Trump rejected Iran’s latest Hormuz reopening proposal, oil jumped 7% to $106, and the Fed held rates with four dissents, the most since October 1992.
That is a lot of market-moving news for a single session, and today’s edition breaks down everything that happened and what it means for tomorrow.
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Markets
Oil jumped 7% to above $106 per barrel after Trump rejected Iran’s proposal to reopen the Strait of Hormuz, with Brent crude topping $118, the highest since the war began.
The Federal Reserve held rates at 3.5%–3.75% in what was likely Powell’s final meeting as chair, but the vote had four dissents, the most divided decision since October 1992, as members debated inflation versus slowing growth tied to rising energy costs.
Earnings delivered sharp moves: Bloom Energy surged while Robinhood fell after missing EPS estimates.
Bill Ackman’s Pershing Square debuted on the NYSE at $42, down 16% from its IPO price, capping a volatile session before the Magnificent Seven reported.
DJIA [-0.57%]
S&P 500 [-0.039%]
Nasdaq [+0.038%]
Russell 2000 [-0.70%]
Market-Moving News
Consumer
This Push Could Redefine What Uber Actually Is
Uber (NYSE: UBER) just made a major move that changes how the company positions itself. Through a new partnership with Expedia, Uber is now adding hotel bookings directly into its app, expanding beyond rides and food into full travel planning.
The direction is becoming obvious. Uber is building a system that connects multiple parts of daily life into one app instead of separate services.
A Much Bigger Ambition Is Showing
Uber has been steadily adding services over the years. Rides, food delivery, subscriptions, and now travel bookings are starting to connect into one ecosystem.
You open the app for one thing, and suddenly, more options start to appear that keep everything in one place.
That changes how the brand is perceived. Uber is no longer just solving transportation; it is expanding into how people plan and move through their day.
What Comes Next Could Be Even Bigger
Adding hotels is just one step. The company is already expanding features that connect travel, food, shopping, and local services into one experience.
That creates a pathway for Uber to grow without relying on just one core business.
Momentum is clearly building. You could see Uber continue expanding into adjacent categories, because once a platform starts connecting services like this, it tends to keep growing outward.
Enterprise
Cognizant Is Building for the Next Phase of Enterprise Demand
Cognizant (NASDAQ: CTSH) just made a major move that goes beyond a simple acquisition.
The company is buying Astreya in a deal valued at around $600 million, strengthening its position in a market segment that is quickly becoming critical for large enterprises.
The timing matters. Demand in traditional IT services has been under pressure, and Cognizant is clearly shifting toward areas where clients are still spending and investing.
A Shift That Was Needed
Cognizant has been dealing with slower growth and rising competition. Moves like this show the company is actively repositioning itself instead of waiting for demand to recover.
You are not just reading about an acquisition, you are seeing a company respond to a changing market.
That kind of response matters. It signals that leadership is willing to evolve the business model rather than defend the old one.
Building a New Core
The company is focusing on areas tied to how modern businesses operate.
Infrastructure, data systems, and large-scale enterprise environments are becoming central to how companies run their operations. That is where Cognizant is placing its bets.
This acquisition is part of a larger pattern.
Cognizant has been steadily adding capabilities to strengthen its position in key growth areas, showing a clear intent to reshape the company over time.
Momentum is starting to form. You might notice more moves like this ahead, because once a company starts repositioning itself, it rarely stops after just one step.
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Pharma
Regeneron Just Hit a Turning Point With Its Biggest Drug
Regeneron Pharmaceuticals (NASDAQ: REGN) just delivered an update that shifts focus straight to its core business.
Sales of its key eye drug, Eylea, declined, while delays around a newer version and setbacks in its broader pipeline added further pressure.
A Core Franchise Is Under Pressure
Eylea has long been one of Regeneron’s biggest strengths. A decline, combined with delays in expanding its next version, signals that this franchise is no longer moving as smoothly as before.
Regeneron is not just dealing with one issue. A lung cancer program that will not move forward adds to the sense that future growth is still taking shape.
That puts more weight on the rest of the pipeline to deliver.
A Defining Phase Ahead
The company is now entering a phase where execution becomes critical.
