Stocks Fall as Tensions in Strait of Hormuz Escalate
5/4/20263 min
Plus: eBay shares rise after an offer from GameStop CEO to buy the e-commerce company. And Norwegian Cruise Lines stock falls after cutting its outlook.
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Katherine Sullivan· Host0:14
[calm music] Here's your closing bell brief for Monday, May 4th. I'm Katherine Sullivan for the Wall Street Journal. US stocks fell today as military tensions escalated in the Middle East. The Dow dropped one point one percent to lead the decline. The S&P five hundred fell point four percent, and the Nasdaq fell point two percent. Every major sector in the S&P five hundred finished in the red except for energy. Investors moved into oil after strikes on a crucial port in the United Arab Emirates. Brent crude futures rose five point eight percent to their highest level since June 2022. Among individual companies, eBay shares jumped five percent today. The move followed an unsolicited fifty-six billion dollar buyout offer from GameStop CEO Ryan Cohen. GameStop's stock, meanwhile, slipped ten percent. Norwegian Cruise Line shares slid nine percent during the session. The operator cut its outlook and said consumers are rethinking their upcoming travel plans. Shares in Coinbase Global advanced six percent as Bitcoin prices climbed. Sentiment improved following a new Washington compromise on stablecoin yield rules. Tyson Foods shares