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Research

Research Alert: CFRA Raises Opinion On Shares Of United Airlines Holdings, Inc To Buy From Hold

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Oil prices have retreated ~15% from May's $108 high. We upgrade UAL to Buy from Hold, raise our price target by $28 to $128, and lift our 2026 EPS to $11.07 from $11.02 and 2027's to $14.20 from $13.33. Our target reflects 9x 2027 EPS (from 7.5x), and our multiple expansion reflects increased confidence in UAL's ability to offset fuel headwinds through pricing and capacity optimization. Q1 business revenue rose 14% Y/Y, and UAL expects full fuel cost recapture by 4Q. We see opportunity for UAL to retain strong unit revenues post-spike. We favor UAL's industry-leading unit cost performance, led by fixed cost leverage across the largest fleet and geographic diversification. Domestic trends remain solid, with UAL noting no customer pushback on higher fares. Capacity is largely set for 2Q, with 3Q/4Q guided flat to +2% Y/Y depending on fuel. While oil remains a key variable, UAL's operational execution and pricing power position it favorably. Key risk is demand softening if macro conditions deteriorate.

$UAL
Insider Trading

United Airlines Holdings Insider Sold Shares Worth $4,217,072, According to a Recent SEC Filing

Kate Gebo, Executive Vice President of Human Resources and Labor Relations, on May 26, 2026, sold 40,000 shares in United Airlines Holdings (UAL) for $4,217,072. Following the Form 4 filing with the SEC, Gebo has control over a total of 128,100 common shares of the company, with 64,050 shares held directly and 64,050 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/100517/000010051726000117/xslF345X05/wk-form4_1780006421.xml

$UAL
Equity Markets Rebound Following Fed Minutes; Yields Tumble
US Markets

Equity Markets Rebound Following Fed Minutes; Yields Tumble

US stocks rebounded Wednesday as traders parsed minutes of the Federal Reserve's latest monetary policy meeting, while Treasury yields slid.The Nasdaq Composite rose 1.5% to 26,270.4, while the S&P 500 advanced 1.1% to 7,433, both rising after a three-day fall. The Dow Jones Industrial Average added 1.3% to 50,009.4. Most sectors ended in the green, led by consumer discretionary, while energy saw the biggest drop.Fed officials flagged the possibility of higher interest rates if the Middle East conflict drags on and keeps inflation above the 2% goal, minutes from the central bank's April meeting showed.Meeting participants generally determined that elevated inflation, combined with uncertainty around the duration and impact of the Iran war, could justify holding rates for longer than previously anticipated, the meeting minutes showed.However, majority of Fed officials pointed out "that some policy firming would likely become appropriate if inflation were to continue to run persistently above 2%.""The discussion at the April meeting suggests the (Federal Open Market Committee) is becoming increasingly worried about the inflation outlook," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "While it is in no rush to raise rates, that possibility will only grow if inflation remains stubbornly high."Treasury yields plunged in Wednesday late-afternoon trade, with the 10-year yield rate declining 9.6 basis points to 4.58% and the two-year rate retreating 7.4 basis points to 4.05%.Bond yields have surged amid mounting concerns about inflation. Higher yields drove a sell-off in stocks on Tuesday, according to Macquarie."The state of play now and following the end of earnings season, is that stock indexes are likely to remain sensitive to what happens to long-term yields," Macquarie said in note Wednesday. "Should yields go higher (for whatever reason), stocks will slip further."West Texas Intermediate crude oil was last down 5.5% at $98.47 a barrel, while Brent fell 5.6% to $105.03.US President Donald Trump said on Wednesday that negotiations with Iran had reached the final stages, though he warned of further attacks if Tehran backs out, according to a Reuters report.Shares of airlines and cruise operators were notable gainers on Wednesday, with United Airlines (UAL) up 10%, the top gainer on S&P 500. Delta Air Lines (DAL) jumped 9.4%, among the best performers on the index, along with Carnival (CCL) and Norwegian Cruise Line (NCLH).In other company news, Hasbro (HAS) reported a first-quarter operating loss for the consumer products division even as the toymaker delivered stronger-than-expected results at the consolidated level. The stock slid 8.8%, the worst performer on the S&P 500.Target (TGT) shares fell 3.9%, among the steepest declines on the S&P 500. The retailer lifted its full-year sales growth outlook as it recorded higher-than-expected fiscal first-quarter results.TJX (TJX) raised its full-year outlook after posting stronger-than-expected fiscal first-quarter results, with comparable sales rising across all segments. The stock climbed 5.6%.Gold was last up 0.8% at $4,549.30 per troy ounce, while silver rose 1.8% to $76.48 per ounce.

