What’s News in Markets: Nvidia’s Big Buyback, Cruise Comeback, Egg Glut

Here is a reader-facing summary of the episode.

Bonds dominated the conversation in markets this week, with the 10-year Treasury yield hitting its highest level in 24 years. The culprit was a familiar mix: high oil prices and a resilient economy that investors fear will keep inflation stubborn and force the Federal Reserve to hold interest rates higher for longer. That pressure has been spilling into corporate America, delaying IPOs and slowing dealmaking. But Friday brought a reprieve. A weaker-than-expected jobs report sent stocks higher on bets that the Fed might not need to raise rates as aggressively. For the week, the Nasdaq eked out a gain of about half a percent, the S&P 500 slipped roughly a quarter percent, and the Dow ended 1.3% lower. Within that mixed picture, a few stocks made outsized moves.

Cruise Lines Sail Higher on Strong Demand

Cruise stocks were the week’s surprise winners, despite facing what looked like rough seas. The war in Iran has sent fuel costs soaring, and oil ended the week above $102 a barrel. That is a direct hit for cruise lines, which burn enormous amounts of fuel to keep their ships running. Shares of the three biggest operators—Carnival, Royal Caribbean, and Norwegian—had already fallen between 35% and 55% since the conflict began.