Iran Reopens Strait of Hormuz, Netflix Tanks After Reed Hastings Steps Down

This episode of The Rundown covers a strong close to the trading week, with major indexes hitting records amid a semiconductor rebound, alongside breaking news of Iran reopening the Strait of Hormuz that sent oil prices lower. It also reviews Netflix's earnings miss on guidance despite solid results and Reed Hastings' board exit, SpaceX-related developments, select stock movers, and rising NBA viewership.

Market Rally and Middle East De-escalation

Stocks extended gains on Thursday, with the S&P 500 up 0.3% and the Nasdaq rising 0.4% to fresh highs. The Nasdaq marked its longest winning streak since 2009 at 12 straight days. Investors piled back into tech, particularly semiconductors since the March 30 bottom: Intel up 66%, Sandis up 61%, and Micron up 42%.

Positive Middle East signals contributed to the mood. A 10-day Israel-Lebanon ceasefire took effect, with potential U.S.-Iran talks over the weekend. Breaking news from Iran's foreign minister confirmed the Strait of Hormuz is fully open to commercial vessels post-ceasefire. West Texas Intermediate crude plunged 9% to $86 per barrel, the lowest since early March. Confirmation via tanker traffic will be key, but it caps a volatile week tied to regional tensions.

Upcoming corporate earnings and a late-month Fed meeting loom large.