In premarket trading, energy companies benefited from rising U.S. oil prices after President Donald Trump announced the end of a ceasefire with Iran. Notably, Diamondback Energy increased by over 3%, with APA Corporation and Occidental Petroleum both rising more than 2.5%. Chevron and Exxon Mobil also saw gains of over 2% and 1.5%, respectively.
Conversely, companies heavily impacted by fuel costs, such as Carnival Corporation and Norwegian Cruise Line, fell by 3.5% and more than 3%, while United Airlines and Delta Air Lines dropped 3% and nearly 2%. SpaceX's stock rose slightly by under 0.5%, recovering from a significant decline the previous day.
The memory sector continued to struggle, with Sandisk down over 5.5% and Micron Technology down 4.5%. Bath & Body Works fell more than 4% after a downgrade from Goldman Sachs, which raised concerns about its expansion strategy. Estee Lauder's shares declined 2% following an increase in estimated restructuring costs to $1.75 billion.
Rivian Automotive's stock dropped nearly 4% after announcing a public offering of 75 million shares, leading to an 18% decline the previous day, marking its worst performance since February 2024