US Stocks Drop Sharply Amid Renewed US-Iran Tensions
The major averages closed broadly lower after renewed military exchanges between the United States and Iran, which increased concerns about energy markets and global economic growth. Oil prices remain volatile as traders assess the risk of disruptions in the Middle East, particularly around the Strait of Hormuz. President Trump commented to reporters that the U.S. will be attacking Iran "very hard," building on his statement earlier on Truth Social that Iran took "too long to negotiate a deal that would have been great for them," so "now they will have to pay the price!!!"Meanwhile the CPI report showed annual inflation accelerating to 4.2% in May, which was in line with expectations but means that consumer prices rose at a faster rate for a third-straight month.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:SpaceX'sIPO has drawn over $250B of investor demand, dwarfing the $75B the company aims to raise,Chewyreportedand provided guidance for Q2 and FY26Cracker Barrelreportedand provided its outlook for FY26Super Microannounced $7B inVisais partnering with OpenAI to2. WALL STREET CALLS:Niketo Sector Perform at RBC CapitalBarclaysOscar Healthon exposure to individual ACA marketBillto Hold at TruistCava Groupto Buy at UBSSharkNinjawith an Overweight at Piper Sandler3. AROUND THE WEB:OpenAI is preparing its new model and expects its IPO to occur within the next year, The Information reportsUbisoftis shuttering two studios and cutting up to 380 staff, Kotaku reportsVolvosaid that in Q2, customer demand and deliveries in Europe are stable at good levels across the business, while in North America, demand remains strong with production gradually increasing, Reuters reportsStarbucksis considering options for its Japanese business, recently holding preliminary discussion with investment banks to determine an approach, Bloomberg saysAmazon Web Services'Chief Marketing Officer Julia White has asked staff to recruit recently laid off employees from Meta, Business Insider reports4. MOVERS:Clover Healthgained after announcing the Centers for Medicare & Medicaid ServicesHyliion Holdingsincreased after Needhamcoverage of the stock with a Buy ratingRobinhoodwas higher after, a director bought $20.2M shares, and announcing metrics for MayDianthuswas lower after Sanofihalted itsWolfspeedfell after filing to sell5. EARNINGS/GUIDANCE:J.Jilland reaffirmed guidance for FY26Hinge Healthraised itsCasey's General Stores, with CEO Darren Rebelez commenting on "another record fiscal year"Limoneira, with EPS missing consensusCore & Mainand reaffirmed its guidance for FY26INDEXES:The Dow fell 953.33, or 1.87%, to 49,918.78, the Nasdaq lost 509.32, or 1.98%, to 25,169.50, and the S&P 500 declined 119.66, or 1.62%, to 7,266.99.