Dow JonesNasdaq CompositeS&P 500$CCL$DAL$HAS$NCLH$NVDA$TGT$TJX$UAL
Japan

US Equity Markets Close Higher as Oil Prices Fall, Tech Gains Ahead of Nvidia Results

US equity indexes ended higher on Wednesday after crude oil prices fell and the tech sector rose ahead of Nvidia's (NVDA) results.* President Donald Trump said negotiations with Iran are in the final stages, though he warned of further attacks unless Tehran agrees to a deal, Reuters reported.* Nvidia's (NVDA) fiscal Q1 sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said.* A majority of FOMC participants appear to be leaning away from rate cuts for now and were open to the possibility of rate increases, minutes of the April 28-29 meeting released Wednesday showed.* July West Texas Intermediate crude oil fell $5.76 to settle at $98.39 per barrel, while July Brent crude, the global benchmark, was last seen down $6.30 at $104.98.* United Airlines (UAL) shares rose 10%, the biggest gain on the S&P 500, a day after the company forecast double-digit increases in demand this summer, with more than 53 million passengers from June to August, up 3 million from a year earlier.* Hasbro (HAS) shares fell 8.8%, the steepest decline on the S&P, after the company reported a Q1 operating loss for the consumer products division amid flat sales.

Dow JonesNasdaq CompositeS&P 500$HAS$NVDA$UAL
US Consumers' Air Travel Intentions Largely Steady Despite High Fuel Cost, UBS Survey Shows
US Markets

US Consumers' Air Travel Intentions Largely Steady Despite High Fuel Cost, UBS Survey Shows

US consumers' air travel intentions for leisure purposes leveled off in March year over year despite higher fuel costs and geopolitical concerns, UBS Securities said in a note sent Tuesday.The brokerage conducted a survey of 6,877 consumers across the world, including 1,754 in the US, from March to early April.Crude oil prices soared after the US and Israel launched attacks against Iran at the end of February, disrupting shipments through the crucial Strait of Hormuz.Plans to undertake leisure travel in the US over the next 12 months slipped to 82.8% from 83.1% a year ago, but remained above March 2024 levels, the survey results showed. Business travel intentions decreased on an annual basis, but rose from two years ago."The key takeaway was that intentions among US consumers to undertake leisure and business travel over the next 12 months remain high," UBS analysts, including Atul Maheswari, wrote in the note. "The survey results show that significantly more US consumers expect to increase spend in the next 12 months than spend less on their trips -- a trend that's consistent with last year's survey."There was an annual moderation in those citing plans to travel more with large US carriers Delta Air Lines (DAL), United Airlines (UAL), American Airlines (AAL), and Southwest Airlines (LUV), according to UBS. However, the number of consumers willing to travel about the same with each of the four airlines increased.Most consumers consider price as the most important factor when purchasing airline tickets for leisure travel, while about half of the survey respondents look at destination and airline brand, according to UBS."Airline brand was meaningfully more important than (three) years ago as was seat class. This should bode well for the larger airlines with a stronger loyalty/premium offering," Maheswari said, referring to Delta, United, American, and Alaska Air (ALK).Price: $68.35, Change: $-1.89, Percent Change: -2.69%

$AAL$ALK$DAL$LUV$UAL
Wire

United Airlines, JetBlue Launch Reciprocal Loyalty Benefits

United Airlines (UAL) and JetBlue's (JBLU) respective loyalty program members can now benefit from reciprocal loyalty benefits when traveling across either of the airlines' networks under the two companies' Blue Sky collaboration, JetBlue said Thursday.The perks for eligible TrueBlue and MileagePlus members include priority boarding, complimentary access to extra legroom seating at check-in, and priority check-in and security, among other benefits, according to a statement.Price: $97.51, Change: $+1.80, Percent Change: +1.89%

$JBLU$UAL
Insider Trading

United Airlines Holdings Insider Sold Shares Worth $631,330, According to a Recent SEC Filing

