Market Minute ⏱️ 5/6/26: Stocks Soar, Oil Tanks on New Talks!

Mike Larson | Editor-in-Chief

Stocks are soaring while oil is tanking amid reports of new Middle East talks. Gold and silver are ripping along with Treasuries, while the dollar is sliding. Bitcoin is trading at fresh three-month highs above $82,000.

On the same day the American Automobile Association (AAA) reported that gas prices are now averaging $4.54 per gallon in the US, crude oil prices started plunging on hopes for a new US-Iran deal. That could keep pump prices from topping the June 2022 record of $5.01.

The one-page “memorandum of understanding” currently under consideration would reportedly restrict Iranian enrichment of uranium for a period of time. Meanwhile, the parties involved would focus on gradually reopening the Strait of Hormuz, winding down the US blockade of Iranian ports, and rolling back certain Iranian sanctions. Talks to solidify the MOU would follow in Pakistan or Switzerland.

AMD, UBER, MS (YTD % Change)

Meanwhile, semiconductor stocks are surging (again) after Advanced Micro Devices Inc. (AMD) reported a blowout first quarter. AMD delivered adjusted earnings per share of $1.37 in Q1, topping the average estimate of $1.29. Revenue soared 38% to $10.2 billion, also handily beating forecasts. Data center chip sales alone jumped 57%, and the company boosted its Q2 outlook. AMD stock soared 14% in early trading, after entering today up 65.8% year-to-date.

Elsewhere in tech-land, Uber Technologies Inc. (UBER) reported that gross bookings jumped 25% to $53.7 billion, above the expected range of $52 billion to $53.5 billion. The company raised its Q2 forecast, citing strong momentum in business-related travel and services catering to wealthier passengers like Uber Elite. Uber stock rose 7%, erasing a chunk of its 10.7% YTD loss in one fell swoop.

Finally, Morgan Stanley (MS) is making an aggressive push to capture crypto trading business – while forecasting that the “DeFi” and “TradFi” worlds will increasingly converge. The Wall Street behemoth owns the E*Trade platform, and it’s going to start charging some customers only 50 basis points for each spot crypto transaction.

That’s less than the 60 bps charged by Coinbase Global Inc. (COIN) and the 95 bps charged by Robinhood Markets Inc. (HOOD). It’s also just the latest move by Morgan and other traditional finance players to give individual and institutional investors easier, cheaper access to crypto trading and investing opportunities.

Yardeni: How to Keep Your Head as an Investor Amid the “Fog of War”

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• Fed Policy, Higher Energy Prices, and the Road Ahead
  👉️ TICKERS: TLT, USO, SPY
  One big surprise coming out of last week’s unusual press conference by Fed Chairman Jay Powell was his decision to remain on the Federal Open Market Committee (FOMC) as a Governor after Kevin Warsh takes over this month. That sets up an interesting dynamic for the Fed going forward, writes Louis Navellier, founder and chairman of Navellier & Associates.

• MPC: A US Refiner Benefitting from Tighter Jet Fuel Market
  👉️ TICKER: MPC
  The closure of the Strait of Hormuz has made Persian Gulf crude oil and energy products effectively inaccessible, sending ripple effects through global fuel markets. Countries are imposing fuel rationing, and refiners must now decide which fuels to prioritize. Marathon Petroleum Corporation (MPC) is a stock to watch, notes Tim Plaehn, editor of The Dividend Hunter.

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🍔☕ McDonald’s Is Down 4% and Starbucks Is Up 25% in 2026. The Better Dividend Stock Might Surprise You. (Barchart)