Midday Fly By: Markets bounce back following U.S.-Israeli attacks on Iran

The major averages were lower throughout the morning but have bounced back near noon as markets react to news over the weekend of coordinated U.S.-Israeli strikes against Iran, as well as subsequent regional retaliation. The attacks have generated widespread volatility and elevated uncertainty across asset classes. Many oil and defense names were rising following the news, with the price of oil surging nearly 6% amid concerns of supply disruptions, particularly around the Strait of Hormuz, a critical energy shipping corridor. Meanwhile, travel and airline stocks were falling amid worries around international travel in the region and abroad.

Meet Samuel – Your Personal Investing Prophet

Looking for exposure to SpaceX & Anthropic? Check out AGIX ETF

Financials, travel, and cyclical stocks have been bearing the brunt of risk aversion, even as defense and energy sectors show relative strength.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Oil stocks such as Exxon Mobil (XOM) and Chevron (CVX) were trading higher after U.S. and Israel attacked Iran over the weekend
• Shares of defense contractors, including Lockheed Martin (LMT) and Northrop Grumman (NOC), were also higher after the attacks on Iran
• Meanwhile, travel names such as Expedia (EXPE) and Delta Air Lines (DAL) were slipping after the attacks
• Apple (AAPL) introduced the iPhone 17e and announced a new iPad Air
• Nvidia (NVDA) is partnering with and (LITE) while also announcing a multiyear strategic agreement with Coherent (COHR) 

2. WALL STREET CALLS:

• Netflix (NFLX) reinstated with Overweight from Neutral at JPMorgan
• CrowdStrike (CRWD) upgraded to Overweight at Piper Sandler
• Piper Sandler and Stifel (QSR) following investor day
• Novo Nordisk (NVO) downgraded to Neutral at Goldman Sachs
• Wall Street rolled out coverage of recent IPOs Forgent Power Solutions (FPS) and Bob’s Discount Furniture (BOBS)

3. AROUND THE WEB:

• BYD’s (BYDDF) vehicle sales dropped 41% year-over-year in February after retail activity in China stood close to a standstill for much of the month, Bloomberg reports
• In February, Tesla (TSLA) gained market share in France and Norway, signaling stabilization in Europe after two years of declining sales, Reuters reports
• QatarEnergy ceased liquefied natural gas production after military attacks on its Ras Laffan complex, the company said in a statement, according to Bloomberg. U.S. liquid natural gas producers that may react to this news include Cheniere Energy (LNG) and Venture Global (VG).
• Australia’s internet regulator may push for search engines and app stores to block AI services that fail to verify users’ ages, Reuters reports. App store and search engine operators in the space include Apple (AAPL), Google (GOOGL), and Samsung (SSNLF).
• Microsoft (MSFT) is weighing releasing its long-rumored E7 enterprise productive software bundle, a more expensive AI-loaded version of Microsoft 365, Business Insider

4. MOVERS:

• Venture Global (VG) gains after reporting Q4 results and announcing an LNG purchase agreement with Trafigura
• Ondas (ONDS) higher after announcing a $10M investment in World View
• Red Cat (RCAT) increases after announcing Allen Control has joined the Red Cat Futures Initiative
• uniQure (QURE) falls in New York after reporting Q4 results and announcing the FDA recommended an additional study for its AMT-130 submission
• AES Corp. (AES) lower after announcing it will be acquired by a consortium led by GIP and EQT for $15/share in cash

5. EARNINGS/GUIDANCE

• Norwegian Cruise Line (NCLH) reported Q4 results and provided guidance for Q1 and FY26
• Belite Bio (BLTE) reported Q4 results, with EPS beating consensus
• RadNet (RDNT) reported Q4 results and provided guidance for FY26
• Turning Point Brands (TPB) reported Q4 results, with CEO Graham Purdy commenting, “We are excited by the growth of the modern oral category and the strong performance of our FRE and ALP brands”
• Uniti Group (UNIT) reported Q4 results and provided guidance for FY26

INDEXES:

Near midday, the Dow was down 0.12%, or 60.10, to 48,917.82, the Nasdaq was up 0.38%, or 85.68, to 22,752.44, and the S&P 500 was up 0.01%, or 0.98 to 6,879.86.