Energy stocks continued to decline for the fourth consecutive day, primarily due to President Donald Trump's indication of nearing a resolution in the U.S.-Iran conflict, which negatively impacted oil prices. OneOK led the S&P 500 energy sector with a drop of over 3%, while major players like Chevron and Exxon Mobil fell by 0.8% each.
In contrast, Nextpower's stock surged 13% following its acquisition of Prevalon Energy for approximately $365 million and an upward revision of its revenue guidance. Dell Technologies experienced a remarkable 29% increase after raising its full-year earnings forecast to $17.90 per share, significantly surpassing analyst expectations of $13.09.
This positive momentum also lifted other computer hardware stocks, with Hewlett Packard Enterprise rising over 14%. Conversely, American Eagle Outfitters saw a 13% decline due to disappointing sales figures and lowered second-quarter guidance. Gap's shares plummeted more than 17% after it reduced its annual sales outlook, despite reporting adjusted earnings that slightly beat expectations.
The space sector faced setbacks following a Blue Origin rocket explosion, leading to declines in stocks like AST SpaceMobile, which fell nearly 17%. Okta and NetApp both reported strong earnings and raised their guidance, resulting in stock increases of 25% for each. PagerDuty also rose 29% after exceeding revenue expectations and raising its full-year earnings guidance.
However, SentinelOne's shares dropped nearly 9% after providing revenue guidance that fell short of analyst predictions