying it wants to see clearer signs of consistent execution from the coffee chain, particularly as competition in the coffee market intensifies.

(Stocks showing elevated volume and notable price movement)

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Losers: -

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