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Wall Street’s major averages jumped on Friday to record highs after Iran declared the Strait of Hormuz open for commercial vessels. President Donald Trump, however, said the naval blockade will remain in effect. The Ports and Maritime Organization of the Islamic Republic of Iran said the Strait of Hormuz is now “completely open” for all commercial vessels for the rest of the Lebanon ceasefire timeline. This comes after Israel and Lebanon announced a 10-day ceasefire on Thursday.
The economic calendar seems muted with only a few important data releases in the coming week. Retail sales data will be out on Tuesday. S&P Global’s PMI data for April is scheduled for Thursday alongside the jobs data.
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Earnings spotlight: Monday: Steel Dynamics (STLD), Alaska Air (ALK). See the full earnings calendar.
Earnings spotlight: Tuesday: GE Aerospace (GE), 3M (MMM), Haliburton (HAL), United Airlines (UAL). See the full earnings calendar.
Earnings spotlight: Wednesday: Tesla (TSLA), Philip Morris (PM), IBM (IBM), Boeing (BA). See the full earnings calendar.
Earnings spotlight: Thursday: Intel (INTC), American Express (AXP), Gilead (GLD), Blackstone (BX). See the full earnings calendar.
Earnings spotlight: Friday: P&G (PG). See the full earnings calendar.
Volatility watch: Car rental stocks Avis Budget (CAR) and Hertz Global (HTZ) are set up for another volatile week of trading based on options volume. The most overbought stocks per their 14-day relative strength index include Mega Fortune (MGRT), Avanos Medical (AVNS), and Willow Lane Acquisition (WLAC). The most oversold stocks
