4:15pm: A cautious trading day
Wall Street ended the session on a weaker footing as geopolitical tensions in the Middle East rattled sentiment and pushed oil prices sharply higher.
The Dow Jones fell 1.1% to 48,942, while the S&P 500 slipped 0.4% to 7,201. The Nasdaq Composite edged down 0.2% to 25,068, holding up relatively better but still losing ground as risk appetite faded into the close.
Markets were largely driven by escalating headlines out of the Strait of Hormuz. Reports circulated that two Iranian strikes had hit a US patrol boat and that a US warship was turned back, though these were denied by US officials.
At the same time, the UAE reported that an oil carrier linked to the Abu Dhabi National Oil Company had been targeted, and that facilities at the Fujairah petroleum export hub were struck. The conflicting accounts added to uncertainty, but the broader effect was clear: investors moved to price in higher geopolitical risk.
Crude oil surged on the developments, reinforcing inflation concerns and adding pressure to equities, particularly in energy-sensitive sectors.
On the corporate side, attention is shifting to after-hours earnings, with Palantir, ON Semiconductor, and Paramount Skydance all due to report results.
3:40pm: Proactive news headlines
- Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) reported additional high-grade copper-equivalent drill results from its Nisk project in Quebec as it works toward a mineral resource estimate and potential open-pit development
- First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) raised more than $3 million through warrant exercises, boosting funding for ongoing project development
- Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF, FRA:Z620) completed a $250,000 payment toward its earn-in obligation for a 29% interest in a Turkish oil block
- Century Lithium Corp. (TSX-V:LCE, OTCQX:CYDVF) announced new management appointments to strengthen capabilities as it advances its Nevada lithium project through permitting and pre-construction
- NanoViricides (NYSE-A:NNVC) received FDA Orphan Drug Designation for its antiviral candidate NV-387, supporting a faster regulatory path and potential market exclusivity
2:30pm: Market movers
- Blackberry (TSX:BB) shares climbed on renewed investor optimism around its growing automotive software business, extending a strong year-to-date rally.
- Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) reported better-than-expected profit but missed revenue and cut its full-year outlook, sending shares lower.
- GameStop Corp (NYSE:GME) made a $55.5 billion unsolicited bid to acquire eBay Inc., proposing a cash-and-stock deal.
- Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) reported high-grade drill results at its Nisk project in Quebec as it advances toward a resource estimate.
- First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) raised over $3 million through warrant exercises to support ongoing development plans.
- Loews Corp (NYSE:L) posted lower quarterly earnings due to weaker insurance results and higher costs despite gains in other segments.
- Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF, FRA:Z620) completed a $250,000 payment toward earning a 29% stake in a Türkiye oil block, boosting its shares.
12:15pm: GameStop bids for eBay
Big news over the weekend: GameStop Corp (NYSE:GME) has made an unsolicited, non-binding proposal to acquire eBay Inc (NASDAQ:EBAY, XETRA:EBA) in a deal valuing the online marketplace at approximately $55.5 billion.
The offer proposes $125 per share in a mix of 50% cash and 50% GameStop common stock, with shareholders given the option to elect their preferred form of consideration, subject to pro-rata allocation.
The bid represents a 46% premium to eBay’s unaffected closing price on February 4, 2026, the day GameStop began accumulating its position in the company, according to the proposal. GameStop said it has built a roughly 5% economic stake in eBay through a combination of derivatives and direct share ownership.
11:00am: Week ahead
Wall Street heads into the first full week of May with a familiar mix of anticipation and nerves. The spotlight is firmly on the April jobs report, a wave of big-name earnings, and a steady drumbeat of Federal Reserve commentary that could shape expectations for interest rates going into summer.
Friday’s labour market data is likely to set the tone. Economists are looking for a noticeable cooling in hiring momentum. Forecasts are clustering around roughly 50,000–100,000 job gains for April, a step down from earlier in the year, with the unemployment rate expected to hold steady near 4.3%.
Thursday’s weekly jobless claims will offer a real-time read on layoffs, which have remained historically low but volatile week to week.
On the corporate side, it’s a packed calendar with some of the market’s most closely watched names.
Artificial intelligence remains a dominant theme, with results due from Palantir Technologies Inc (NYSE:PLTR), Advanced Micro Devices Inc (NASDAQ:AMD, XETRA:AMD), and Arm Holdings PLC (NASDAQ:ARM).
10:00am: Oil volatility persists
Stocks are starting the week on a mixed note, with geopolitics once again doing most of the steering.
The Dow Jones is leading losses, down about 0.4% to 49,328, while the S&P 500 is hovering just above flat and the Nasdaq is edging slightly higher, up around 0.2%. It’s a hesitant tone overall, as investors try to balance calmer oil action with ongoing uncertainty in the Middle East.
Oil prices are pulling back from sharper early gains after reports that US military coordination helped two US-flagged vessels successfully transit the Strait of Hormuz. Brent crude is still holding onto gains of about 1.5%, trading near $110 a barrel, while West Texas Intermediate is steady around $102.
But even with some easing in immediate tensions, concerns about broader disruption aren’t going away. Nigel Green, CEO of deVere Group, warned that the situation may be evolving into what he called a “latency shock” for global supply chains where delays, rerouted shipments, and tighter security checks start to weigh on the real economy, even if ships are technically moving again.
“Markets are reacting to the idea that ships will start moving again, but the system doesn’t reset instantly,” Green said, pointing to coordination delays and increased inspections that could slow global trade flows. In his view, the real risk isn’t just oil prices but the added time it takes to move goods through an increasingly complex route network.
Against that backdrop, equities are treading carefully. The tech-heavy Nasdaq is managing modest gains, helped by continued momentum in AI-linked names, while the broader market remains sensitive to every twist in the oil and geopolitical narrative.
8:15am: Global tensions escalate
Stocks are looking a bit shaky out of the gate Monday, as rising geopolitical tensions in the Strait of Hormuz keep investors on edge despite last week’s strong finish. Dow futures are down about 0.4%, while S&P 500 futures are slipping modestly and Nasdaq futures are hovering near flat.
Oil is the big story early on. Prices swung sharply overnight, with Brent crude briefly jumping more than 5% above $114 a barrel as concerns flared over potential disruptions in one of the world’s most critical shipping routes. Conflicting reports around military activity in the region and tough rhetoric between the US and Iran are adding to the uncertainty, leaving traders bracing for more volatility.
At the same time, there’s still a sense that the broader market is trying to hold its footing. “The new week kicks off on optimism – not that the Iranian war is coming to an end, and to be honest I try to look past the headlines as US leaders’ statements sound nothing more compelling than cheap propaganda – but on optimism that AI continues to mask the pain elsewhere,” Swissquote analyst Ipek Ozkardeskaya commented.
On the corporate side, there’s no shortage of headlines. Spirit Airlines has officially shut down operations after bailout talks fell through, while eBay shares are moving higher on a headline-grabbing takeover pitch involving GameStop. Bitcoin is also back in the spotlight, climbing above $80,000 for the first time since January.
Looking ahead, earnings season rolls on with chipmakers like AMD and Arm in focus, alongside Palantir set to report after the bell, giving investors another key test for the market’s AI-fueled momentum.