Managing its existing products while building new ones will determine how strong the next chapter looks. This is a transition moment, not a collapse.
The opportunity is still there, but the path is tighter.
You might start to see Regeneron make sharper moves around its pipeline and strategy, because moments like this often trigger bigger shifts inside pharma companies.
Top Winners and Losers
KalVista Pharmaceuticals [KALV] $26.70 (+38.75%)
Chiesi Group announced a $1.9 billion all-cash acquisition of KalVista at $27 per share, a 36% premium to the 30-day volume-weighted average price.
The deal covers EKTERLY (sebetralstat), KalVista’s FDA-approved oral on-demand treatment for hereditary angioedema attacks, and is expected to close in Q3 2026.
Both boards approved unanimously, and the $27 tender offer price sets a hard floor under the stock.
MaxLinear [MXL] $68.86 (+32.32%)
MaxLinear is running for a second consecutive session on its Q1 earnings beat: revenue up 43% to $137.2 million, full-year optical data center revenue target raised 28% to $160 million, and hyperscaler production orders for the Keystone transceiver and Annapurna retimer are building a large forward backlog.
The stock has now gained over 100% in five trading days, going from $31 before earnings to nearly $70.
Bloom Energy [BE] $280.53 (+23.93%)
Bloom Energy reported Q1 adjusted EPS of $0.44 versus a $0.12 consensus, on revenue of $751 million, crushing the $540 million estimate by 39%.
Management raised full-year guidance to $3.4-3.8 billion in revenue and confirmed the Oracle Project Jupiter deal will supply 2.45 gigawatts to power a New Mexico AI data center campus via a single microgrid.
The $20 billion backlog provides multi-year revenue visibility.
Merlin [MRLN] $8.48 (-26.60%)
Merlin is an AI autonomous flight software company that went public via a SPAC on March 17, 2026, and has been reversing its post-debut surge.
The $80 million PIPE investment announced on April 24 raised dilution concerns at a company with $7.6 million in trailing revenue against a $743 million market cap.
Today’s 24% drop reflects continued profit-taking by early SPAC holders as the ceasefire thesis reduces the urgency premium around defense and autonomous systems contracts.
Teradyne [TER] $306.71 (-19.31%)
Teradyne posted a record quarter with Q1 revenue of $1.282 billion, beating estimates by 6% and non-GAAP EPS of $2.56, beating the $2.04 consensus, but guided for potential volatility in the second half due to “lumpiness” and short order cycles, and flagged concentrated customer exposure as a risk.
At 56x earnings before the drop, any crack in the forward visibility narrative sends the stock down hard.
This is a peak-expectations sell, not a fundamental deterioration.
Robinhood [HOOD] $70.90 (-13.62%)
Robinhood reported Q1 EPS of $0.38 versus the $0.43 consensus and revenue of $1.07 billion versus the $1.18 billion estimate, driven by a 47% collapse in crypto trading fees as the crypto market correction in early 2026 cut into the platform’s highest-margin revenue source.
The double miss on both EPS and revenue at a $63.83 billion market cap trading at 34x earnings leaves no room for a charitable reading.
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Rising geopolitical tensions have pushed oil sharply higher — and renewed focus on energy equities.
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Everything Else
📘 Dividend compounders are back in focus, as investors look for stocks with the balance sheets and staying power to keep rewarding shareholders through recessions, inflation spikes, and market swings.
🎵 Universal Music Group plans to sell half its stake in Spotify to fund buybacks, even as a weaker dollar weighed on its Q1 results.
📉 Stocks edged lower ahead of the Fed’s rate decision, with markets taking a more cautious stance as policy clarity comes into focus.
☁️ Investors in Alphabet are pushing for tighter safeguards around its cloud and AI technologies, highlighting growing scrutiny over how these tools are used.
🏦 The Federal Reserve held rates at 3.50% to 3.75%, reinforcing a wait-and-see approach as it balances inflation and growth risks.
✈️ U.S. airlines are raising fares, signaling that higher costs are continuing to pass through to travelers.
That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!
Thanks for reading. I'll see you at the next open!
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— Adam G.
Elite Trade Club
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