Andrew P Nocella, Executive Vice President and Chief Commercial Officer, on May 01, 2026, sold 7,000 shares in United Airlines Holdings (UAL) for $631,330. Following the Form 4 filing with the SEC, Nocella has control over a total of 215,345 common shares of the company, with 215,345 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/100517/000010051726000093/xslF345X05/wk-form4_1778018651.xml

$UAL
Wire

Market Chatter: United Airlines Wary of Pursuing Smaller Acquisitions Like JetBlue

United Airlines (UAL) Chief Executive Scott Kirby said that pursuing an acquisition of a smaller airline like JetBlue Airlines (JBLU) might not be worth the intensive effort required, The New York Times reported Wednesday.In an interview, Kirby told The Times that "doing a merger takes a lot of calories and a lot of energy, and it's about the same amount of calories and energy regardless of the size of the merger."The interview comes just days after Kirby raised the idea of a potential merger with American Airlines (AAL), but was rebuffed, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $88.03, Change: $-2.38, Percent Change: -2.64%

$AAL$JBLU$UAL
Wire

United Airlines Wary of Pursuing Smaller Acquisitions Like JetBlue, The New York Times Reports

United Airlines Wary of Pursuing Smaller Acquisitions Like JetBlue, The New York Times Reports

$JBLU$UAL
Wire

United Airlines Adds New Nonstop Summer Services Across Europe

United Airlines (UAL) said Tuesday it is launching new summer season flights from New York to new destinations in Croatia, Italy, Scotland and Spain.The carrier said it will launch a nonstop service from Newark Liberty International Airport to Split, Croatia, on Thursday, to Bari, Italy, starting May 1, to Glasgow, Scotland, beginning May 8, and to Santiago de Compostela, Spain, on May 27.United said its summer schedule will include nearly 770 weekly transatlantic roundtrips and 36 European destinations.Shares of United Airlines were down 2.2% in Tuesday trading.Price: $89.89, Change: $-2.02, Percent Change: -2.19%

$UAL
Sectors

Sector Update: Consumer Stocks Fall Late Afternoon

Consumer stocks fell late Monday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining 1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.6%.In corporate news, United Airlines (UAL) CEO Scott Kirby confirmed he approached rival American Airlines (AAL) about a possible merger, and American declined to engage, closing the door on a deal. Separately, American is selling $1.14 billion of bonds financing a group of planes, Bloomberg reported. United shares fell 1.2%, and American dropped 3%.Domino's Pizza (DPZ) reported weaker-than-expected Q1 results on Monday, with the company's CEO saying consumer uncertainty and inflation weighed on demand late in the quarter. Its shares slumped past 9%.Verizon Communications (VZ) lifted its full-year earnings outlook on Monday and reported a Q1 bottom line above market estimates, while it unexpectedly added postpaid phone subscribers in the three-month period. Its shares rose 1.2%.Toyota Motor (TM) reported Monday total worldwide sales of 897,871 vehicles in March, down 7.3% from a year earlier. Toyota shares were fractionally higher.

$AAL$DPZ$TM$UAL$VZ
US Markets

Airline Capacity Deployment Slowdown Amid High Fuel Prices Could Hit Aircraft Lessors, Deutsche Bank Says

Aircraft lessors could be impacted by a projected slowdown in airline capacity deployment globally amid elevated jet fuel prices triggered by the Middle East conflict, Deutsche Bank said Monday.Energy prices have soared following the US-Israel war with Iran that has disrupted shipments through the Strait of Hormuz, the world's most important chokepoint for crude flows.The conflict, which paused following a ceasefire between the US and Iran and later between Israel and Lebanon, has pushed jet fuel prices past $4 a gallon, according to Deutsche Bank."While aircraft lessors are not directly impacted (by high fuel prices) like airlines with higher operating costs, they are indirectly affected by changes in supply and demand for aircraft," Deutsche Bank analyst Shannon Doherty said in a note to clients Monday. "We cannot ignore the fact that surging jet fuel prices will lead to a slowing of global airline capacity deployment, with groundings a possibility among the financially weakest operators."Last week, American Airlines (AAL) and United Airlines (UAL) lowered their full-year earnings projections. United Airlines said at the time it faced headwinds in the first quarter, including a $340 million increase in fuel expense, compared with a year earlier.Qatar Airways recently contacted lessors to potentially defer or reduce rental payments, Deutsche Bank said Monday. If other airlines request similar favors and aircraft lessors opt to provide that relief, new terms will likely be net present value-positive over the longer term for lessors, according to the note.A premium multiple to AerCap Holdings' (AER) book value is "justified" given its diversified asset fleet earning mid-double-digit return on equity, Doherty said. An undersupply of aircraft assets is "structural" and is expected to last through the end of the decade, the brokerage wrote."AerCap represents one of the best ways to play this theme given the high demand for aircraft, its large orderbook, durable earnings, and high visibility into future cash flows given the long duration nature of its lease contracts," Doherty said.Price: $137.95, Change: $-0.14, Percent Change: -0.10%

