Major Indexes Eye More Losses As Oil Prices Shoot Higher

The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are sharply lower this afternoon, with the S&P 500 Index (SPX) sporting steep losses of its own as traders monitor U.S.-Iran peace deal negotiations and rising crude. Israel noted earlier it killed Iranian naval chief Alireza Tangsiri, who was overseeing the Strait of Hormuz closure, while retailers warned of price hikes if the passage remains closed. President Donald Trump, who is reportedly participating in a cabinet meeting at the White House, earlier said that the commodity and stock market's reaction to the war is not as severe as he had expected.

Best Buy Co Inc (NYSE:BBY) stock is attracting unusual options activity today, with 16,000 calls and 12,000 puts exchanged so far today, which is six times the volume typically seen at this point. The most popular contract is the weekly 3/27 65-strike call, with new positions opening there. BBY is 6.5% higher to trade at $64.34 at last glance, though there is no clear catalyst for today's positive price action. The tech retail stock carries a 14.5% year-over-year deficit and yesterday hit its lowest level since April, but the $60 level is acting as support.

Valero Energy Corp (NYSE:VLO) stock is among the outperformers on the SPX today, up 4.4% at $244.65 at last glance as oil prices resume their climb. VLO has tacked on over 50% so far in 2026, and is trading within striking distance of its March 19, record high of $247.73. The 20-day moving average has been guiding the shares higher since January, and contained their February pullback. 

Applovin Corp (NASDAQ:APP) stock is pacing the SPX's laggards, down 9.3% at $395.96 at last glance. Today's losses stem from concerns surrounding e-commerce spending momentum, with brands indicating scale challenges. APP already carries a 41.5% deficit for 2026 as it heads back towards this year's Feb. 13 low of $359.