S&P 500, Nasdaq 100, Russell 2000 Smash Records As Hormuz Reopens: What's Moving Markets Friday?

U.S. stocks surged to fresh all-time highs on Friday after Iran announced the full reopening of the Strait of Hormuz for commercial vessels.

Crude oil prices are crashing more than 10%, easing fears of an energy-driven stagflation shock that had weighed on markets for weeks.

WTI crude oil plunged 13% to $81.7 per barrel, while Brent crude dropped 10.7% to $88.8.

Across U.S. equity markets by midday Friday, gains were broad-based:

• The S&P 500 advanced 99 points, or 1.4%, to 7,140 — notching a fresh record and eyeing its third straight session of gains. Since Trump’s ceasefire announcement, the S&P 500 has rallied over 12% claiming its best 3-week rally since April 2020.
• The Nasdaq 100 gained 1.3% to 26,683, also hitting a fresh record and extending its winning streak to 13 sessions — the longest since 2013 and only the fourth such run in the index’s history.
• 806 stocks in the Russell 1000 are trading higher.
• The Russell 2000 outperformed, advancing 2.5% to 2,788, with small caps also joining larger-cap counterparts on fresh record highs.
• The yield on the U.S. 10-year Treasury note fell nearly 8 basis points to around 4.24%, approaching one-month lows.
• The 2-year yield dropped 9 basis points to 3.70%, as traders reprice the likelihood of potential interest rate cuts later this year.

Gold climbed 1.8% to $4,873 per ounce, with the SPDR Gold Shares (NYSE:GLD) tracking the advance, as Treasury yields and the dollar weakened. Silver soared 5.2% to $82 per ounce.

Bitcoin (CRYPTO: BTC) rallied 4.5% to $78,000, heading for its highest close since early February 2026. For the week, the largest cryptocurrency is up over 10% – its best weekly surge since November 2024.

Friday’s Performance In Major US Indices

According to the Benzinga Pro platform:

• The Vanguard S&P 500 ETF (NYSE:VOO) gained 1.4%.
• The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) surged 2.1%.
• The Invesco QQQ Trust (NASDAQ:QQQ) rose 1.3%.
• The iShares Russell 2000 ETF (NYSE:IWM) rallied 2.5%.

Airlines Soar, Oil Stocks Crater As Hormuz Reopening Reshuffles The Deck

The Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) led all sectors with a 3.2% gain, followed by the Industrials Select Sector SPDR Fund (NYSE:XLI) up 2.6%. The Financial Select Sector SPDR Fund (NYSE:XLF) rose 1.5%, while the Real Estate Select Sector SPDR Fund (NYSE:XLRE) advanced 1.6% on falling yields.

The Energy Select Sector SPDR Fund (NYSE:XLE) was the session’s worst performer, tumbling 4.2% as the collapse in crude prices hammered oil producers and service companies. The Utilities Select Sector SPDR Fund (NYSE:XLU) also slipped 1.1%.

Among industry ETFs, the U.S. Global Jets ETF (NYSE:JETS) soared 6.8%, its best day in months, as airlines benefited from the prospect of sharply lower jet fuel costs. The iShares U.S. Home Construction ETF (BATS:ITB) surged 5.6% on lower rates and reduced energy input costs, while the VanEck Gold Miners ETF (NYSE:GDX) gained 4.4% alongside the rise in gold prices.

On The Losing Side…

The SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP) cratered 6.5%, while the VanEck Oil Services ETF (NYSE:OIH) fell 2.1% and the Alerian MLP ETF (NYSE:AMLP) dropped 1.7%.

Alaska Air Group Inc. (NYSE:ALK) surged 13.6%, leading the Russell 1000, as the airline stood to benefit most from plummeting fuel costs. 

United Airlines Holdings Inc. (NASDAQ:UAL) rallied 9.7%. Royal Caribbean Cruises Ltd (NYSE:RCL) jumped 10.4%, with peer Carnival Corp (NYSE:CCL) and Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) also rallying sharply.

Marriott International Inc. (NASDAQ:MAR) gained 4.5% and Booking Holdings Inc. (NASDAQ:BKNG) rose alongside other travel names.

Netflix Inc. (NASDAQ:NFLX) fell 9.1% after its second-quarter revenue guidance fell short of Wall Street expectations, even as Q1 earnings per share of $1.23 beat estimates.

Among energy names, Diamondback Energy Inc. (NASDAQ:FANG) dropped 7.1%, APA Corp. (NASDAQ:APA) sank 9.7%, and Chord Energy Corp. (NASDAQ:CHRD) fell 9.4%.

Chemical producers also sold off on the Hormuz reopening, with LyondellBasell Industries N.V. (NYSE:LYB) tumbling 12.1%, Dow Inc. (NYSE:DOW) sinking 11.8%, and CF Industries Holdings Inc. (NYSE:CF) falling 10.7%.

Friday’s Russell 1000 Top Gainers

Friday’s Russell 1000 Top Losers

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