$AAL$AER$FTAI$UAL
Sectors

Sector Update: Consumer

Consumer stocks fell late Monday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining 1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.6%.In corporate news, United Airlines (UAL) CEO Scott Kirby confirmed he approached rival American Airlines (AAL) about a possible merger, and American declined to engage, closing the door on a deal. Separately, American is selling $1.14 billion of bonds financing a group of planes, Bloomberg reported. United shares fell 1.5%, and American dropped 3.1%.

$AAL$UAL
US Markets

United Airlines CEO Confirms Approach to American Regarding Potential Merger

United Airlines (UAL) Chief Executive Scott Kirby confirmed Monday that he approached fellow carrier American Airlines (AAL) about a possible merger, but the latter declined to engage and closed the door on a deal.A potential combination between the two companies could have expanded service to "smaller communities," increased the total number of economy seats in the marketplace, offered affordable prices to customers and built a more globally competitive US airline, Kirby said in a statement. The merger could have boosted the US economy and created "millions of jobs," among other benefits, Kirby added."I was hoping to pitch that story to American, but they declined to engage and instead responded by publicly closing the door," Kirby said. "Without a willing partner, something this big simply can't get done."American Airlines didn't immediately respond to' request for comment.American Airlines shares were down 2.7% in Monday afternoon trade, while United Airlines fell 1.4%.Earlier this month, American Airlines said it wasn't interested in any talks regarding a merger with United Airlines, adding that it would be "negative for competition and for consumers." Any deal would also have been "inconsistent" with the Trump administration's philosophy towards the industry and antitrust law, the company said at the time.During an earnings conference call with analysts last week, American Airlines CEO Robert Isom said a potential combination with United Airlines would have been "anticompetitive.""Everybody that has weighed in suggests the same thing," Isom told analysts, according to a FactSet transcript. "Bad for customers, bad for the industry, and then ultimately -- that'd be bad for American Airlines."American Airlines' public comments "make it clear that a merger like this is off the table for the foreseeable future," Kirby said Monday.US President Donald Trump reportedly voiced his opposition to the combination in a recent interview with CNBC, saying he didn't "like" having the two airlines merge.Last week, American Airlines reported that its first-quarter adjusted per-share loss narrowed year over year, while operating revenue increased. The carrier cut its 2026 earnings outlook at the time. Separately, United Airlines reported better-than-expected first-quarter results, but lowered its full-year earnings outlook amid rising fuel costs.Price: $91.69, Change: $-1.31, Percent Change: -1.41%

$AAL$UAL
Wire

UBS Adjusts Price Target on United Airlines to $139 From $135, Maintains Buy Rating

United Airlines (UAL) has an average rating of buy and mean price target of $130.27, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $91.60, Change: $+0.35, Percent Change: +0.38%

$UAL
Research

Research Alert: CFRA Reiterates Hold Opinion On Shares Of United Airlines Holdings Inc

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month price target by $3 to $100, 7.5x our 2027 EPS estimate (unchanged) and in line with the shares' five-year average forward multiple. We lower our 2026 EPS to $11.02 from $11.55 and 2027's to $13.33 from $13.74, primarily reflecting significant fuel cost headwinds. We reiterate our Hold opinion, viewing Q1 results as evidence of pricing power, with revenue growth of 10.6% driven by premium (+14%) and loyalty (+13%) customers. However, offsetting strong demand is significant fuel cost pressure (+13% in Q1) that prompted management to lower adjusted EPS guidance by roughly 30%. At current levels, shares trade at approximately 6x consensus 2027 EPS estimates, appearing to discount near-term fuel headwinds. However, sustained higher oil prices would represent an even more significant EPS headwind than reflected in our estimates, which sit $0.02 above the high end of management's guidance. While UAL's pricing power is encouraging, we see balanced risk/reward with limited margin for error.

