Tech Stocks Weather a Market Retreat
5/7/20263 min
SoftBank shares rallied on investor optimism in AI. Plus: Whirlpool stock tumbles, citing a “recession-level industry decline” due to the Iran war.
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First 90 secondsSpeaker 00:00
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Katherine Sullivan· Host0:14
[calm music] Here's your closing bell brief for Thursday, May 7th. I'm Katherine Sullivan for The Wall Street Journal. US stocks pulled back from their recent record highs. The DOW was down .6% and the S&P 500 was down .4%. Most sectors saw declines as traders monitored news of possible Middle East peace talks. Tech stocks showed more resilience, but the NASDAQ still ended down a 10th. Treasury yields moved higher while oil prices fell about 1%. Among individual companies, SoftBank shares rallied 18% in Tokyo, marking their biggest gain since the pandemic. Investors viewed the stock as a successful bet on artificial intelligence. Whirlpool shares tumbled 12% after the company cut its yearly profit outlook. Management said the ongoing war in Iran is hurting the bottom line of the appliance maker. Arm Holdings shares dropped 10% during the session. The chip maker warned it lacks the supply to meet high demand for its new products. Shares in Shell retreated nearly 3% today. The energy giant warned that the war in Iran is leading to lower gas production. Snap shares slipped