$UAL
US Markets

United Airlines' Second-Quarter Profit Outlook Trailed Market Expectations, UBS Says

United Airlines' (UAL) second-quarter profit guidance fell short of Wall Street's numbers as the company factored in higher-than-expected fuel costs, UBS Securities said in a note e-mailed Wednesday.Late Tuesday, the air carrier said it expected adjusted earnings per share of $1 to $2 for the ongoing quarter, assuming an average jet fuel price of about $4.30 per gallon.UBS projects EPS of $2.30, while it put the Bloomberg-polled consensus at $1.74, below the middle point of the guidance range.The brokerage said the "buyside bar" was EPS of $1.75 to $2.25 based on a fuel price of $4.10 per gallon. Crude oil prices have soared in the aftermath of the US-Israel war with Iran.United Airlines lowered its full-year adjusted EPS guidance to a range of $7 to $11 from $12 to $14. The wider guidance takes into consideration multiple scenarios, Chief Financial Officer Michael Leskinen told analysts at an earnings call late Tuesday, according to a FactSet transcript."(The second-quarter) guide was a bit lighter than the buyside bogey, but was driven by higher fuel assumption (versus) expectations," UBS analysts including Atul Maheswari wrote. (The full-year) guide broadly brackets consensus at mid-point."UBS is projecting full-year EPS of $9.50, above the consensus view it put at $9.08.Shares of United Airlines were down 7% in late Wednesday afternoon trade despite the company reporting stronger-than-expected first-quarter results."All in, we think it was a fine print," Maheswari said. "The proactive capacity cuts for (the second half) was particularly encouraging to us as it highlights the company is focusing preserving margins (and) cash in this uncertain backdrop."The brokerage has a buy recommendation on the stock, with a price target of $135."Overall, estimates are unlikely to move much following this print," Maheswari said. "In the absence of earnings catalyst, we think the stock will likely trade on macro headlines for the near-term."On the call, Chief Executive Scott Kirby said management's goal at the moment is "to do whatever it takes to recover 100% of the increase in jet fuel prices as quickly as possible, and to achieve double-digit pre-tax margins next year.""Oil is incredibly volatile right now, but because we think we're moving towards a 100% pass-through, it allows us to have confidence in both our near- and medium-term earnings trajectory enough so that we can still provide guidance," Kirby said, according to the FactSet transcript.Price: $90.46, Change: $-6.67, Percent Change: -6.87%

$UAL
Research

Research Alert: Ual: Strong Q1 Results Offset By Reduced 2026 Outlook On Fuel Costs

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:UAL reported Q1 2026 adjusted EPS of $1.19 (+31% Y/Y), beating the $1.08 consensus estimate, due to total revenue of $14.6B (+11% Y/Y), above the $14.4B consensus. Operating margins proved resilient at 4.2% (+35 bps Y/Y) despite a $360M fuel cost headwind, with strong pricing power evidenced by TRASM rising 6.9% Y/Y to 18.80 cents and PRASM advancing 7.4% Y/Y to 16.95 cents. UAL's premium revenue streams supported results with premium revenue growing 14% Y/Y, loyalty revenue up 13% Y/Y, and business revenue expanding 14% Y/Y. The company reduced 2026 adjusted EPS guidance to $7.00-$11.00 from $12.00-$14.00 and plans to reduce capacity by 5 percentage points for the remainder of 2026. Management expects a phased revenue recovery approach to recapture 40%-50% of fuel cost increases in Q2, 70%-80% in Q3, and 85%-100% in Q4. We think Q1 provided evidence of UAL's ability to pass through fuel costs while maintaining its long-term growth trajectory.

$UAL
Wire

Top Midday Stories: QXO to Acquire TopBuild for $17 Billion; Eli Lilly to Buy Kelonia for Up to $7 Billion

All three major US stock indexes fell in late-morning trading Monday as tensions between the US and Iran escalated over the weekend.In company news, QXO (QXO) agreed to acquire TopBuild (BLD) for $17 billion. TopBuild shareholders can elect $505 a share in cash or 20.2 QXO common shares for each TopBuild share they own, subject to a cap that limits cash to 45% of the total consideration. The deal is expected to close in Q3. QXO shares fell 7.2% around midday, and TopBuild rose 17%.Eli Lilly (LLY) agreed to acquire Kelonia Therapeutics for up to $7 billion in cash, including an upfront payment of $3.25 billion and subsequent payouts based on certain clinical, regulatory and commercial milestones. The deal is expected to close in H2. Eli Lilly shares rose 0.2%.Alphabet's (GOOG, GOOGL) Google is in talks with Marvell Technology (MRVL) to develop two new processors optimized for AI inference tasks, The Information reported Sunday, citing two people with knowledge of the discussions. Alphabet shares fell 0.9%, and Marvell rose 4.1%.American Airlines Group (AAL) said late Friday it was not engaged with or interested in talks about a merger with United Airlines Holdings (UAL). American shares fell 4.4%, and United dropped 2.3%.Brady (BRC) agreed to acquire Honeywell International's (HON) productivity solutions and services business for $1.4 billion in cash. Brady shares eased 0.1%, and Honeywell fell 1.2%.Price: $23.19, Change: $-1.81, Percent Change: -7.24%

$AAL$BLD$BRC$GOOG$GOOGL$HON$LLY$MRVL$QXO$UAL
US Markets

Nasdaq, S&P 500 Hit New Peaks as Iran Reopens Hormuz

The Nasdaq Composite and the S&P 500 notched new peaks on Friday after Iran announced a temporary reopening of the Strait of Hormuz, sending oil prices tumbling.The Nasdaq rose 1.5% to 24,468.5, while the S&P 500 added 1.2% to 7,126.1, notching record-high closing levels for the third straight day. The Nasdaq extended its advance to a 13th consecutive session, its longest winning streak since 1992, according to CNBC.The Dow Jones Industrial Average jumped 1.8% to 49,447.9.Barring energy and utilities, all sectors were in the green, led by consumer discretionary's 2% jump.The Nasdaq and the S&P 500 saw their biggest weekly gains since May last year, rising 6.8% and 4.5%, respectively, this week. The Dow advanced 3.2% this week, the most since June.West Texas Intermediate crude oil sank 11% to $84.68 a barrel in Friday late-afternoon trade, while Brent lost 8.7% to $90.71."In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iranian Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Vessels must move through a "coordinated route" announced by Iran's Ports and Maritime Organization, Araghchi said.On Thursday, US President Donald Trump said Lebanon and Israel agreed to a 10-day ceasefire that seeks to pause hostilities between Israel and Iran-backed Hezbollah in Lebanon. That was a key sticking point in peace negotiations between the US and Iran."Araghchi's statement represents a significant and unexpected diplomatic opening," Artem Abramov, deputy head of analysis at Rystad Energy, said in a note e-mailed to. "The Strait of Hormuz has been the single most consequential variable in global oil markets since the conflict escalated, and any credible signal that the chokepoint may reopen, even temporarily, is a market-moving development of the first order."Trump welcomed the reopening of the strait, though he said the US naval blockade of Iran's ports will continue until "our transaction with Iran is 100% complete.""The news that Iran will allow traffic to resume through the Strait of Hormuz could be an important turning point and the catalyst for upgrades to our economic forecasts, but not immediately," Oxford Economics said in a note. "The development increases the risk that a more lasting deal could be brokered, reducing the likelihood of extreme downside scenarios crystalizing."Shares of cruise line operators and airlines jumped, with Royal Caribbean Cruises (RCL) up 7.3%, the best performer on the S&P 500, followed United Airlines (UAL) and Carnival (CCL). Southwest Airlines (LUV) rose 5.1%.US Treasury yields were lower, with the 10-year rate down seven basis points at 4.25% and the two-year rate dropping 7.4 basis point to 3.71%.In company news, Netflix (NFLX) shares tumbled 9.7%, the third-worst performer on the S&P 500.The streaming giant late Thursday posted first-quarter revenue above Wall Street's estimates. However, the company disappointed investors by maintaining its margin outlook even though its cost base apparently would have benefited from its decision to walk away from a deal to acquire Warner Bros. Discovery (WBD), MoffettNathanson said in a note Friday.Gold was last up 1.3% at $4,871.10 per troy ounce, while silver gained 3.4% to $81.40 per ounce.

Dow JonesNasdaq CompositeS&P 500$CCL$LUV$NFLX$RCL$UAL$WBD

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